CareTrust REIT, Inc. Declares Quarterly Dividend of $0.34 (NASDAQ:CTRE)

Key Points

• CareTrust REIT, Inc. announced a quarterly dividend of $0.34 per share for stockholders of record on September 30th, with a yield of 3.9%.
• The company has a dividend payout ratio of 87.6%, but analysts predict a future payout ratio of 69.4% based on an expected earnings of $1.93 per share next year.
• As of now, CTRE shares are trading at $34.26, with a market capitalization of $7.47 billion and a debt-to-equity ratio of 0.14.

CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report) declared a quarterly dividend on Monday, September 15th, RTT News reports. Shareholders of record on Tuesday, September 30th will be given a dividend of 0.335 per share by the real estate investment trust on Wednesday, October 15th. This represents a c) annualized dividend and a yield of 3.9%. The ex-dividend date is Tuesday, September 30th.

CareTrust REIT has a dividend payout ratio of 87.6% indicating that its dividend is currently covered by earnings, but may not be in the future if the company's earnings fall. Equities analysts expect CareTrust REIT to earn $1.93 per share next year, which means the company should continue to be able to cover its $1.34 annual dividend with an expected future payout ratio of 69.4%.

CareTrust REIT Stock Performance

CTRE stock traded down $0.36 on Friday, hitting $34.35. The company had a trading volume of 5,518,124 shares, compared to its average volume of 1,966,817. The stock has a market cap of $7.49 billion, a price-to-earnings ratio of 43.48, a P/E/G ratio of 1.25 and a beta of 0.84. CareTrust REIT has a 12-month low of $24.79 and a 12-month high of $35.08. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The stock's 50-day simple moving average is $33.02 and its 200 day simple moving average is $30.26.

Hedge Funds Weigh In On CareTrust REIT

Hedge funds and other institutional investors have recently modified their holdings of the stock. Parallel Advisors LLC increased its holdings 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 valued at $34,000 after purchasing an additional 575 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of CareTrust REIT by 134.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the real estate investment trust's stock valued at $34,000 after purchasing an additional 644 shares in the last quarter. Glen Eagle Advisors LLC purchased a new position in shares of CareTrust REIT during the 4th quarter valued at approximately $56,000. Fifth Third Bancorp increased its holdings in shares of CareTrust REIT by 217.5% during the 1st quarter. Fifth Third Bancorp now owns 1,978 shares of the real estate investment trust's stock valued at $57,000 after purchasing an additional 1,355 shares in the last quarter. Finally, Twin Tree Management LP purchased a new position in shares of CareTrust REIT during the 1st quarter valued at approximately $58,000. 87.77% of the stock is owned by hedge funds and other 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.