CareTrust REIT (NASDAQ:CTRE) Sets New 52-Week High - What's Next?

Key Points

• CareTrust REIT's stock price reached a new 52-week high of $34.28, with a recent trading value of $34.16 and a volume of 107,901 shares.
• Analysts have upgraded CareTrust REIT, with KeyCorp raising their price target from $33.00 to $36.00 and maintaining an "overweight" rating.
• The company announced a quarterly dividend of $0.335 per share, representing an annual yield of 3.9%, although it has a high payout ratio of 111.67%.

CareTrust REIT, Inc. (NASDAQ:CTRE - Get Free Report)'s stock price reached a new 52-week high on Wednesday . The stock traded as high as $34.28 and last traded at $34.16, with a volume of 107901 shares traded. The stock had previously closed at $33.85.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CTRE shares. 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 research note on Thursday, August 14th. Wells Fargo & Company increased their price objective on shares of CareTrust REIT from $31.00 to $32.00 and gave the company an "overweight" rating in a research report on Monday, June 2nd. Finally, Royal Bank Of Canada reissued an "outperform" rating on shares of CareTrust REIT in a research report on Monday, August 11th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, CareTrust REIT has a consensus rating of "Moderate Buy" and a consensus target price of $31.50.

CareTrust REIT Stock Up 1.3%

The stock has a market capitalization of $6.87 billion, a price-to-earnings ratio of 43.45, a price-to-earnings-growth ratio of 1.25 and a beta of 0.85. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.82 and a quick ratio of 3.82. The firm has a 50 day simple moving average of $31.16 and a 200-day simple moving average of $28.98.

CareTrust REIT Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a $0.335 dividend. The ex-dividend date was Monday, June 30th. This represents a $1.34 annualized dividend and a yield of 3.9%. CareTrust REIT's payout ratio is 111.67%.

Institutional Trading of CareTrust REIT

Several institutional investors and hedge funds have recently modified their holdings of CTRE. Anchor Investment Management LLC increased its stake in shares of CareTrust REIT by 26.0% in the second quarter. Anchor Investment Management LLC now owns 6,981 shares of the real estate investment trust's stock valued at $214,000 after buying an additional 1,441 shares during the period. Public Sector Pension Investment Board lifted its holdings in shares of CareTrust REIT by 9.8% in the second quarter. Public Sector Pension Investment Board now owns 653,499 shares of the real estate investment trust's stock valued at $19,997,000 after purchasing an additional 58,326 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of CareTrust REIT by 5.4% in the second quarter. CANADA LIFE ASSURANCE Co now owns 464,071 shares of the real estate investment trust's stock valued at $14,200,000 after purchasing an additional 23,950 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in CareTrust REIT by 392.3% during the second quarter. Tower Research Capital LLC TRC now owns 15,787 shares of the real estate investment trust's stock worth $483,000 after acquiring an additional 12,580 shares during the period. Finally, State of Tennessee Department of Treasury grew its position in CareTrust REIT by 2.9% during the second quarter. State of Tennessee Department of Treasury now owns 83,138 shares of the real estate investment trust's stock worth $2,544,000 after buying an additional 2,366 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors.

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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