Analysts Set CareTrust REIT, Inc. (NASDAQ:CTRE) PT at $31.00

CareTrust REIT, Inc. (NASDAQ:CTRE) has received a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $30.67.

Several brokerages have recently weighed in on CTRE. BMO Capital Markets downgraded CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $34.00 to $32.00 in a research note on Monday. Wells Fargo & Company upgraded CareTrust REIT from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $28.00 to $34.00 in a research note on Tuesday, October 1st. Royal Bank of Canada upped their target price on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. Finally, KeyCorp raised their price target on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th.

CareTrust REIT Stock Performance

CareTrust REIT stock opened at $28.54 on Monday. The company has a market cap of $4.89 billion, a price-to-earnings ratio of 39.64 and a beta of 1.08. CareTrust REIT has a 12 month low of $20.10 and a 12 month high of $33.15. The company has a debt-to-equity ratio of 0.16, a current ratio of 7.60 and a quick ratio of 7.60. The stock’s 50-day moving average is $30.41 and its 200-day moving average is $28.54.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). The company had revenue of $77.38 million for the quarter, compared to analyst estimates of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same quarter in the prior year, the firm earned $0.35 EPS. Equities analysts anticipate that CareTrust REIT will post 1.5 earnings per share for the current year.

CareTrust REIT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $0.29 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 4.06%. CareTrust REIT’s payout ratio is currently 161.11%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in CTRE. FMR LLC grew its position in shares of CareTrust REIT by 209.9% during the third quarter. FMR LLC now owns 5,224,896 shares of the real estate investment trust’s stock worth $161,240,000 after acquiring an additional 3,538,798 shares during the last quarter. Heitman Real Estate Securities LLC acquired a new position in CareTrust REIT during the 3rd quarter valued at about $27,534,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in CareTrust REIT by 344.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 951,535 shares of the real estate investment trust’s stock worth $29,364,000 after purchasing an additional 737,236 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of CareTrust REIT by 5.5% in the third quarter. Wellington Management Group LLP now owns 12,798,055 shares of the real estate investment trust’s stock valued at $394,948,000 after purchasing an additional 670,348 shares during the period. Finally, State Street Corp raised its holdings in shares of CareTrust REIT by 6.7% during the third quarter. State Street Corp now owns 8,323,360 shares of the real estate investment trust’s stock valued at $259,255,000 after buying an additional 520,783 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors.

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.