CareTrust REIT, Inc. (NASDAQ:CTRE) Receives Consensus Rating of “Hold” from Analysts

CareTrust REIT, Inc. (NASDAQ:CTRE) has earned a consensus rating of “Hold” from the six brokerages that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $30.67.

Several research analysts have recently weighed in on CTRE shares. Wedbush cut CareTrust REIT from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $34.00 to $26.00 in a report on Thursday, January 2nd. KeyCorp upped their target price on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Finally, BMO Capital Markets lowered 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 report on Monday, December 9th.

Hedge Funds Weigh In On CareTrust REIT

Hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in CareTrust REIT by 381.2% in the third quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust’s stock worth $212,267,000 after acquiring an additional 5,448,904 shares during the last quarter. Eagle Asset Management Inc. increased its holdings in CareTrust REIT by 22.4% in the third quarter. Eagle Asset Management Inc. now owns 428,699 shares of the real estate investment trust’s stock valued at $13,264,000 after buying an additional 78,560 shares during the last quarter. Raymond James & Associates raised its stake in CareTrust REIT by 10.6% in the third quarter. Raymond James & Associates now owns 684,971 shares of the real estate investment trust’s stock valued at $21,138,000 after buying an additional 65,756 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in CareTrust REIT during the 3rd quarter worth about $7,475,000. Finally, Principal Financial Group Inc. boosted its position in shares of CareTrust REIT by 5.2% during the 3rd quarter. Principal Financial Group Inc. now owns 838,306 shares of the real estate investment trust’s stock worth $25,870,000 after acquiring an additional 41,623 shares in the last quarter. 87.77% of the stock is currently owned by hedge funds and other institutional investors.

CareTrust REIT Price Performance

CareTrust REIT stock opened at $26.72 on Tuesday. The company has a fifty day simple moving average of $27.62 and a 200-day simple moving average of $28.97. The firm has a market capitalization of $4.58 billion, a price-to-earnings ratio of 37.12, a PEG ratio of 1.25 and a beta of 1.09. The company has a quick ratio of 7.60, a current ratio of 7.60 and a debt-to-equity ratio of 0.16. CareTrust REIT has a 52-week low of $20.10 and a 52-week high of $33.15.

CareTrust REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $0.29 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.34%. CareTrust REIT’s payout ratio is presently 161.11%.

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.