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

CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report) declared a quarterly dividend on Monday, June 16th, RTT News reports. Investors of record on Monday, June 30th will be paid a dividend of 0.335 per share by the real estate investment trust on Tuesday, July 15th. This represents a $1.34 dividend on an annualized basis and a yield of 4.49%. The ex-dividend date of this dividend is Monday, June 30th.

CareTrust REIT has a payout ratio of 87.6% meaning its dividend is currently covered by earnings, but may not be in the future if the company's earnings fall. 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 Price Performance

CTRE stock traded up $0.68 during trading on Thursday, reaching $29.84. The company's stock had a trading volume of 3,508,015 shares, compared to its average volume of 1,809,950. The company has a market capitalization of $5.72 billion, a P/E ratio of 37.77, a price-to-earnings-growth ratio of 1.25 and a beta of 0.83. CareTrust REIT has a 1 year low of $24.35 and a 1 year high of $33.15. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The company's fifty day moving average is $28.74 and its 200-day moving average is $27.75.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in CareTrust REIT stock. NewEdge Advisors LLC increased its holdings in CareTrust REIT, Inc. (NASDAQ:CTRE - Free Report) by 11.3% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 33,628 shares of the real estate investment trust's stock after acquiring an additional 3,408 shares during the period. NewEdge Advisors LLC's holdings in CareTrust REIT were worth $961,000 at the end of the most recent quarter. 87.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on CTRE. Wedbush reiterated an "underperform" rating and set a $26.00 price objective on shares of CareTrust REIT in a research note on Friday, March 14th. Royal Bank Of Canada decreased their price target on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating for the company in a report on Friday, February 21st. Wells Fargo & Company upped their target price on CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a research report on Monday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft upgraded CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price target on the stock in a research note on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, CareTrust REIT presently has an average rating of "Moderate Buy" and an average target price of $31.17.

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.