CareTrust REIT (NASDAQ:CTRE) Sets New 52-Week High at $31.14

CareTrust REIT, Inc. (NASDAQ:CTRE) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $31.14 and last traded at $31.14, with a volume of 115 shares changing hands. The stock had previously closed at $31.08.

Wall Street Analyst Weigh In

CTRE has been the subject of a number of recent research reports. Royal Bank of Canada lifted their price objective on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, August 22nd. Wedbush initiated coverage on shares of CareTrust REIT in a research note on Wednesday, May 29th. They set a “neutral” rating and a $26.00 target price on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research note on Monday, July 1st. Finally, Wells Fargo & Company increased their price target on CareTrust REIT from $24.00 to $26.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 30th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CareTrust REIT has an average rating of “Hold” and an average price target of $26.67.

CareTrust REIT Price Performance

The company has a fifty day moving average of $28.02 and a 200-day moving average of $25.78. The company has a current ratio of 13.37, a quick ratio of 13.37 and a debt-to-equity ratio of 0.34. The stock has a market cap of $4.80 billion, a PE ratio of 59.77 and a beta of 1.10.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.29). The business had revenue of $68.89 million for the quarter, compared to analyst estimates of $66.36 million. CareTrust REIT had a return on equity of 4.84% and a net margin of 30.09%. During the same period in the prior year, the company posted $0.35 EPS. Sell-side analysts expect that CareTrust REIT, Inc. will post 1.48 EPS for the current fiscal year.

Insider Transactions at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total value of $1,043,000.00. Following the completion of the transaction, the chief financial officer now owns 257,439 shares in the company, valued at $7,671,682.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.75% of the company’s stock.

Institutional Trading of CareTrust REIT

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTRE. United Services Automobile Association raised its stake in CareTrust REIT by 5.0% during the 2nd quarter. United Services Automobile Association now owns 11,244 shares of the real estate investment trust’s stock worth $282,000 after acquiring an additional 540 shares in the last quarter. Foundations Investment Advisors LLC raised its position in CareTrust REIT by 5.4% in the 4th quarter. Foundations Investment Advisors LLC now owns 12,103 shares of the real estate investment trust’s stock valued at $254,000 after purchasing an additional 624 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in CareTrust REIT by 4.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 22,946 shares of the real estate investment trust’s stock valued at $559,000 after purchasing an additional 895 shares during the last quarter. Creative Planning boosted its stake in CareTrust REIT by 3.1% during the 2nd quarter. Creative Planning now owns 35,330 shares of the real estate investment trust’s stock worth $887,000 after purchasing an additional 1,071 shares during the period. Finally, Newbridge Financial Services Group Inc. acquired a new position in CareTrust REIT in the second quarter valued at $27,000. Institutional investors and hedge funds own 87.77% of the company’s stock.

CareTrust REIT Company Profile

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.