Royal Bank Of Canada Issues Positive Forecast for CareTrust REIT (NASDAQ:CTRE) Stock Price

CareTrust REIT (NASDAQ:CTRE) had its price target lifted by analysts at Royal Bank Of Canada from $36.00 to $41.00 in a report released on Monday,Benzinga reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 10.62% from the company’s current price.

A number of other analysts have also recently weighed in on CTRE. KeyCorp raised their price target on shares of 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 price target on CareTrust REIT and gave the stock a “strong-buy” rating in a report on Tuesday, September 2nd. Cantor Fitzgerald began coverage on shares of CareTrust REIT in a research report on Wednesday, October 1st. They set a “neutral” rating and a $37.00 target price on the stock. Finally, Wells Fargo & Company lifted their price objective on shares of CareTrust REIT from $32.00 to $38.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 27th. One research 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 given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $35.00.

CareTrust REIT Stock Up 2.5%

NASDAQ:CTRE traded up $0.92 during trading hours on Monday, reaching $37.07. The company’s stock had a trading volume of 535,101 shares, compared to its average volume of 1,959,151. The stock has a 50 day moving average price of $34.50 and a two-hundred day moving average price of $31.96. 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 company has a market capitalization of $8.28 billion, a P/E ratio of 46.95, a price-to-earnings-growth ratio of 1.25 and a beta of 0.81. CareTrust REIT has a 12 month low of $24.79 and a 12 month high of $37.07.

Institutional Trading of CareTrust REIT

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CTRE. Parallel Advisors LLC boosted its stake in shares of CareTrust REIT by 109.5% during the 2nd quarter. Parallel Advisors LLC now owns 1,100 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 575 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in CareTrust REIT by 134.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 644 shares during the period. Farther Finance Advisors LLC raised its holdings in 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 purchasing an additional 640 shares during the period. Salomon & Ludwin LLC acquired a new stake in CareTrust REIT in the third quarter valued at approximately $54,000. Finally, Twin Tree Management LP acquired a new stake in CareTrust REIT in the first quarter valued at approximately $58,000. Institutional investors and hedge funds own 87.77% of the company’s stock.

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.