CareTrust REIT (NASDAQ:CTRE) Hits New 1-Year High – Here’s Why

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) reached a new 52-week high on Thursday . The company traded as high as $38.28 and last traded at $38.2270, with a volume of 224008 shares trading hands. The stock had previously closed at $37.70.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. KeyCorp increased their price objective on CareTrust REIT from $36.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday. Royal Bank Of Canada increased their price target on shares of CareTrust REIT from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, November 10th. Wells Fargo & Company boosted their price objective on shares of CareTrust REIT from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Raymond James Financial set a $39.00 target price on shares of CareTrust REIT and gave the company a “strong-buy” rating in a report on Tuesday, September 2nd. Finally, Cantor Fitzgerald started coverage on CareTrust REIT in a research note on Wednesday, October 1st. They set a “neutral” rating and a $37.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, CareTrust REIT presently has an average rating of “Moderate Buy” and an average target price of $36.56.

CareTrust REIT Stock Down 0.2%

The firm’s 50-day moving average price is $35.55 and its 200 day moving average price is $33.04. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $8.42 billion, a price-to-earnings ratio of 47.72, a PEG ratio of 1.25 and a beta of 0.77.

CareTrust REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were given a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Tuesday, September 30th. CareTrust REIT’s dividend payout ratio is currently 100.00%.

Hedge Funds Weigh In On CareTrust REIT

A number of institutional investors and hedge funds have recently bought and sold shares of CTRE. Heritage Wealth Advisors lifted its holdings in CareTrust REIT by 42.9% during the 3rd quarter. Heritage Wealth Advisors now owns 1,000 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 300 shares in the last quarter. Tocqueville Asset Management L.P. boosted its position in shares of CareTrust REIT by 2.8% in the third quarter. Tocqueville Asset Management L.P. now owns 10,900 shares of the real estate investment trust’s stock valued at $378,000 after acquiring an additional 300 shares during the period. World Investment Advisors increased its holdings in CareTrust REIT by 1.3% during the 3rd quarter. World Investment Advisors now owns 23,104 shares of the real estate investment trust’s stock worth $801,000 after acquiring an additional 306 shares during the period. Jones Financial Companies Lllp lifted its stake in CareTrust REIT by 13.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,615 shares of the real estate investment trust’s stock worth $91,000 after purchasing an additional 309 shares in the last quarter. Finally, D.A. Davidson & CO. boosted its holdings in CareTrust REIT by 0.8% in the 2nd quarter. D.A. Davidson & CO. now owns 39,849 shares of the real estate investment trust’s stock valued at $1,219,000 after purchasing an additional 327 shares during the period. Institutional investors and hedge funds own 87.77% of the company’s stock.

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.