CareTrust REIT, Inc. (NASDAQ:CTRE) Announces Dividend Increase – $0.34 Per Share

CareTrust REIT, Inc. (NASDAQ:CTRE) announced a quarterly dividend on Tuesday, March 18th, RTT News reports. Investors of record on Monday, March 31st will be paid a dividend of 0.335 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.34 annualized dividend and a yield of 4.64%. This is a 15.5% increase from CareTrust REIT’s previous quarterly dividend of $0.29.

CareTrust REIT has raised its dividend payment by an average of 3.4% per year over the last three years. CareTrust REIT has a payout ratio of 74.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect CareTrust REIT to earn $1.93 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 60.1%.

CareTrust REIT Stock Up 0.3 %

Shares of NASDAQ CTRE opened at $28.89 on Wednesday. CareTrust REIT has a 12-month low of $23.26 and a 12-month high of $33.15. The company has a market cap of $5.42 billion, a P/E ratio of 36.57, a P/E/G ratio of 1.25 and a beta of 1.11. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The stock has a fifty day moving average price of $26.52 and a 200 day moving average price of $28.65.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.12). CareTrust REIT had a net margin of 42.22% and a return on equity of 5.59%. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Research analysts anticipate that CareTrust REIT will post 1.71 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CTRE. Wells Fargo & Company reduced their price target on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. BMO Capital Markets cut shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their price target for the stock from $34.00 to $32.00 in a research report on Monday, December 9th. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a research report on Thursday, March 13th. Royal Bank of Canada reduced their price target on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, February 21st. Finally, Wedbush reiterated an “underperform” rating and set a $26.00 price objective on shares of CareTrust REIT in a research note on Friday, March 14th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

CareTrust REIT Company Profile

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.