CareTrust REIT (NASDAQ:CTRE) Reaches New 1-Year High – Here’s What Happened

CareTrust REIT, Inc. (NASDAQ:CTRE)’s stock price hit a new 52-week high on Monday . The stock traded as high as $35.88 and last traded at $35.28, with a volume of 1495928 shares changing hands. The stock had previously closed at $34.65.

Analyst Ratings Changes

CTRE has been the topic of a number of research analyst reports. Raymond James Financial set a $39.00 target price on CareTrust REIT and gave the company a “strong-buy” rating in a report on Tuesday, September 2nd. Wells Fargo & Company upped their price objective on shares of CareTrust REIT from $32.00 to $38.00 and gave the company an “overweight” rating in a research report on Wednesday, August 27th. Royal Bank Of Canada reissued an “outperform” rating on shares of CareTrust REIT in a research report on Monday, August 11th. Cantor Fitzgerald assumed coverage on CareTrust REIT in a report on Wednesday, October 1st. They issued a “neutral” rating and a $37.00 price target for the company. Finally, KeyCorp lifted their price objective on CareTrust REIT from $33.00 to $36.00 and gave the stock an “overweight” rating in a report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.88.

CareTrust REIT Price Performance

The company has a 50-day moving average of $34.37 and a 200 day moving average of $31.71. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The firm has a market cap of $7.70 billion, a P/E ratio of 44.66, a P/E/G ratio of 1.25 and a beta of 0.82.

CareTrust REIT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a $0.335 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $1.34 annualized dividend and a dividend yield of 3.8%. CareTrust REIT’s dividend payout ratio is presently 111.67%.

Hedge Funds Weigh In On CareTrust REIT

Institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its stake in CareTrust REIT by 109.5% during the second quarter. Parallel Advisors LLC now owns 1,100 shares of the real estate investment trust’s stock worth $34,000 after buying an additional 575 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of CareTrust REIT by 134.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 644 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of CareTrust REIT by 75.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,492 shares of the real estate investment trust’s stock worth $52,000 after acquiring an additional 640 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in CareTrust REIT during the 3rd quarter worth approximately $54,000. Finally, Twin Tree Management LP bought a new stake in CareTrust REIT during the 1st quarter worth approximately $58,000. 87.77% of the stock is owned by institutional investors.

About CareTrust REIT

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.