Royal Bank Of Canada Issues Positive Forecast for CareTrust REIT (NASDAQ:CTRE) Stock Price

CareTrust REIT (NASDAQ:CTRE) had its target price upped by equities research analysts at Royal Bank Of Canada from $36.00 to $41.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank Of Canada’s price objective suggests a potential upside of 10.62% from the company’s previous close.

Several other research analysts also recently weighed in on the stock. Cantor Fitzgerald started coverage on shares of CareTrust REIT in a research report on Wednesday, October 1st. They issued a “neutral” rating and a $37.00 price target on the stock. 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 report on Wednesday, August 27th. KeyCorp boosted their price target on CareTrust REIT from $33.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, August 14th. Finally, Raymond James Financial set a $39.00 price target on CareTrust REIT and gave the stock a “strong-buy” rating in a research report on Tuesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $35.00.

CareTrust REIT Stock Performance

Shares of CareTrust REIT stock traded up $0.92 during trading hours on Monday, reaching $37.07. 535,101 shares of the stock traded hands, compared to its average volume of 1,959,151. CareTrust REIT has a one year low of $24.79 and a one year high of $37.07. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of 46.95, a P/E/G ratio of 1.25 and a beta of 0.81. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The company has a 50 day moving average price of $34.50 and a 200 day moving average price of $31.96.

Institutional Investors Weigh In On CareTrust REIT

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of CareTrust REIT by 14.1% in the 3rd quarter. Vanguard Group Inc. now owns 32,973,216 shares of the real estate investment trust’s stock valued at $1,143,511,000 after purchasing an additional 4,067,975 shares during the last quarter. Invesco Ltd. raised its holdings in CareTrust REIT by 201.8% during the 2nd quarter. Invesco Ltd. now owns 3,772,350 shares of the real estate investment trust’s stock valued at $115,434,000 after buying an additional 2,522,260 shares during the period. Nuveen LLC bought a new stake in CareTrust REIT in the first quarter worth $49,049,000. Daiwa Securities Group Inc. boosted its stake in CareTrust REIT by 2,245.5% during the second quarter. Daiwa Securities Group Inc. now owns 1,510,264 shares of the real estate investment trust’s stock worth $46,214,000 after buying an additional 1,445,873 shares during the period. Finally, Copeland Capital Management LLC increased its position in CareTrust REIT by 350.9% during the third quarter. Copeland Capital Management LLC now owns 1,716,101 shares of the real estate investment trust’s stock valued at $59,514,000 after acquiring an additional 1,335,513 shares during the last quarter. 87.77% of the stock is 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.