CareTrust REIT, Inc. (NASDAQ:CTRE) Increases Dividend to $0.34 Per Share

CareTrust REIT, Inc. (NASDAQ:CTRE) declared a quarterly dividend on Tuesday, March 18th, RTT News reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.335 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.34 dividend on an annualized basis and a dividend yield of 4.65%. This is a 15.5% increase from CareTrust REIT’s previous quarterly dividend of $0.29.

CareTrust REIT has increased its dividend by an average of 3.4% per year over the last three years. CareTrust REIT has a payout ratio of 75.3% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect CareTrust REIT to earn $1.93 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 60.1%.

CareTrust REIT Stock Up 1.4 %

CTRE opened at $28.81 on Tuesday. CareTrust REIT has a 1 year low of $23.26 and a 1 year high of $33.15. The firm has a 50 day moving average price of $26.47 and a 200 day moving average price of $28.65. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. The company has a market cap of $5.41 billion, a PE ratio of 36.46, a price-to-earnings-growth ratio of 1.25 and a beta of 1.11.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings data on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.12). CareTrust REIT had a return on equity of 5.59% and a net margin of 42.22%. During the same quarter last year, the business posted $0.25 earnings per share. Sell-side analysts expect that CareTrust REIT will post 1.71 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on CTRE shares. Deutsche Bank Aktiengesellschaft raised CareTrust REIT from a “hold” rating to a “buy” rating and set a $31.00 price objective on the stock in a research report on Thursday, March 13th. Royal Bank of Canada dropped their target price on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating on the stock in a report on Friday, February 21st. Wells Fargo & Company decreased their price target on CareTrust REIT from $34.00 to $31.00 and set an “overweight” rating for the company in a report on Monday, March 10th. BMO Capital Markets downgraded shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $34.00 to $32.00 in a research report on Monday, December 9th. Finally, Wedbush reissued an “underperform” rating and set a $26.00 target price on shares of CareTrust REIT in a research report on Friday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, CareTrust REIT has a consensus rating of “Moderate Buy” and an average target price of $31.00.

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.