#6 - CareTrust REIT (NASDAQ:CTRE)
A different way to invest in housing stocks is through a real estate investment trust (REIT). And one that investors should consider in this space is the CareTrust REIT, Inc. (NASDAQ: CTRE).
The company’s portfolio of approximately 200 facilities in 25 states leans into the aging of America. This country is only at the beginning of what will be a decades-long trend that will expand the need for senior living facilities, including those of the long-term care variety.
The company has a forward P/E of around 13x and earnings are expected to grow by approximately 9% in the next 12 months.
REITs are known for delivering attractive dividend yields and payouts. As of August 28, 2023, CareTrust has a dividend yield of 5.88% and pays $1.12 per share on an annual basis. Plus, the company has increased its dividend for nine consecutive years.
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.
More about CareTrust REIT- Current Price
- $29.14
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 4 Buy Ratings, 1 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $31.00 (6.4% Upside)
