CareTrust REIT (NASDAQ:CTRE) Upgraded 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 research note published on Tuesday, MarketBeat reports. Wells Fargo & Company currently has $34.00 price target on the real estate investment trust’s stock, up from their previous price target of $28.00.

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

CareTrust REIT Stock Down 0.1 %

Shares of NASDAQ CTRE opened at $30.63 on Tuesday. CareTrust REIT has a 52 week low of $19.89 and a 52 week high of $31.51. The business has a 50-day simple moving average of $29.14 and a two-hundred day simple moving average of $26.44. The company has a quick ratio of 13.37, a current ratio of 13.37 and a debt-to-equity ratio of 0.34. The company has a market cap of $4.35 billion, a P/E ratio of 58.92 and a beta of 1.10.

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

CareTrust REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.29 per share. The ex-dividend date is Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.79%. CareTrust REIT’s dividend payout ratio (DPR) is presently 223.08%.

Insider Activity

In related news, CFO William M. Wagner sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the transaction, the chief financial officer now directly owns 257,439 shares of the company’s stock, valued at approximately $7,671,682.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.75% of the company’s stock.

Hedge Funds Weigh In On CareTrust REIT

A number of large investors have recently modified their holdings of CTRE. Steward Partners Investment Advisory LLC increased its stake in CareTrust REIT by 520.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 20,040 shares of the real estate investment trust’s stock worth $448,000 after purchasing an additional 16,810 shares during the period. Eagle Asset Management Inc. purchased a new position in CareTrust REIT in the 4th quarter worth approximately $4,978,000. Dean Capital Management increased its stake in CareTrust REIT by 10.4% in the 4th quarter. Dean Capital Management now owns 36,812 shares of the real estate investment trust’s stock worth $824,000 after purchasing an additional 3,476 shares during the period. Heitman Real Estate Securities LLC increased its stake in CareTrust REIT by 32.8% in the 4th quarter. Heitman Real Estate Securities LLC now owns 775,490 shares of the real estate investment trust’s stock worth $17,355,000 after purchasing an additional 191,456 shares during the period. Finally, GRS Advisors LLC purchased a new position in CareTrust REIT in the 4th quarter worth approximately $31,656,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

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.