CareTrust REIT, Inc. (NASDAQ:CTRE) Given Consensus Rating of “Moderate Buy” by Analysts

CareTrust REIT, Inc. (NASDAQ:CTRE) has received an average rating of “Moderate Buy” from the six ratings firms that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $31.17.

Several equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research note on Thursday, March 13th. Royal Bank of Canada dropped their price objective on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, February 21st. Wells Fargo & Company boosted their price objective on shares of CareTrust REIT from $31.00 to $32.00 and gave the stock an “overweight” rating in a research note on Monday, June 2nd. Finally, Wedbush reiterated an “underperform” rating and issued a $26.00 target price on shares of CareTrust REIT in a research note on Friday, March 14th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in shares of CareTrust REIT by 381.2% during the third quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust’s stock valued at $212,267,000 after purchasing an additional 5,448,904 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of CareTrust REIT by 5.3% during the fourth quarter. Bank of New York Mellon Corp now owns 2,505,883 shares of the real estate investment trust’s stock valued at $67,784,000 after purchasing an additional 126,280 shares during the last quarter. Corient Private Wealth LLC raised its holdings in shares of CareTrust REIT by 9.2% during the fourth quarter. Corient Private Wealth LLC now owns 22,481 shares of the real estate investment trust’s stock valued at $608,000 after purchasing an additional 1,903 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of CareTrust REIT by 26.9% during the fourth quarter. Rhumbline Advisers now owns 572,664 shares of the real estate investment trust’s stock valued at $15,491,000 after purchasing an additional 121,328 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of CareTrust REIT by 24.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,891,679 shares of the real estate investment trust’s stock valued at $78,220,000 after purchasing an additional 568,634 shares during the last quarter. 87.77% of the stock is owned by hedge funds and other institutional investors.

CareTrust REIT Trading Down 0.3%

NASDAQ:CTRE opened at $29.08 on Monday. CareTrust REIT has a one year low of $24.35 and a one year high of $33.15. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. The company’s 50-day simple moving average is $28.52 and its 200 day simple moving average is $27.82. The firm has a market capitalization of $5.57 billion, a P/E ratio of 36.80, a PEG ratio of 1.25 and a beta of 0.83.

CareTrust REIT Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a dividend yield of 4.61%. This is a boost from CareTrust REIT’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Monday, March 31st. CareTrust REIT’s payout ratio is presently 145.65%.

CareTrust REIT Company Profile

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.