CareTrust REIT, Inc. (NASDAQ:CTRE) Raises Dividend to $0.34 Per Share

CareTrust REIT, Inc. (NASDAQ:CTRE) announced a quarterly dividend on Tuesday, March 18th, RTT News reports. Shareholders of record on Monday, March 31st will be paid a dividend of 0.335 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.34 annualized dividend and a dividend yield of 4.64%. This is a 15.5% increase from CareTrust REIT’s previous quarterly dividend of $0.29.

CareTrust REIT has raised its dividend by an average of 3.4% per year over the last three years. CareTrust REIT has a payout ratio of 74.4% meaning its dividend is sufficiently covered by earnings. Analysts expect CareTrust REIT to earn $1.93 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 60.1%.

CareTrust REIT Price Performance

Shares of NASDAQ:CTRE opened at $28.89 on Wednesday. The firm’s 50 day moving average is $26.52 and its two-hundred day moving average is $28.65. CareTrust REIT has a 52 week low of $23.26 and a 52 week high of $33.15. The firm has a market capitalization of $5.42 billion, a P/E ratio of 36.57, a PEG ratio of 1.25 and a beta of 1.11. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings results 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 net margin of 42.22% and a return on equity of 5.59%. During the same quarter last year, the business posted $0.25 earnings per share. Analysts anticipate that CareTrust REIT will post 1.71 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently commented on CTRE. Royal Bank of Canada lowered 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. BMO Capital Markets lowered shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $34.00 to $32.00 in a research note 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 objective on the stock in a research note on Thursday, March 13th. Wedbush reiterated an “underperform” rating and set a $26.00 price objective on shares of CareTrust REIT in a research note on Friday, March 14th. Finally, Wells Fargo & Company lowered their price objective on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research note on Monday, March 10th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, CareTrust REIT has a consensus rating of “Moderate Buy” and an average target price of $31.00.

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.