Zacks Investment Research Upgrades CareTrust REIT (NASDAQ:CTRE) to “Hold”

Zacks Investment Research upgraded shares of CareTrust REIT (NASDAQ:CTREGet Rating) from a strong sell rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

According to Zacks, “CareTrust REIT, Inc. is a real estate investment trust. It is primarily engaged in the ownership, acquisition and leasing of healthcare-related properties. The Company leases healthcare facilities to healthcare operators in triple-net lease arrangements. CareTrust REIT, Inc. is based in United States. “

CTRE has been the topic of a number of other research reports. Barclays cut CareTrust REIT from an overweight rating to an equal weight rating and dropped their price objective for the stock from $22.00 to $17.00 in a report on Monday, April 18th. BMO Capital Markets cut CareTrust REIT from an outperform rating to a market perform rating and set a $20.00 price objective on the stock. in a report on Friday, March 11th. Credit Suisse Group assumed coverage on CareTrust REIT in a report on Tuesday, February 1st. They set a neutral rating and a $22.00 price objective on the stock. StockNews.com assumed coverage on CareTrust REIT in a report on Thursday, March 31st. They issued a hold rating on the stock. Finally, Raymond James lowered their price target on CareTrust REIT from $27.00 to $23.00 and set a strong-buy rating on the stock in a report on Friday, March 18th. Six research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $21.43.

Shares of CTRE opened at $16.38 on Tuesday. The stock’s 50-day simple moving average is $17.87 and its 200 day simple moving average is $19.84. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of 204.75 and a beta of 1.20. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.88 and a current ratio of 0.88. CareTrust REIT has a 52-week low of $15.90 and a 52-week high of $24.58.

CareTrust REIT (NASDAQ:CTREGet Rating) last issued its quarterly earnings data on Tuesday, February 15th. The real estate investment trust reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.06). CareTrust REIT had a return on equity of 0.89% and a net margin of 4.26%. During the same period in the previous year, the firm posted $0.36 EPS. On average, research analysts forecast that CareTrust REIT will post 1.48 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 15th. Stockholders of record on Thursday, March 31st were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, March 30th. This is a positive change from CareTrust REIT’s previous quarterly dividend of $0.27. This represents a $1.10 annualized dividend and a dividend yield of 6.72%. CareTrust REIT’s dividend payout ratio is 1,375.00%.

Several institutional investors have recently made changes to their positions in CTRE. First Trust Advisors LP increased its position in shares of CareTrust REIT by 37.7% during the 1st quarter. First Trust Advisors LP now owns 171,743 shares of the real estate investment trust’s stock valued at $4,029,000 after purchasing an additional 47,027 shares during the last quarter. Morgan Stanley grew its position in CareTrust REIT by 74.4% during the 2nd quarter. Morgan Stanley now owns 720,863 shares of the real estate investment trust’s stock worth $16,746,000 after acquiring an additional 307,505 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its position in CareTrust REIT by 5.6% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 21,626 shares of the real estate investment trust’s stock worth $439,000 after acquiring an additional 1,138 shares during the last quarter. Advisor Group Holdings Inc. grew its position in CareTrust REIT by 10.9% during the 3rd quarter. Advisor Group Holdings Inc. now owns 13,673 shares of the real estate investment trust’s stock worth $278,000 after acquiring an additional 1,340 shares during the last quarter. Finally, Swiss National Bank grew its position in shares of CareTrust REIT by 1.2% in the 3rd quarter. Swiss National Bank now owns 213,849 shares of the real estate investment trust’s stock worth $4,345,000 after buying an additional 2,500 shares during the last quarter. Hedge funds and other institutional investors own 85.43% of the company’s stock.

About CareTrust REIT (Get Rating)

CareTrust REIT, Inc is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States.

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