CareTrust REIT, Inc. (NASDAQ:CTRE) Declares $0.29 Quarterly Dividend

CareTrust REIT, Inc. (NASDAQ:CTRE) declared a quarterly dividend on Monday, December 16th,RTT News reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.29 per share by the real estate investment trust on Wednesday, January 15th. This represents a $1.16 dividend on an annualized basis and a yield of 4.07%. The ex-dividend date of this dividend is Tuesday, December 31st.

CareTrust REIT has increased its dividend by an average of 7.8% per year over the last three years. CareTrust REIT has a payout ratio of 85.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect CareTrust REIT to earn $1.75 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 66.3%.

CareTrust REIT Trading Down 0.3 %

Shares of CareTrust REIT stock opened at $28.53 on Wednesday. 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 0.16, a current ratio of 7.60 and a quick ratio of 7.60. The stock has a market cap of $4.89 billion, a PE ratio of 39.63, a price-to-earnings-growth ratio of 1.59 and a beta of 1.07. The firm has a fifty day moving average price of $30.30 and a 200 day moving average price of $28.64.

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

Analyst Ratings Changes

A number of equities analysts have issued reports on CTRE shares. KeyCorp increased their price target on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Royal Bank of Canada upped their price objective on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. BMO Capital Markets downgraded shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $34.00 to $32.00 in a report on Monday, December 9th. Finally, Wells Fargo & Company upgraded shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. Three research analysts have rated the stock with a hold rating and three have given 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 $30.67.

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.