CareTrust REIT (NASDAQ:CTRE) Hits New 52-Week High - Still a Buy?

Key Points

• CareTrust REIT's stock reached a new 52-week high of $35.28, closing at $35.25, with a trading volume of over 3.78 million shares.
• Analysts have targeted various price points for CareTrust REIT, with estimates ranging from $36.00 to $39.00, indicating a consensus rating of "Moderate Buy."
• The company announced a quarterly dividend of $0.335 per share, translating to an annualized dividend of $1.34 and a yield of 3.8% as of the upcoming payment date on October 15th.

CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $35.28 and last traded at $35.25, with a volume of 3780844 shares changing hands. The stock had previously closed at $34.68.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CTRE shares. Wells Fargo & Company raised their target price on shares of CareTrust REIT from $32.00 to $38.00 and gave the company an "overweight" rating in a research note on Wednesday, August 27th. Royal Bank Of Canada reiterated an "outperform" rating on shares of CareTrust REIT in a research note on Monday, August 11th. Raymond James Financial set a $39.00 price target on shares of CareTrust REIT and gave the stock a "strong-buy" rating in a research report on Tuesday, September 2nd. KeyCorp raised their price target on shares of CareTrust REIT from $33.00 to $36.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Finally, Cantor Fitzgerald initiated coverage on shares of CareTrust REIT in a research report on Wednesday. They issued a "neutral" rating and a $37.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $33.88.

CareTrust REIT Stock Performance

The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The firm's 50-day moving average price is $33.64 and its two-hundred day moving average price is $30.70. The firm has a market capitalization of $7.69 billion, a price-to-earnings ratio of 44.61, a price-to-earnings-growth ratio of 1.25 and a beta of 0.84.

CareTrust REIT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.335 per share. This represents a $1.34 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Tuesday, September 30th. CareTrust REIT's payout ratio is 111.67%.

Institutional Trading of CareTrust REIT

Institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC boosted its position 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 acquiring an additional 575 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in 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 during the last quarter. Fifth Third Bancorp lifted its holdings in 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 during the last quarter. Twin Tree Management LP bought a new position in CareTrust REIT during the 1st quarter valued at about $58,000. Finally, Private Trust Co. NA lifted its holdings in CareTrust REIT by 1,328.3% during the 2nd quarter. Private Trust Co. NA now owns 2,828 shares of the real estate investment trust's stock valued at $87,000 after purchasing an additional 2,630 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

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.

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