CareTrust REIT, Inc. (NASDAQ:CTRE) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) have been given a consensus recommendation of “Moderate Buy” by the six brokerages that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $31.00.

Several research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft upgraded CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a report on Thursday, March 13th. Wedbush reissued an “underperform” rating and set a $26.00 price target on shares of CareTrust REIT in a research report on Friday, March 14th. Royal Bank of Canada dropped their price target on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. Finally, Wells Fargo & Company dropped their price target on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating for the company in a research report on Monday, March 10th.

Hedge Funds Weigh In On CareTrust REIT

Several hedge funds have recently made changes to their positions in the business. Truvestments Capital LLC increased its stake in shares of CareTrust REIT by 41.5% during the first quarter. Truvestments Capital LLC now owns 170,763 shares of the real estate investment trust’s stock valued at $4,880,000 after buying an additional 50,098 shares during the period. Zuckerman Investment Group LLC purchased a new position in shares of CareTrust REIT during the first quarter valued at approximately $293,000. Keeley Teton Advisors LLC increased its stake in shares of CareTrust REIT by 1.6% during the first quarter. Keeley Teton Advisors LLC now owns 292,401 shares of the real estate investment trust’s stock valued at $8,357,000 after buying an additional 4,662 shares during the period. Campbell & CO Investment Adviser LLC lifted its holdings in CareTrust REIT by 612.7% in the first quarter. Campbell & CO Investment Adviser LLC now owns 70,159 shares of the real estate investment trust’s stock worth $2,005,000 after buying an additional 60,315 shares during the period. Finally, Jump Financial LLC lifted its holdings in CareTrust REIT by 1.7% in the first quarter. Jump Financial LLC now owns 267,021 shares of the real estate investment trust’s stock worth $7,631,000 after buying an additional 4,480 shares during the period. 87.77% of the stock is owned by hedge funds and other institutional investors.

CareTrust REIT Stock Down 0.8%

Shares of CTRE opened at $28.04 on Thursday. The firm has a market cap of $5.37 billion, a P/E ratio of 35.49, a P/E/G ratio of 1.25 and a beta of 0.88. The stock has a 50 day simple moving average of $28.30 and a two-hundred day simple moving average of $28.07. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. CareTrust REIT has a 1 year low of $24.35 and a 1 year high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 EPS for the quarter, missing the consensus estimate of $0.41 by ($0.12). CareTrust REIT had a return on equity of 5.59% and a net margin of 42.22%. During the same period in the previous year, the company posted $0.25 earnings per share. On average, analysts forecast that CareTrust REIT will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.335 per share. The ex-dividend date of this dividend was Monday, March 31st. This is a boost from CareTrust REIT’s previous quarterly dividend of $0.29. This represents a $1.34 annualized dividend and a dividend yield of 4.78%. CareTrust REIT’s payout ratio is 145.65%.

About CareTrust REIT

CareTrust REIT, Inc’s (CareTrust REIT or the Company) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of March 31, 2024, the Company owned directly or through a joint venture and leased to independent operators, 228 skilled nursing facilities (SNFs), multi-service campuses, assisted living facilities (ALFs) and independent living facilities (ILFs) consisting of 24,189 operational beds and units located in 29 states with the highest concentration of properties by rental income located in California and Texas.