CareTrust REIT, Inc. (NASDAQ:CTRE) Receives $33.88 Average Target Price from Analysts

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) have been given a consensus rating of “Moderate Buy” by the eight analysts that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, four have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $33.8750.

A number of brokerages have issued reports on CTRE. Wells Fargo & Company raised their target price on CareTrust REIT from $32.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 27th. KeyCorp raised their target price on CareTrust REIT from $33.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, August 14th. Raymond James Financial set a $39.00 target price on CareTrust REIT and gave the stock a “strong-buy” rating in a research note on Tuesday, September 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of CareTrust REIT in a research note on Monday, August 11th. Finally, Cantor Fitzgerald began coverage on CareTrust REIT in a research note on Wednesday, October 1st. They issued a “neutral” rating and a $37.00 target price for the company.

CareTrust REIT Stock Up 1.0%

NASDAQ CTRE opened at $34.71 on Thursday. The business has a fifty day moving average price of $34.37 and a 200 day moving average price of $31.68. CareTrust REIT has a one year low of $24.79 and a one year high of $35.81. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The company has a market cap of $7.57 billion, a P/E ratio of 43.93, a P/E/G ratio of 1.25 and a beta of 0.82.

CareTrust REIT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a $0.335 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 3.9%. CareTrust REIT’s dividend payout ratio (DPR) is 111.67%.

Institutional Trading of CareTrust REIT

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its position in shares of CareTrust REIT by 21.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 86,776 shares of the real estate investment trust’s stock worth $2,471,000 after purchasing an additional 15,523 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of CareTrust REIT by 3.0% during the 1st quarter. Principal Financial Group Inc. now owns 1,066,093 shares of the real estate investment trust’s stock worth $30,469,000 after purchasing an additional 31,279 shares during the last quarter. KBC Group NV increased its position in shares of CareTrust REIT by 33.6% during the 1st quarter. KBC Group NV now owns 7,448 shares of the real estate investment trust’s stock worth $213,000 after purchasing an additional 1,875 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in shares of CareTrust REIT by 8.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 48,495 shares of the real estate investment trust’s stock worth $1,386,000 after purchasing an additional 3,626 shares during the last quarter. Finally, Jupiter Asset Management Ltd. increased its position in shares of CareTrust REIT by 5,756.5% during the 1st quarter. Jupiter Asset Management Ltd. now owns 1,181,431 shares of the real estate investment trust’s stock worth $33,765,000 after purchasing an additional 1,161,258 shares during the last quarter. 87.77% of the stock is 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.