CareTrust REIT, Inc. Announces Dividend of $0.28 (NASDAQ:CTRE)

CareTrust REIT, Inc. (NASDAQ:CTREGet Rating) announced a dividend on Wednesday, June 22nd, investing.com reports. Stockholders of record on Thursday, June 30th will be paid a dividend of 0.275 per share by the real estate investment trust on Friday, July 15th. This represents a dividend yield of 6.29%. The ex-dividend date is Wednesday, June 29th.

CareTrust REIT has a payout ratio of 113.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect CareTrust REIT to earn $1.56 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 70.5%.

Shares of NASDAQ CTRE opened at $17.48 on Wednesday. The stock has a market cap of $1.70 billion, a P/E ratio of 11.57 and a beta of 1.19. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.83. CareTrust REIT has a 12-month low of $15.90 and a 12-month high of $24.58. The business’s fifty day simple moving average is $17.44 and its 200-day simple moving average is $19.22.

Several hedge funds have recently bought and sold shares of CTRE. Morgan Stanley lifted its position in shares of CareTrust REIT by 74.4% during the 2nd quarter. Morgan Stanley now owns 720,863 shares of the real estate investment trust’s stock valued at $16,746,000 after acquiring an additional 307,505 shares during the period. Royal Bank of Canada raised its position in shares of CareTrust REIT by 39.6% during the 3rd quarter. Royal Bank of Canada now owns 20,021 shares of the real estate investment trust’s stock worth $406,000 after purchasing an additional 5,678 shares during the last quarter. LPL Financial LLC raised its position in shares of CareTrust REIT by 3.4% during the 3rd quarter. LPL Financial LLC now owns 25,007 shares of the real estate investment trust’s stock worth $508,000 after purchasing an additional 817 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of CareTrust REIT during the 3rd quarter worth approximately $253,000. Finally, Squarepoint Ops LLC acquired a new position in shares of CareTrust REIT during the 4th quarter worth approximately $390,000. Institutional investors own 85.43% of the company’s stock.

A number of analysts have weighed in on the company. BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and set a $20.00 price target on the stock. in a research note on Friday, March 11th. Raymond James cut their target price on CareTrust REIT from $27.00 to $23.00 and set a “strong-buy” rating on the stock in a research report on Friday, March 18th. StockNews.com assumed coverage on CareTrust REIT in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Barclays cut CareTrust REIT from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $22.00 to $17.00 in a research report on Monday, April 18th. Finally, Capital One Financial assumed coverage on CareTrust REIT in a research report on Friday, June 3rd. They set an “equal weight” rating and a $21.50 target price on the stock. Six research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $21.21.

About CareTrust REIT (Get Rating)

CareTrust REIT, Inc is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States.

See Also

Dividend History for CareTrust REIT (NASDAQ:CTRE)

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