CareTrust REIT (NASDAQ:CTRE) Reaches New 52-Week High – What’s Next?

CareTrust REIT, Inc. (NASDAQ:CTRE) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $39.40 and last traded at $38.86, with a volume of 122184 shares changing hands. The stock had previously closed at $38.74.

Analyst Upgrades and Downgrades

CTRE has been the subject of several research analyst reports. Citizens Jmp started coverage on shares of CareTrust REIT in a research report on Thursday, January 22nd. They issued a “market outperform” rating and a $44.00 price objective for the company. KeyCorp lifted their target price on CareTrust REIT from $36.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, December 4th. Jefferies Financial Group upped their price target on CareTrust REIT from $41.00 to $43.00 and gave the company a “buy” rating in a research note on Monday, December 15th. Citigroup started coverage on CareTrust REIT in a report on Thursday, January 22nd. They issued a “market outperform” rating on the stock. Finally, Royal Bank Of Canada lifted their price objective on CareTrust REIT from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, November 10th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

CareTrust REIT Stock Performance

The stock has a 50 day moving average price of $37.02 and a two-hundred day moving average price of $35.43. 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 cap of $8.73 billion, a price-to-earnings ratio of 49.37, a P/E/G ratio of 1.25 and a beta of 0.75.

CareTrust REIT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $0.335 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $1.34 annualized dividend and a yield of 3.4%. CareTrust REIT’s dividend payout ratio is presently 100.00%.

Hedge Funds Weigh In On CareTrust REIT

Several institutional investors have recently modified their holdings of CTRE. EverSource Wealth Advisors LLC raised its position in shares of CareTrust REIT by 134.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the real estate investment trust’s stock valued at $34,000 after acquiring an additional 644 shares during the period. Heritage Wealth Advisors grew its holdings in CareTrust REIT by 42.9% during the third quarter. Heritage Wealth Advisors now owns 1,000 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 300 shares during the period. Allworth Financial LP increased its stake in CareTrust REIT by 114.0% in the third quarter. Allworth Financial LP now owns 1,042 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 555 shares in the last quarter. Groesbeck Investment Management Corp NJ acquired a new stake in CareTrust REIT in the fourth quarter worth $43,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of CareTrust REIT during the fourth quarter worth $44,000. 87.77% of the stock is currently owned by institutional investors and hedge funds.

CareTrust REIT Company Profile

CareTrust REIT, Inc is a healthcare-focused real estate investment trust that acquires and manages net-leased properties serving the senior housing and medical markets. The company’s portfolio spans skilled nursing facilities, assisted living communities, independent living properties, medical office buildings and life science facilities. By structuring leases on a triple-net basis, CareTrust REIT offers long-term, stable rental income streams while allowing its tenants to operate and maintain their specialized healthcare facilities.

The company’s assets are geographically diversified across the United States, with a concentration in regions experiencing aging demographics and growing demand for senior care services.