CareTrust REIT (NASDAQ:CTRE) Shares Gap Up – Here’s What Happened

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) gapped up before the market opened on Thursday . The stock had previously closed at $27.01, but opened at $27.86. CareTrust REIT shares last traded at $28.00, with a volume of 122,847 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CTRE. Wells Fargo & Company dropped their price target on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating for the company in a report on Monday. Wedbush cut CareTrust REIT from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $34.00 to $26.00 in a research note on Thursday, January 2nd. Royal Bank of Canada decreased their price objective on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $34.00 to $32.00 in a research note on Monday, December 9th. Finally, Deutsche Bank Aktiengesellschaft upgraded CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $31.00.

CareTrust REIT Trading Up 1.9 %

The company has a market capitalization of $5.16 billion, a P/E ratio of 34.84, a price-to-earnings-growth ratio of 1.25 and a beta of 1.11. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The business has a fifty day moving average price of $26.37 and a 200 day moving average price of $28.69.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.12). CareTrust REIT had a net margin of 42.22% and a return on equity of 5.59%. During the same period in the prior year, the company earned $0.25 earnings per share. On average, analysts expect that CareTrust REIT, Inc. will post 1.71 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $0.29 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $1.16 dividend on an annualized basis and a yield of 4.22%. CareTrust REIT’s dividend payout ratio is 146.84%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quantinno Capital Management LP grew its position in CareTrust REIT by 2.3% during the 4th quarter. Quantinno Capital Management LP now owns 17,482 shares of the real estate investment trust’s stock worth $473,000 after acquiring an additional 385 shares during the last quarter. Signaturefd LLC raised its position in CareTrust REIT by 20.3% during the fourth quarter. Signaturefd LLC now owns 2,628 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 443 shares in the last quarter. WealthShield Partners LLC raised its position in CareTrust REIT by 1.0% during the fourth quarter. WealthShield Partners LLC now owns 49,119 shares of the real estate investment trust’s stock valued at $1,343,000 after purchasing an additional 490 shares in the last quarter. PNC Financial Services Group Inc. raised its position in CareTrust REIT by 4.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,384 shares of the real estate investment trust’s stock valued at $308,000 after purchasing an additional 534 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its position in CareTrust REIT by 0.4% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 151,594 shares of the real estate investment trust’s stock valued at $4,678,000 after purchasing an additional 544 shares in the last quarter. 87.77% of the stock is currently owned by institutional investors.

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.