CareTrust REIT Inc. to Issue Quarterly Dividend of $0.17 (CTRE)
CareTrust REIT Inc. (NASDAQ:CTRE) declared a quarterly dividend on Tuesday, September 20th. Shareholders of record on Friday, September 30th will be paid a dividend of 0.17 per share by the real estate investment trust on Friday, October 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.69%. The ex-dividend date is Wednesday, September 28th.
CTRE has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of CareTrust REIT from a “sell” rating to a “buy” rating and set a $16.00 target price on the stock in a research report on Saturday, June 11th. Canaccord Genuity increased their target price on shares of CareTrust REIT from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, August 15th. Barclays PLC initiated coverage on shares of CareTrust REIT in a research report on Monday, August 22nd. They set an “equal weight” rating and a $16.00 target price on the stock. Wells Fargo & Co. began coverage on shares of CareTrust REIT in a research report on Tuesday, July 26th. They set a “market perform” rating on the stock. Finally, Raymond James Financial Inc. began coverage on shares of CareTrust REIT in a research report on Thursday, August 25th. They set an “outperform” rating and a $13.50 price target on the stock. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $15.36.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTRE. Rhumbline Advisers raised its stake in shares of CareTrust REIT by 19.3% in the second quarter. Rhumbline Advisers now owns 71,463 shares of the real estate investment trust’s stock valued at $985,000 after buying an additional 11,537 shares in the last quarter. Raymond James & Associates raised its stake in shares of CareTrust REIT by 237.8% in the second quarter. Raymond James & Associates now owns 101,850 shares of the real estate investment trust’s stock valued at $1,403,000 after buying an additional 71,700 shares in the last quarter. IndexIQ Advisors LLC raised its stake in shares of CareTrust REIT by 11.0% in the second quarter. IndexIQ Advisors LLC now owns 46,073 shares of the real estate investment trust’s stock valued at $635,000 after buying an additional 4,553 shares in the last quarter. Teachers Advisors Inc. raised its stake in shares of CareTrust REIT by 48.2% in the second quarter. Teachers Advisors Inc. now owns 91,909 shares of the real estate investment trust’s stock valued at $1,267,000 after buying an additional 29,878 shares in the last quarter. Finally, FMR LLC bought a new stake in shares of CareTrust REIT during the second quarter valued at approximately $7,604,000. Institutional investors and hedge funds own 82.52% of the company’s stock.
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CareTrust REIT (NASDAQ:CTRE) traded down 0.14% during mid-day trading on Tuesday, hitting $14.50. 441,342 shares of the company traded hands. CareTrust REIT has a one year low of $9.12 and a one year high of $15.88. The firm has a market capitalization of $839.48 million, a P/E ratio of 37.66 and a beta of 0.94. The firm has a 50 day moving average of $14.76 and a 200 day moving average of $13.62.
CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings results on Monday, August 8th. The real estate investment trust reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.01. CareTrust REIT had a net margin of 20.97% and a return on equity of 6.02%. The business had revenue of $25.70 million for the quarter, compared to analysts’ expectations of $23.68 million. During the same period in the previous year, the company earned $0.25 earnings per share. The firm’s revenue for the quarter was up 47.9% compared to the same quarter last year. Equities research analysts expect that CareTrust REIT will post $1.10 earnings per share for the current fiscal year.
CareTrust REIT Company Profile
CareTrust REIT, Inc is a self-administered, self-managed real estate investment trust (REIT). The Company is primarily engaged in the ownership, acquisition and leasing of healthcare-related properties. The Company’s segment consists of investments in healthcare-related real estate assets. The Company’s real estate portfolio includes approximately 120 skilled nursing facilities (SNFs), assisted living facilities (ALFs) and independent living facilities (ILFs).
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