CareTrust REIT, Inc. (NYSE:CTRE) Receives Average Recommendation of “Buy” from Brokerages

CareTrust REIT, Inc. (NYSE:CTRE) has been assigned an average recommendation of “Buy” from the thirteen research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation, eight have issued a buy recommendation and three have assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $43.0909.

A number of equities research analysts have recently issued reports on CTRE shares. Mizuho set a $45.00 target price on CareTrust REIT in a research note on Friday. Zacks Research lowered CareTrust REIT from a “hold” rating to a “strong sell” rating in a research note on Wednesday, March 25th. Wells Fargo & Company increased their target price on CareTrust REIT from $41.00 to $42.00 and gave the company an “overweight” rating in a research note on Thursday, March 26th. Royal Bank Of Canada increased their target price on CareTrust REIT from $41.00 to $44.00 and gave the company an “outperform” rating in a research note on Tuesday, February 24th. Finally, Cantor Fitzgerald increased their target price on CareTrust REIT from $37.00 to $42.00 and gave the company a “neutral” rating in a research note on Tuesday, February 17th.

Institutional Investors Weigh In On CareTrust REIT

Large investors have recently modified their holdings of the stock. Principal Financial Group Inc. raised its stake in shares of CareTrust REIT by 7.5% in the 4th quarter. Principal Financial Group Inc. now owns 1,328,660 shares of the company’s stock worth $48,044,000 after buying an additional 93,101 shares in the last quarter. Aberdeen Group plc raised its stake in shares of CareTrust REIT by 22.1% in the 3rd quarter. Aberdeen Group plc now owns 84,824 shares of the company’s stock worth $2,911,000 after buying an additional 15,374 shares in the last quarter. AGF Management Ltd. bought a new stake in shares of CareTrust REIT in the 3rd quarter worth $538,000. Sound Income Strategies LLC raised its stake in shares of CareTrust REIT by 6.4% in the 4th quarter. Sound Income Strategies LLC now owns 621,732 shares of the company’s stock worth $23,477,000 after buying an additional 37,503 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S raised its stake in shares of CareTrust REIT by 545.9% in the 3rd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 80,239 shares of the company’s stock worth $2,783,000 after buying an additional 67,817 shares in the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Price Performance

CTRE stock opened at $41.19 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.37 and a current ratio of 2.38. CareTrust REIT has a 1 year low of $27.81 and a 1 year high of $43.08. The firm has a market cap of $9.73 billion, a P/E ratio of 26.40, a price-to-earnings-growth ratio of 2.72 and a beta of 0.76. The stock has a 50-day simple moving average of $39.25 and a 200-day simple moving average of $38.20.

CareTrust REIT Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.8%. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.34. The ex-dividend date was Tuesday, March 31st. CareTrust REIT’s payout ratio is 100.00%.

About CareTrust REIT

CareTrust REIT, Inc is a real estate investment trust based in Deerfield Beach, Florida, specializing in the ownership, acquisition and management of net-leased healthcare properties. The company primarily focuses on seniors housing and post-acute care facilities, entering into long-term, triple-net lease agreements with leading operators in the skilled nursing, assisted living, memory care, inpatient rehabilitation and specialty hospital sectors. Through its portfolio, CareTrust REIT aims to provide investors with stable and predictable rental income while supporting the ongoing demand for quality healthcare real estate across the United States.

Since its initial public offering in September 2013, CareTrust REIT has pursued a disciplined acquisition strategy, targeting properties in primary and select secondary markets.