CareTrust REIT (NASDAQ:CTRE) Updates FY24 Earnings Guidance

CareTrust REIT (NASDAQ:CTRE) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.49-1.50 for the period, compared to the consensus estimate of $1.48. CareTrust REIT also updated its FY 2024 guidance to 1.490-1.500 EPS.

CareTrust REIT Price Performance

NASDAQ:CTRE traded up $0.88 during trading hours on Wednesday, reaching $32.80. 2,853,495 shares of the company were exchanged, compared to its average volume of 1,411,946. The business has a 50 day moving average of $30.37 and a 200 day moving average of $27.33. CareTrust REIT has a 1-year low of $20.10 and a 1-year high of $33.15. The company has a debt-to-equity ratio of 0.34, a current ratio of 13.37 and a quick ratio of 13.37. The company has a market capitalization of $4.66 billion, a P/E ratio of 63.48 and a beta of 1.10.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.17). CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. The company had revenue of $77.38 million during the quarter, compared to the consensus estimate of $74.12 million. During the same quarter in the previous year, the business posted $0.35 EPS. Research analysts forecast that CareTrust REIT will post 1.48 EPS for the current year.

CareTrust REIT Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 3.54%. CareTrust REIT’s dividend payout ratio is 223.08%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CTRE. Wells Fargo & Company upgraded CareTrust REIT from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $28.00 to $34.00 in a research note on Tuesday, October 1st. BMO Capital Markets lifted their target price on CareTrust REIT from $33.00 to $34.00 and gave the company an “outperform” rating in a research report on Monday, October 7th. Royal Bank of Canada raised their price target on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Finally, KeyCorp lifted their price target on shares of CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.00.

Insider Transactions at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 257,439 shares in the company, valued at $7,671,682.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.75% 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.