CareTrust REIT, Inc. (NASDAQ:CTRE) Receives Average Rating of “Moderate Buy” from Brokerages

CareTrust REIT, Inc. (NASDAQ:CTRE) has been given an average rating of “Moderate Buy” by the seven analysts that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $23.57.

CTRE has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft began coverage on shares of CareTrust REIT in a report on Tuesday, January 30th. They set a “hold” rating and a $23.00 price objective for the company. Royal Bank of Canada dropped their price target on CareTrust REIT from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Wednesday, January 31st. Finally, KeyCorp boosted their price objective on CareTrust REIT from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, January 5th.

Hedge Funds Weigh In On CareTrust REIT

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in CareTrust REIT by 11.7% during the 4th quarter. Vanguard Group Inc. now owns 17,890,906 shares of the real estate investment trust’s stock worth $400,398,000 after purchasing an additional 1,871,125 shares during the last quarter. Wellington Management Group LLP grew its position in shares of CareTrust REIT by 8.1% during the 3rd quarter. Wellington Management Group LLP now owns 7,211,404 shares of the real estate investment trust’s stock worth $147,834,000 after buying an additional 542,832 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of CareTrust REIT by 13.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,712,498 shares of the real estate investment trust’s stock worth $38,326,000 after buying an additional 209,500 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in CareTrust REIT by 16.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,630,595 shares of the real estate investment trust’s stock valued at $36,494,000 after buying an additional 227,775 shares during the period. Finally, GRS Advisors LLC bought a new position in CareTrust REIT in the fourth quarter valued at approximately $31,656,000. Institutional investors own 87.77% of the company’s stock.

CareTrust REIT Trading Up 1.5 %

Shares of CTRE stock opened at $24.31 on Friday. The company has a market capitalization of $3.28 billion, a P/E ratio of 49.61 and a beta of 1.05. CareTrust REIT has a 12-month low of $18.18 and a 12-month high of $24.62. The company has a quick ratio of 8.67, a current ratio of 8.67 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average price of $23.68 and a 200 day moving average price of $22.66.

CareTrust REIT Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.29 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 4.77%. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.28. CareTrust REIT’s payout ratio is presently 236.73%.

About CareTrust REIT

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.