CareTrust REIT (NASDAQ:CTRE) Issues FY24 Earnings Guidance

CareTrust REIT (NASDAQ:CTRE) issued an update on its FY24 earnings guidance on Tuesday morning. 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 Trading Down 0.5 %

CTRE stock traded down $0.16 during trading on Thursday, reaching $32.65. 9,699,411 shares of the stock traded hands, compared to its average volume of 1,451,443. The firm has a market capitalization of $4.64 billion, a PE ratio of 63.42 and a beta of 1.10. 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 business’s 50 day moving average price is $30.45 and its 200-day moving average price is $27.37. CareTrust REIT has a 52-week low of $20.10 and a 52-week high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.17). The company had revenue of $77.38 million during the quarter, compared to analysts’ expectations of $74.12 million. CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. During the same period in the previous year, the company earned $0.35 EPS. As a group, sell-side analysts forecast that CareTrust REIT will post 1.48 earnings per share 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 paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a yield of 3.55%. The ex-dividend date was Monday, September 30th. CareTrust REIT’s dividend payout ratio (DPR) is 223.08%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the completion of the sale, the chief financial officer now owns 257,439 shares in the company, valued at $7,671,682.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.75% of the stock is currently owned by company insiders.

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.