CareTrust REIT (NYSE:CTRE) Upgraded to “Moderate Buy” at Raymond James Financial

Raymond James Financial upgraded shares of CareTrust REIT (NYSE:CTRE) to a moderate buy rating in a research note released on Tuesday morning,Zacks.com reports.

Several other research firms have also recently issued reports on CTRE. Zacks Research raised CareTrust REIT from a “strong sell” rating to a “hold” rating in a research note on Monday, May 25th. Cantor Fitzgerald upped their price objective on CareTrust REIT from $37.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, February 17th. Wells Fargo & Company upped their price objective on CareTrust REIT from $42.00 to $47.00 and gave the company an “overweight” rating in a report on Monday, June 1st. Weiss Ratings lowered CareTrust REIT from a “buy (a-)” rating to a “buy (b+)” rating in a report on Thursday, June 11th. Finally, BMO Capital Markets upped their price objective on CareTrust REIT from $46.00 to $47.00 and gave the company an “outperform” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, CareTrust REIT has a consensus rating of “Moderate Buy” and a consensus price target of $44.82.

CareTrust REIT Trading Down 1.6%

NYSE:CTRE opened at $36.44 on Tuesday. CareTrust REIT has a 1 year low of $29.09 and a 1 year high of $43.08. The stock has a market cap of $8.61 billion, a price-to-earnings ratio of 23.36, a PEG ratio of 1.68 and a beta of 0.76. The business has a fifty day moving average of $39.41 and a 200-day moving average of $38.48. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.37 and a current ratio of 2.38.

CareTrust REIT Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend is Tuesday, June 30th. CareTrust REIT’s dividend payout ratio is currently 100.00%.

Institutional Investors Weigh In On CareTrust REIT

Several hedge funds have recently modified their holdings of CTRE. Royal Bank of Canada lifted its holdings in shares of CareTrust REIT by 36.4% during the first quarter. Royal Bank of Canada now owns 179,501 shares of the company’s stock valued at $5,129,000 after purchasing an additional 47,936 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of CareTrust REIT by 11.3% during the first quarter. NewEdge Advisors LLC now owns 33,628 shares of the company’s stock valued at $961,000 after purchasing an additional 3,408 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of CareTrust REIT by 134.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the company’s stock valued at $34,000 after purchasing an additional 644 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of CareTrust REIT by 67.6% during the second quarter. First Trust Advisors LP now owns 245,154 shares of the company’s stock valued at $7,502,000 after purchasing an additional 98,850 shares during the last quarter. Finally, Cerity Partners LLC lifted its holdings in shares of CareTrust REIT by 310.1% during the second quarter. Cerity Partners LLC now owns 36,640 shares of the company’s stock valued at $1,121,000 after purchasing an additional 27,706 shares during the last quarter. 87.77% of the stock is owned by hedge funds and other institutional investors.

CareTrust REIT Company Profile

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.