CareTrust REIT (NASDAQ:CTRE) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

CareTrust REIT (NASDAQ:CTRE - Get Free Report) had its target price increased by investment analysts at Wells Fargo & Company from $31.00 to $32.00 in a report released on Monday,Benzinga reports. The firm presently has an "overweight" rating on the real estate investment trust's stock. Wells Fargo & Company's price target would indicate a potential upside of 10.16% from the company's current price.

A number of other analysts have also issued reports on CTRE. Royal Bank of Canada decreased their target price on shares of CareTrust REIT from $37.00 to $32.00 and set an "outperform" rating on the stock in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a "hold" rating to a "buy" rating and set a $31.00 price target on the stock in a research note on Thursday, March 13th. Finally, Wedbush reaffirmed an "underperform" rating and set a $26.00 price target on shares of CareTrust REIT in a research note on Friday, March 14th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $31.17.

CareTrust REIT Stock Performance

Shares of NASDAQ:CTRE traded up $0.08 on Monday, reaching $29.05. The company's stock had a trading volume of 496,857 shares, compared to its average volume of 1,701,000. The stock's 50-day moving average is $28.49 and its two-hundred day moving average is $27.84. CareTrust REIT has a 52-week low of $24.35 and a 52-week high of $33.15. 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 stock has a market capitalization of $5.57 billion, a P/E ratio of 36.77, a PEG ratio of 1.25 and a beta of 0.88.

Institutional Trading of CareTrust REIT

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of CareTrust REIT by 4.9% during 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 during the period. FMR LLC raised its holdings in shares of CareTrust REIT by 51.8% during the fourth quarter. FMR LLC now owns 7,932,946 shares of the real estate investment trust's stock valued at $214,586,000 after acquiring an additional 2,708,050 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of CareTrust REIT by 381.2% during the third quarter. JPMorgan Chase & Co. now owns 6,878,379 shares of the real estate investment trust's stock valued at $212,267,000 after acquiring an additional 5,448,904 shares during the period. Geode Capital Management LLC raised its holdings in shares of CareTrust REIT by 23.8% during the fourth quarter. Geode Capital Management LLC now owns 4,620,274 shares of the real estate investment trust's stock valued at $125,006,000 after acquiring an additional 887,665 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of CareTrust REIT by 2.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,960,372 shares of the real estate investment trust's stock valued at $84,607,000 after acquiring an additional 68,693 shares during the period. 87.77% of the stock is 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.