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

CareTrust REIT, Inc. (NYSE:CTRE)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $43.60 and last traded at $42.3710, with a volume of 3040799 shares. The stock had previously closed at $43.40.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CTRE shares. Raymond James Financial started coverage on CareTrust REIT in a report on Tuesday, June 16th. They set an “outperform” rating and a $43.00 price objective on the stock. KeyCorp reiterated an “overweight” rating and issued a $46.00 target price on shares of CareTrust REIT in a research report on Friday, May 29th. BMO Capital Markets lifted their price target on CareTrust REIT from $46.00 to $47.00 and gave the company an “outperform” rating in a research note on Monday, June 15th. Wells Fargo & Company boosted their price target on CareTrust REIT from $42.00 to $47.00 and gave the stock an “overweight” rating in a report on Monday, June 1st. Finally, Citigroup reaffirmed a “market outperform” rating on shares of CareTrust REIT in a research note on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $44.82.

CareTrust REIT Trading Up 2.2%

The company has a market cap of $10.22 billion, a P/E ratio of 27.73, a PEG ratio of 1.91 and a beta of 0.76. The firm’s 50 day moving average is $40.03 and its two-hundred day moving average is $39.21. The company has a quick ratio of 2.37, a current ratio of 2.38 and a debt-to-equity ratio of 0.22.

CareTrust REIT Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Tuesday, June 30th. CareTrust REIT’s payout ratio is 100.00%.

Hedge Funds Weigh In On CareTrust REIT

A number of hedge funds have recently made changes to their positions in CTRE. Royal Bank of Canada boosted its holdings in CareTrust REIT by 36.4% in the first quarter. Royal Bank of Canada now owns 179,501 shares of the company’s stock valued at $5,129,000 after acquiring an additional 47,936 shares during the last quarter. NewEdge Advisors LLC increased its position in CareTrust REIT by 11.3% during the 1st quarter. NewEdge Advisors LLC now owns 33,628 shares of the company’s stock valued at $961,000 after purchasing an additional 3,408 shares during the period. EverSource Wealth Advisors LLC raised its holdings in CareTrust REIT by 134.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the company’s stock worth $34,000 after purchasing an additional 644 shares during the last quarter. First Trust Advisors LP raised its holdings in CareTrust REIT by 67.6% during the 2nd quarter. First Trust Advisors LP now owns 245,154 shares of the company’s stock worth $7,502,000 after purchasing an additional 98,850 shares during the last quarter. Finally, Cerity Partners LLC lifted its position in shares of CareTrust REIT by 310.1% in the 2nd quarter. Cerity Partners LLC now owns 36,640 shares of the company’s stock worth $1,121,000 after purchasing an additional 27,706 shares during the period. 87.77% of the stock is currently owned by institutional investors.

CareTrust REIT Company Profile

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.