CareTrust REIT (NYSE:CTRE) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of CareTrust REIT (NYSE:CTRE) from a strong sell rating to a hold rating in a research note published on Monday,Zacks.com reports.

Several other equities analysts have also recently weighed in on CTRE. Mizuho set a $45.00 price objective on CareTrust REIT in a report on Friday. Royal Bank Of Canada lifted their target price on CareTrust REIT from $41.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, February 24th. Cantor Fitzgerald lifted their target price on CareTrust REIT from $37.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, February 17th. UBS Group lifted their target price on CareTrust REIT from $44.00 to $48.00 and gave the company a “buy” rating in a research report on Wednesday, February 18th. Finally, Wells Fargo & Company lifted their target price on CareTrust REIT from $41.00 to $42.00 and gave the company an “overweight” rating in a research report on Thursday, March 26th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, CareTrust REIT currently has a consensus rating of “Buy” and an average target price of $43.09.

CareTrust REIT Trading Up 2.1%

NYSE:CTRE opened at $41.99 on Monday. CareTrust REIT has a fifty-two week low of $27.81 and a fifty-two week high of $43.08. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.38 and a quick ratio of 2.37. The stock has a market capitalization of $9.92 billion, a PE ratio of 26.92, a price-to-earnings-growth ratio of 2.72 and a beta of 0.76. The business’s 50-day simple moving average is $39.31 and its 200-day simple moving average is $38.28.

CareTrust REIT Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a $0.39 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $1.56 dividend on an annualized basis and a yield of 3.7%. This is a boost from CareTrust REIT’s previous quarterly dividend of $0.34. CareTrust REIT’s payout ratio is 100.00%.

Institutional Investors Weigh In On CareTrust REIT

Hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. increased its position in shares of CareTrust REIT by 7.5% during the 4th quarter. Principal Financial Group Inc. now owns 1,328,660 shares of the company’s stock worth $48,044,000 after purchasing an additional 93,101 shares during the last quarter. Aberdeen Group plc increased its position in shares of CareTrust REIT by 22.1% during the 3rd quarter. Aberdeen Group plc now owns 84,824 shares of the company’s stock worth $2,911,000 after purchasing an additional 15,374 shares during the last quarter. AGF Management Ltd. acquired a new position in shares of CareTrust REIT during the 3rd quarter worth approximately $538,000. Sound Income Strategies LLC increased its position in shares of CareTrust REIT by 6.4% during the 4th quarter. Sound Income Strategies LLC now owns 621,732 shares of the company’s stock worth $23,477,000 after purchasing an additional 37,503 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S increased its position in shares of CareTrust REIT by 545.9% during the 3rd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 80,239 shares of the company’s stock worth $2,783,000 after purchasing an additional 67,817 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

About CareTrust REIT

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.