CareTrust REIT (NASDAQ:CTRE) Sets New 52-Week High - Time to Buy?

Key Points

• CareTrust REIT shares reached a new 52-week high of $35.18, indicating positive market performance, with a last traded price of $35.05.
• Analysts have raised their price targets for CareTrust REIT, with Wells Fargo now setting it at $38.00 and Raymond James at $39.00, reflecting strong growth expectations.
• The company announced a quarterly dividend of $0.335 per share, yielding 3.8%, with a payout ratio of 111.67%.

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report) reached a new 52-week high on Friday . The stock traded as high as $35.18 and last traded at $35.05, with a volume of 175389 shares. The stock had previously closed at $34.44.

Analysts Set New Price Targets

Several research firms have recently weighed in on CTRE. Wells Fargo & Company boosted their price target on CareTrust REIT from $32.00 to $38.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 27th. Royal Bank Of Canada reissued an "outperform" rating on shares of CareTrust REIT in a report on Monday, August 11th. KeyCorp upped their price objective on CareTrust REIT from $33.00 to $36.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Finally, Raymond James Financial set a $39.00 price objective on CareTrust REIT and gave the company a "strong-buy" rating in a research report on Tuesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $33.43.

CareTrust REIT Price Performance

The stock has a 50 day moving average of $33.31 and a 200-day moving average of $30.49. The company has a market cap of $7.62 billion, a PE ratio of 44.23, a price-to-earnings-growth ratio of 1.25 and a beta of 0.84. 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 Announces Dividend

The company also recently disclosed 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. This represents a $1.34 annualized dividend and a yield of 3.8%. The ex-dividend date is Tuesday, September 30th. CareTrust REIT's payout ratio is presently 111.67%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CTRE. Parallel Advisors LLC raised 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 buying an additional 575 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of 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 worth $34,000 after purchasing an additional 644 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of 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 worth $57,000 after purchasing an additional 1,355 shares in the last quarter. Twin Tree Management LP acquired a new position in shares of CareTrust REIT during the first quarter worth $58,000. Finally, Private Trust Co. NA boosted its stake in CareTrust REIT by 1,328.3% in the second quarter. Private Trust Co. NA now owns 2,828 shares of the real estate investment trust's stock valued at $87,000 after acquiring an additional 2,630 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors and hedge funds.

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.

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