CareTrust REIT (NASDAQ:CTRE) Reaches New 12-Month High - Should You Buy?

Key Points

• CareTrust REIT's stock price reached a new **52-week high** at $35.02, trading with a volume of **586,600 shares** during recent mid-day trading.
• Analysts have increased their price targets for CareTrust REIT, with estimates ranging from **$36.00 to $39.00**, indicating a generally positive outlook with ratings of "overweight" and "strong-buy."
• The company recently declared a quarterly dividend of **$0.335**, reflecting an annualized yield of **3.9%**, although it has a high dividend payout ratio of **111.67%**.

CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $34.92 and last traded at $35.02, with a volume of 586600 shares changing hands. The stock had previously closed at $34.28.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on CTRE shares. KeyCorp boosted their target price 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. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of CareTrust REIT in a research report on Monday, August 11th. Wells Fargo & Company lifted their price target on shares of CareTrust REIT from $32.00 to $38.00 and gave the company an "overweight" rating in a research report on Wednesday, August 27th. Finally, Raymond James Financial set a $39.00 price target on shares of CareTrust REIT and gave the company a "strong-buy" rating in a research report on Tuesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, CareTrust REIT presently has an average rating of "Moderate Buy" and a consensus target price of $33.43.

CareTrust REIT Stock Down 1.0%

The firm has a market capitalization of $7.49 billion, a PE ratio of 43.48, a P/E/G ratio of 1.25 and a beta of 0.84. The firm's 50 day moving average price is $33.02 and its two-hundred day moving average price is $30.32. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a $0.335 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.34 annualized dividend and a yield of 3.9%. CareTrust REIT's dividend payout ratio is currently 111.67%.

Institutional Trading of CareTrust REIT

Institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its stake in CareTrust REIT by 109.5% during the second 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 during the last quarter. EverSource Wealth Advisors LLC increased its stake in CareTrust REIT by 134.2% during the second 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 during the last quarter. Fifth Third Bancorp increased its stake in CareTrust REIT by 217.5% during the first 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 during the last quarter. Twin Tree Management LP bought a new stake in CareTrust REIT during the first quarter valued at $58,000. Finally, GF Fund Management CO. LTD. bought a new stake in CareTrust REIT during the fourth quarter valued at $76,000. Institutional investors own 87.77% of the company's stock.

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.