CareTrust REIT (NASDAQ:CTRE) Upgraded to Overweight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of CareTrust REIT (NASDAQ:CTRE) from an equal weight rating to an overweight rating in a report released on Tuesday, Marketbeat.com reports. They currently have $34.00 price target on the real estate investment trust’s stock, up from their prior price target of $28.00.

Several other research analysts have also issued reports on the company. Royal Bank of Canada increased their price target on CareTrust REIT from $27.00 to $31.00 and gave the stock an outperform rating in a report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft lifted their price target on shares of CareTrust REIT from $23.00 to $27.00 and gave the company a hold rating in a research report on Monday, July 1st. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $29.00.

CareTrust REIT Trading Down 0.8 %

Shares of CTRE stock opened at $30.38 on Tuesday. The company has a market cap of $4.32 billion, a P/E ratio of 58.41 and a beta of 1.10. CareTrust REIT has a fifty-two week low of $20.10 and a fifty-two week high of $31.51. The stock has a 50 day simple moving average of $29.31 and a two-hundred day simple moving average of $26.51. The company has a debt-to-equity ratio of 0.34, a quick ratio of 13.37 and a current ratio of 13.37.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.29). The company had revenue of $68.89 million for the quarter, compared to analyst estimates of $66.36 million. CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. During the same quarter in the previous year, the firm earned $0.35 EPS. Research analysts forecast that CareTrust REIT will post 1.48 earnings per share for the current year.

CareTrust REIT Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.29 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 3.82%. CareTrust REIT’s payout ratio is 223.08%.

Insider Activity

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the company’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total value of $1,043,000.00. Following the completion of the sale, the chief financial officer now directly owns 257,439 shares of the company’s stock, valued at approximately $7,671,682.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Newbridge Financial Services Group Inc. purchased a new stake in shares of CareTrust REIT during the 2nd quarter valued at $27,000. Rothschild Investment LLC purchased a new stake in CareTrust REIT during the second quarter worth about $34,000. Quest Partners LLC bought a new stake in CareTrust REIT in the second quarter worth about $40,000. GAMMA Investing LLC boosted its stake in CareTrust REIT by 187.7% in the second quarter. GAMMA Investing LLC now owns 1,752 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 1,143 shares during the last quarter. Finally, Quarry LP grew its position in shares of CareTrust REIT by 536.6% during the 2nd quarter. Quarry LP now owns 3,100 shares of the real estate investment trust’s stock valued at $78,000 after acquiring an additional 2,613 shares during the period. Hedge funds and other institutional investors own 87.77% of the company’s stock.

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.