CareTrust REIT (NASDAQ:CTRE) Sees Strong Trading Volume - Still a Buy?

Key Points

• CareTrust REIT experienced a significant trading volume increase of 166%, with approximately 4.7 million shares traded on Wednesday, bringing the stock to $32.92.
• Analyst ratings vary, with one sell rating, one hold rating, and four buy ratings, resulting in a consensus rating of "Moderate Buy" and a price target of $31.17.
• The company announced a quarterly dividend of $0.335 per share, which represents an annualized yield of 4.1% and a high payout ratio of 111.67%.

CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report) saw strong trading volume on Wednesday . 4,698,678 shares traded hands during mid-day trading, an increase of 166% from the previous session's volume of 1,765,167 shares.The stock last traded at $32.92 and had previously closed at $32.99.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Wells Fargo & Company raised their price target on CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a research note on Monday, June 2nd. Royal Bank Of Canada reiterated an "outperform" rating on shares of CareTrust REIT in a report on Monday, August 11th. Finally, KeyCorp boosted their price target on shares of CareTrust REIT from $33.00 to $36.00 and gave the company an "overweight" rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, CareTrust REIT has an average rating of "Moderate Buy" and a consensus price target of $31.50.

CareTrust REIT Stock Down 1.0%

The business has a 50 day moving average of $31.06 and a two-hundred day moving average of $28.95. The stock has a market capitalization of $6.72 billion, a PE ratio of 42.47, a PEG ratio of 1.25 and a beta of 0.85. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82.

CareTrust REIT Dividend Announcement

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

Institutional Trading of CareTrust REIT

A number of institutional investors have recently modified their holdings of CTRE. Vanguard Group Inc. boosted its stake in CareTrust REIT by 4.9% in the first quarter. Vanguard Group Inc. now owns 28,636,981 shares of the real estate investment trust's stock valued at $818,445,000 after acquiring an additional 1,336,348 shares in the last quarter. State Street Corp grew its stake in CareTrust REIT by 2.1% during the 2nd quarter. State Street Corp now owns 10,929,194 shares of the real estate investment trust's stock worth $338,026,000 after buying an additional 225,460 shares during the last quarter. Geode Capital Management LLC grew its stake in CareTrust REIT by 1.7% during the 2nd quarter. Geode Capital Management LLC now owns 5,003,751 shares of the real estate investment trust's stock worth $153,132,000 after buying an additional 84,904 shares during the last quarter. Invesco Ltd. increased its position in CareTrust REIT by 201.8% during the 2nd quarter. Invesco Ltd. now owns 3,772,350 shares of the real estate investment trust's stock valued at $115,434,000 after buying an additional 2,522,260 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in CareTrust REIT by 4.6% in the second quarter. Charles Schwab Investment Management Inc. now owns 3,095,764 shares of the real estate investment trust's stock valued at $94,730,000 after buying an additional 135,392 shares during the last quarter. 87.77% of the stock is currently owned by institutional investors.

CareTrust REIT Company Profile

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.