CareTrust REIT (NASDAQ:CTRE) Reaches New 52-Week High Following Analyst Upgrade

CareTrust REIT, Inc. (NASDAQ:CTRE) reached a new 52-week high on Monday after Royal Bank Of Canada raised their price target on the stock from $36.00 to $41.00. Royal Bank Of Canada currently has an outperform rating on the stock. CareTrust REIT traded as high as $36.83 and last traded at $36.9820, with a volume of 246971 shares changing hands. The stock had previously closed at $36.15.

Other analysts have also issued research reports about the company. Cantor Fitzgerald assumed coverage on CareTrust REIT in a research note on Wednesday, October 1st. They issued a “neutral” rating and a $37.00 price target on the stock. KeyCorp lifted their price objective on CareTrust REIT from $33.00 to $36.00 and gave the company an “overweight” rating in a report on Thursday, August 14th. Raymond James Financial set a $39.00 target price on shares of CareTrust REIT and gave the company a “strong-buy” rating in a research note on Tuesday, September 2nd. Finally, Wells Fargo & Company upped their target price on shares of CareTrust REIT from $32.00 to $38.00 and gave the stock an “overweight” rating in a report on Wednesday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.00.

Institutional Investors Weigh In On CareTrust REIT

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CTRE. Jupiter Asset Management Ltd. lifted its position in shares of CareTrust REIT by 5,756.5% in the first quarter. Jupiter Asset Management Ltd. now owns 1,181,431 shares of the real estate investment trust’s stock worth $33,765,000 after purchasing an additional 1,161,258 shares in the last quarter. Cerity Partners LLC bought a new position in CareTrust REIT in the first quarter valued at $255,000. Assetmark Inc. increased its stake in CareTrust REIT by 108.6% in the 1st quarter. Assetmark Inc. now owns 49,308 shares of the real estate investment trust’s stock valued at $1,409,000 after buying an additional 25,675 shares during the last quarter. State of New Jersey Common Pension Fund D bought a new stake in CareTrust REIT during the 2nd quarter worth about $2,035,000. Finally, Monument Capital Management bought a new stake in CareTrust REIT during the 2nd quarter worth about $259,000. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Stock Performance

The company has a market capitalization of $8.19 billion, a price-to-earnings ratio of 46.40, a P/E/G ratio of 1.25 and a beta of 0.81. The stock’s 50 day moving average price is $34.55 and its 200 day moving average price is $32.02. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a $0.335 dividend. This represents a $1.34 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Tuesday, September 30th. CareTrust REIT’s dividend payout ratio (DPR) is currently 100.00%.

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.