CareTrust REIT (NYSE:CTRE) Share Price Breaks Above 50 Day Moving Average – Here’s What Happened

CareTrust REIT, Inc. (NYSE:CTRE) shares crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $37.36 and traded as high as $38.15. CareTrust REIT shares last traded at $37.9610, with a volume of 2,795,069 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CTRE shares. JPMorgan Chase & Co. began coverage on CareTrust REIT in a report on Friday, October 16th. They issued a “neutral” rating and a $41.00 price objective on the stock. Weiss Ratings cut CareTrust REIT from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, October 12th. Wedbush set a $44.00 target price on CareTrust REIT in a research report on Tuesday, October 13th. Raymond James Financial dropped their target price on CareTrust REIT from $45.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, October 5th. Finally, Huntington assumed coverage on shares of CareTrust REIT in a research note on Thursday, September 10th. They set an “outperform” rating and a $44.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $43.64.

CareTrust REIT Stock Performance

The firm has a market capitalization of $8.97 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 1.30 and a beta of 0.77. The firm has a 50 day moving average price of $37.36 and a 200-day moving average price of $38.98. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.57 and a quick ratio of 0.57.

CareTrust REIT (NYSE:CTRE) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.51 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.51. CareTrust REIT had a return on equity of 8.52% and a net margin of 62.19%. The business had revenue of $161.35 million during the quarter. As a group, sell-side analysts expect that CareTrust REIT, Inc. will post 2.07 earnings per share for the current fiscal year.

CareTrust REIT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Wednesday, September 30th. CareTrust REIT’s dividend payout ratio is 98.11%.

Institutional Trading of CareTrust REIT

Institutional investors have recently bought and sold shares of the business. Persistent Asset Partners Ltd purchased a new position in CareTrust REIT during the second quarter worth $31,000. Compass Financial Management LLC purchased a new stake in shares of CareTrust REIT in the second quarter valued at $34,000. Signature Equity Partners LLC boosted its stake in shares of CareTrust REIT by 37.8% during the third quarter. Signature Equity Partners LLC now owns 1,393 shares of the company’s stock valued at $51,000 after acquiring an additional 382 shares during the last quarter. Burnham & Co LLC purchased a new stake in CareTrust REIT during the 2nd quarter worth about $61,000. Finally, Allworth Financial LP acquired a new position in CareTrust REIT in the 2nd quarter valued at about $66,000. 87.77% of the stock is owned by hedge funds and other institutional investors.

About CareTrust REIT

CareTrust REIT, Inc is a healthcare-focused real estate investment trust that owns, acquires, and manages properties used by healthcare providers. Its portfolio primarily includes skilled nursing facilities, assisted living communities, independent living facilities, and other senior housing and healthcare-related properties.

The company generally leases its properties to healthcare operators under long-term, often triple-net lease agreements. Under these arrangements, tenants typically assume responsibility for property-level expenses such as taxes, insurance, and maintenance, while CareTrust focuses on owning and managing the underlying real estate and supporting its operating partners.

CareTrust was formed in 2014 through the spin-off of healthcare properties from The Ensign Group.