CareTrust REIT (NASDAQ:CTRE) Issues FY24 Earnings Guidance

CareTrust REIT (NASDAQ:CTRE) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $1.49-1.50 for the period, compared to the consensus estimate of $1.48. CareTrust REIT also updated its FY 2024 guidance to 1.490-1.500 EPS.

Wall Street Analysts Forecast Growth

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

CareTrust REIT Stock Performance

Shares of CTRE stock traded up $0.88 on Wednesday, reaching $32.80. The stock had a trading volume of 2,853,495 shares, compared to its average volume of 1,411,946. CareTrust REIT has a 12 month low of $20.10 and a 12 month high of $33.15. The firm has a market capitalization of $4.66 billion, a price-to-earnings ratio of 63.48 and a beta of 1.10. The firm’s 50-day moving average is $30.37 and its two-hundred day moving average is $27.33. The company has a quick ratio of 13.37, a current ratio of 13.37 and a debt-to-equity ratio of 0.34.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings data on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.17). The business had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. During the same period in the previous year, the business earned $0.35 earnings per share. On average, research analysts expect that CareTrust REIT will post 1.48 EPS for the current fiscal year.

CareTrust REIT Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $0.29 dividend. The ex-dividend date was Monday, September 30th. This represents a $1.16 annualized dividend and a dividend yield of 3.54%. CareTrust REIT’s dividend payout ratio is currently 223.08%.

Insider Transactions at CareTrust REIT

In related news, CFO William M. Wagner sold 35,000 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now owns 257,439 shares in the company, valued at approximately $7,671,682.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.75% of the stock is currently owned by corporate insiders.

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.