CareTrust REIT, Inc. (CTRE) To Go Ex-Dividend on December 31st

CareTrust REIT, Inc. (NASDAQ:CTRE) announced a quarterly dividend on Monday, December 16th,RTT News reports. Stockholders of record on Tuesday, December 31st will be paid a dividend of 0.29 per share by the real estate investment trust on Wednesday, January 15th. This represents a $1.16 annualized dividend and a dividend yield of 4.07%. The ex-dividend date of this dividend is Tuesday, December 31st.

CareTrust REIT has increased its dividend payment by an average of 7.8% annually over the last three years. CareTrust REIT has a payout ratio of 85.9% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities analysts expect CareTrust REIT to earn $1.75 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 66.3%.

CareTrust REIT Stock Down 0.3 %

NASDAQ:CTRE opened at $28.53 on Wednesday. The stock has a fifty day simple moving average of $30.30 and a 200-day simple moving average of $28.64. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16. The company has a market cap of $4.89 billion, a price-to-earnings ratio of 39.63, a price-to-earnings-growth ratio of 1.59 and a beta of 1.07. CareTrust REIT has a twelve month low of $20.10 and a twelve month high of $33.15.

CareTrust REIT (NASDAQ:CTRE) last issued its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.08). The company had revenue of $77.38 million for the quarter, compared to analysts’ expectations of $74.12 million. CareTrust REIT had a return on equity of 5.32% and a net margin of 36.88%. During the same period last year, the business posted $0.35 earnings per share. Analysts anticipate that CareTrust REIT will post 1.5 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CTRE. BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $34.00 to $32.00 in a report on Monday, December 9th. Royal Bank of Canada raised their target price on shares of CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. KeyCorp upped their price target on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Finally, Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $28.00 to $34.00 in a report on Tuesday, October 1st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.67.

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.