CareTrust REIT, Inc. (CTRE) to Issue Quarterly Dividend of $0.34 on April 15th

CareTrust REIT, Inc. (NASDAQ:CTRE) announced a quarterly dividend on Tuesday, March 18th, RTT News reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.335 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date is Monday, March 31st. This is a 15.5% increase from CareTrust REIT’s previous quarterly dividend of $0.29.

CareTrust REIT has increased its dividend by an average of 3.4% annually over the last three years. CareTrust REIT has a payout ratio of 85.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect CareTrust REIT to earn $1.93 per share next year, which means the company should continue to be able to cover its $1.34 annual dividend with an expected future payout ratio of 69.4%.

CareTrust REIT Stock Up 1.2 %

CTRE stock opened at $28.90 on Friday. The company has a market capitalization of $5.42 billion, a P/E ratio of 36.58, a PEG ratio of 1.25 and a beta of 1.11. CareTrust REIT has a twelve month low of $23.26 and a twelve month high of $33.15. The firm has a 50 day simple moving average of $26.86 and a 200-day simple moving average of $28.61. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on CTRE. Royal Bank of Canada decreased their target price on shares of CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft raised shares of CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research note on Thursday, March 13th. BMO Capital Markets downgraded CareTrust REIT from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $34.00 to $32.00 in a report on Monday, December 9th. Wells Fargo & Company dropped their target price on shares of CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating on the stock in a research report on Monday, March 10th. Finally, Wedbush restated an “underperform” rating and issued a $26.00 target price on shares of CareTrust REIT in a report on Friday, March 14th. 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. According to data from MarketBeat.com, CareTrust REIT presently has an average rating of “Moderate Buy” and an average target price of $31.00.

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.