CareTrust REIT (NASDAQ:CTRE) Hits New 1-Year High at $31.14

CareTrust REIT, Inc. (NASDAQ:CTRE)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $31.14 and last traded at $31.14, with a volume of 115 shares trading hands. The stock had previously closed at $31.08.

Analyst Ratings Changes

Several equities research analysts have recently commented on CTRE shares. Wells Fargo & Company upped their price target on CareTrust REIT from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 30th. Royal Bank of Canada raised their target price on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of CareTrust REIT from $23.00 to $27.00 and gave the stock a “hold” rating in a research note on Monday, July 1st. Finally, Wedbush initiated coverage on CareTrust REIT in a report on Wednesday, May 29th. They issued a “neutral” rating and a $26.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $26.67.

CareTrust REIT Price Performance

The firm has a market cap of $4.41 billion, a PE ratio of 59.63 and a beta of 1.10. The stock’s fifty day moving average price is $28.23 and its 200-day moving average price is $25.90. The company has a debt-to-equity ratio of 0.34, a quick ratio of 13.37 and a current ratio of 13.37.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.29). The company had revenue of $68.89 million for the quarter, compared to analyst estimates of $66.36 million. CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. During the same quarter in the previous year, the business posted $0.35 earnings per share. As a group, equities analysts forecast that CareTrust REIT, Inc. will post 1.48 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the completion of the transaction, the chief financial officer now owns 257,439 shares of the company’s stock, valued at approximately $7,671,682.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.75% of the stock is owned by company insiders.

Institutional Trading of CareTrust REIT

Large investors have recently modified their holdings of the business. Newbridge Financial Services Group Inc. acquired a new position in shares of CareTrust REIT in the second quarter valued at approximately $27,000. Rothschild Investment LLC purchased a new stake in CareTrust REIT during the second quarter worth approximately $34,000. Quest Partners LLC acquired a new stake in shares of CareTrust REIT in the second quarter worth $40,000. GAMMA Investing LLC raised its stake in shares of CareTrust REIT by 187.7% in the 2nd quarter. GAMMA Investing LLC now owns 1,752 shares of the real estate investment trust’s stock valued at $44,000 after acquiring an additional 1,143 shares during the period. Finally, Quarry LP lifted its holdings in shares of CareTrust REIT by 536.6% during the 2nd quarter. Quarry LP now owns 3,100 shares of the real estate investment trust’s stock valued at $78,000 after acquiring an additional 2,613 shares in the last quarter. 87.77% of the stock is currently 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.