Wells Fargo & Co. Initiates Coverage on CareTrust REIT Inc. (CTRE)
Wells Fargo & Co. began coverage on shares of CareTrust REIT Inc. (NASDAQ:CTRE) in a report issued on Tuesday. The firm set a “market perform” rating on the real estate investment trust’s stock.
CTRE has been the subject of several other research reports. Canaccord Genuity reaffirmed a “buy” rating and set a $16.00 price target on shares of CareTrust REIT in a research note on Thursday, May 12th. TheStreet raised shares of CareTrust REIT from a “sell” rating to a “hold” rating in a research note on Thursday, May 12th. Zacks Investment Research downgraded shares of CareTrust REIT from a “hold” rating to a “sell” rating in a research note on Wednesday, June 8th. BMO Capital Markets lifted their price target on shares of CareTrust REIT from $12.50 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday, March 30th. Finally, Raymond James Financial Inc. reaffirmed an “outperform” rating and set a $14.00 price target (up previously from $13.00) on shares of CareTrust REIT in a research note on Tuesday, April 12th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $15.75.
CareTrust REIT (NASDAQ:CTRE) traded down 1.09% during trading on Tuesday, reaching $13.66. The company’s stock had a trading volume of 182,523 shares. The company has a market cap of $790.85 million, a PE ratio of 35.48 and a beta of 0.94. CareTrust REIT has a 52-week low of $9.12 and a 52-week high of $15.88. The stock has a 50-day moving average price of $14.77 and a 200 day moving average price of $13.87.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/09/wells-fargo-co-initiates-coverage-on-caretrust-reit-inc-ctre.html
CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings results on Monday, August 8th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.01. The business earned $25.70 million during the quarter, compared to analyst estimates of $23.68 million. CareTrust REIT had a return on equity of 6.02% and a net margin of 20.97%. CareTrust REIT’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.25 EPS. On average, analysts expect that CareTrust REIT will post $1.10 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date of this dividend is Wednesday, September 28th. CareTrust REIT’s dividend payout ratio (DPR) is presently 44.44%.
Several hedge funds and other institutional investors have recently modified their holdings of CTRE. Heitman Real Estate Securities LLC bought a new position in CareTrust REIT during the first quarter valued at $37,665,000. Keeley Asset Management Corp increased its position in CareTrust REIT by 204.1% in the second quarter. Keeley Asset Management Corp now owns 2,266,007 shares of the real estate investment trust’s stock valued at $31,226,000 after buying an additional 1,520,954 shares during the period. American Century Companies Inc. increased its position in CareTrust REIT by 702.6% in the second quarter. American Century Companies Inc. now owns 745,674 shares of the real estate investment trust’s stock valued at $10,275,000 after buying an additional 652,772 shares during the period. Emerald Mutual Fund Advisers Trust increased its position in CareTrust REIT by 186.9% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 918,235 shares of the real estate investment trust’s stock valued at $12,653,000 after buying an additional 598,205 shares during the period. Finally, Emerald Advisers Inc. PA increased its position in CareTrust REIT by 186.5% in the second quarter. Emerald Advisers Inc. PA now owns 870,307 shares of the real estate investment trust’s stock valued at $11,993,000 after buying an additional 566,567 shares during the period. Institutional investors and hedge funds own 82.52% of the company’s stock.
About CareTrust REIT
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).
Receive News & Ratings for CareTrust REIT Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for CareTrust REIT Inc. and related companies with MarketBeat.com's FREE daily email newsletter.