CareTrust REIT (NYSE:CTRE) Sets New 12-Month High – Here’s Why

CareTrust REIT, Inc. (NYSE:CTRE)’s share price reached a new 52-week high on Thursday . The stock traded as high as $43.60 and last traded at $42.3710, with a volume of 3040799 shares traded. The stock had previously closed at $43.40.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Zacks Research raised CareTrust REIT from a “strong sell” rating to a “hold” rating in a research note on Monday, May 25th. Weiss Ratings cut CareTrust REIT from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday. BMO Capital Markets boosted their price objective on CareTrust REIT from $46.00 to $47.00 and gave the company an “outperform” rating in a research report on Monday, June 15th. KeyCorp reissued an “overweight” rating and set a $46.00 price objective on shares of CareTrust REIT in a research note on Friday, May 29th. Finally, Citigroup restated a “market outperform” rating on shares of CareTrust REIT in a report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.82.

CareTrust REIT Stock Performance

The company has a quick ratio of 2.37, a current ratio of 2.38 and a debt-to-equity ratio of 0.22. The firm has a market cap of $10.01 billion, a P/E ratio of 27.16, a P/E/G ratio of 1.95 and a beta of 0.76. The business has a fifty day simple moving average of $39.98 and a 200-day simple moving average of $39.13.

CareTrust REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, June 30th. CareTrust REIT’s dividend payout ratio is 100.00%.

Institutional Trading of CareTrust REIT

A number of institutional investors and hedge funds have recently modified their holdings of the business. Kemnay Advisory Services Inc. purchased a new position in CareTrust REIT in the fourth quarter worth about $27,000. Transamerica Financial Advisors LLC boosted its holdings in shares of CareTrust REIT by 520.0% in the fourth quarter. Transamerica Financial Advisors LLC now owns 868 shares of the company’s stock worth $32,000 after buying an additional 728 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of CareTrust REIT by 114.0% in the third quarter. Allworth Financial LP now owns 1,042 shares of the company’s stock worth $36,000 after buying an additional 555 shares during the last quarter. Mcguire Capital Advisors Inc. bought a new stake in CareTrust REIT during the fourth quarter valued at approximately $40,000. Finally, EverSource Wealth Advisors LLC increased its holdings in CareTrust REIT by 134.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the company’s stock valued at $34,000 after buying an additional 644 shares during the last quarter. Institutional investors own 87.77% of the company’s stock.

About CareTrust REIT

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.