CareTrust REIT (NASDAQ:CTRE) Shares Gap Up – Here’s Why

CareTrust REIT, Inc. (NASDAQ:CTRE)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $27.01, but opened at $27.86. CareTrust REIT shares last traded at $28.00, with a volume of 122,847 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Royal Bank of Canada dropped their price target on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. Wedbush restated an “underperform” rating and set a $26.00 price target on shares of CareTrust REIT in a research report on Friday. BMO Capital Markets downgraded shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $34.00 to $32.00 in a research report on Monday, December 9th. Deutsche Bank Aktiengesellschaft upgraded shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research report on Thursday. Finally, Wells Fargo & Company dropped their price target on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CareTrust REIT presently has an average rating of “Moderate Buy” and an average target price of $31.00.

CareTrust REIT Price Performance

The stock’s 50-day moving average is $26.39 and its 200 day moving average is $28.68. The stock has a market capitalization of $5.32 billion, a PE ratio of 35.89, a P/E/G ratio of 1.25 and a beta of 1.11. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.12). CareTrust REIT had a net margin of 42.22% and a return on equity of 5.59%. During the same quarter in the previous year, the company earned $0.25 EPS. As a group, equities analysts predict that CareTrust REIT, Inc. will post 1.71 earnings per share for the current year.

CareTrust REIT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 4.09%. The ex-dividend date of this dividend was Tuesday, December 31st. CareTrust REIT’s dividend payout ratio is 146.84%.

Institutional Trading of CareTrust REIT

Institutional investors and hedge funds have recently modified their holdings of the company. Advantage Trust Co acquired a new stake in shares of CareTrust REIT in the fourth quarter worth $30,000. Versant Capital Management Inc raised its stake in CareTrust REIT by 98.8% during the 4th quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 743 shares during the last quarter. Blue Trust Inc. raised its stake in CareTrust REIT by 50.0% during the 4th quarter. Blue Trust Inc. now owns 1,808 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 603 shares during the last quarter. Quarry LP raised its stake in CareTrust REIT by 463.5% during the 4th quarter. Quarry LP now owns 1,854 shares of the real estate investment trust’s stock valued at $50,000 after purchasing an additional 1,525 shares during the last quarter. Finally, Glen Eagle Advisors LLC acquired a new position in CareTrust REIT during the 4th quarter valued at $56,000. 87.77% of the stock is currently owned by institutional investors and hedge funds.

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.