CareTrust REIT (NASDAQ:CTRE) Reaches New 12-Month High - Here's Why

Key Points

• CareTrust REIT's stock reached a new 52-week high of $33.58, reflecting an increase from its previous close of $33.08.
• Analysts have positive sentiment toward CareTrust REIT, with KeyCorp increasing its price target to $36.00, and a consensus rating of "Moderate Buy" from various analysts.
• The company announced a quarterly dividend of $0.335 per share, representing a 4.0% dividend yield, despite a payout ratio of 111.67%.

CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $33.58 and last traded at $33.36, with a volume of 597690 shares. The stock had previously closed at $33.08.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CTRE shares. KeyCorp reaffirmed an "overweight" rating and set a $36.00 price objective (up previously from $33.00) on shares of CareTrust REIT in a report on Thursday. Wells Fargo & Company raised their price objective on shares of CareTrust REIT from $31.00 to $32.00 and gave the stock an "overweight" rating in a report on Monday, June 2nd. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating on shares of CareTrust REIT in a report on Monday. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $31.50.

CareTrust REIT Stock Up 1.0%

The company has a market capitalization of $6.69 billion, a price-to-earnings ratio of 42.29, a price-to-earnings-growth ratio of 1.25 and a beta of 0.85. 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 firm's 50 day moving average price is $30.78 and its two-hundred day moving average price is $28.78.

CareTrust REIT Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a dividend of $0.335 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.34 annualized dividend and a dividend yield of 4.0%. CareTrust REIT's payout ratio is presently 111.67%.

Institutional Trading of CareTrust REIT

Institutional investors have recently bought and sold shares of the business. Parallel Advisors LLC lifted 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 worth $34,000 after acquiring an additional 575 shares during the period. EverSource Wealth Advisors LLC lifted 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 worth $34,000 after acquiring an additional 644 shares during the period. Quarry LP lifted its holdings in shares of CareTrust REIT by 463.5% during the 4th quarter. Quarry LP now owns 1,854 shares of the real estate investment trust's stock worth $50,000 after acquiring an additional 1,525 shares during the period. Glen Eagle Advisors LLC bought a new stake in shares of CareTrust REIT during the 4th quarter worth approximately $56,000. Finally, Fifth Third Bancorp lifted 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 worth $57,000 after acquiring an additional 1,355 shares during the period. 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.

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