CareTrust REIT (NASDAQ:CTRE) Price Target Raised to $41.00

CareTrust REIT (NASDAQ:CTRE) had its price objective increased by Wells Fargo & Company from $38.00 to $41.00 in a research report sent to investors on Tuesday morning, MarketBeat reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

CTRE has been the subject of a number of other research reports. Cantor Fitzgerald began coverage on shares of CareTrust REIT in a report on Wednesday, October 1st. They set a “neutral” rating and a $37.00 price target for the company. KeyCorp raised their target price on CareTrust REIT from $33.00 to $36.00 and gave the stock an “overweight” rating in a research note on Thursday, August 14th. Royal Bank Of Canada upped their price target on CareTrust REIT from $36.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, November 10th. UBS Group began coverage on CareTrust REIT in a report on Tuesday, November 18th. They set a “buy” rating and a $42.00 price target for the company. Finally, Raymond James Financial set a $39.00 target price on shares of CareTrust REIT and gave the stock a “strong-buy” rating in a research note on Tuesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, CareTrust REIT has a consensus rating of “Moderate Buy” and an average price target of $36.11.

CareTrust REIT Trading Up 1.2%

Shares of CTRE opened at $37.54 on Tuesday. CareTrust REIT has a 12-month low of $24.79 and a 12-month high of $37.90. The firm has a market capitalization of $8.38 billion, a P/E ratio of 47.51, a P/E/G ratio of 1.25 and a beta of 0.81. The firm has a 50-day moving average price of $35.18 and a 200 day moving average price of $32.67. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14.

CareTrust REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, September 30th. CareTrust REIT’s payout ratio is currently 100.00%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CTRE. CIBC Private Wealth Group LLC acquired a new position in shares of CareTrust REIT in the third quarter valued at approximately $63,000. CIBC Bancorp USA Inc. purchased a new position in CareTrust REIT in the 3rd quarter valued at approximately $788,000. Coldstream Capital Management Inc. acquired a new position in shares of CareTrust REIT in the third quarter worth $223,000. Danske Bank A S purchased a new stake in shares of CareTrust REIT during the third quarter worth $1,150,000. Finally, Advisory Services Network LLC acquired a new stake in shares of CareTrust REIT in the third quarter valued at $495,000. Hedge funds and other institutional investors own 87.77% of the company’s stock.

About CareTrust REIT

CareTrust REIT, Inc’s (CareTrust REIT or the Company) primary business consists of acquiring, financing, developing and owning real property to be leased to third-party tenants in the healthcare sector. As of March 31, 2024, the Company owned directly or through a joint venture and leased to independent operators, 228 skilled nursing facilities (SNFs), multi-service campuses, assisted living facilities (ALFs) and independent living facilities (ILFs) consisting of 24,189 operational beds and units located in 29 states with the highest concentration of properties by rental income located in California and Texas.