CareTrust REIT (NASDAQ:CTRE) Issues FY 2024 Earnings Guidance

CareTrust REIT (NASDAQ:CTRE) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 1.490-1.500 for the period, compared to the consensus EPS estimate of 1.490. The company issued revenue guidance of -. CareTrust REIT also updated its FY24 guidance to $1.49-1.50 EPS.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CTRE shares. Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $28.00 to $34.00 in a research report on Tuesday, October 1st. Royal Bank of Canada upped their target price on shares of CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft raised their price target on shares of CareTrust REIT from $23.00 to $27.00 and gave the company a “hold” rating in a research report on Monday, July 1st. KeyCorp upped their price objective on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Finally, BMO Capital Markets lifted their target price on CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, CareTrust REIT has an average rating of “Moderate Buy” and a consensus price target of $31.00.

CareTrust REIT Stock Performance

NASDAQ:CTRE traded up $0.60 during trading hours on Tuesday, reaching $31.91. The company had a trading volume of 1,308,735 shares, compared to its average volume of 1,405,271. The firm’s 50 day moving average price is $30.30 and its 200-day moving average price is $27.27. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of 60.71 and a beta of 1.10. The company has a current ratio of 13.37, a quick ratio of 13.37 and a debt-to-equity ratio of 0.34. CareTrust REIT has a 52 week low of $20.10 and a 52 week high of $31.97.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.29). The firm had revenue of $68.89 million during the quarter, compared to the consensus estimate 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 previous year, the firm earned $0.35 EPS. On average, analysts forecast that CareTrust REIT will post 1.48 EPS for the current year.

CareTrust REIT Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.64%. The ex-dividend date was Monday, September 30th. CareTrust REIT’s dividend payout ratio is presently 223.08%.

Insider Activity

In other news, CFO William M. Wagner sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total value of $1,043,000.00. Following the transaction, the chief financial officer now owns 257,439 shares of the company’s stock, valued at $7,671,682.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.75% 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.