CareTrust REIT (NASDAQ:CTRE) Reaches New 52-Week High at $24.42

CareTrust REIT, Inc. (NASDAQ:CTRE)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $24.42 and last traded at $24.42, with a volume of 31369 shares traded. The stock had previously closed at $24.17.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CTRE. Royal Bank of Canada reduced their price target on shares of CareTrust REIT from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Wednesday, January 31st. KeyCorp boosted their target price on shares of CareTrust REIT from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, January 5th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of CareTrust REIT in a report on Tuesday, January 30th. They set a “hold” rating and a $23.00 price target on the stock. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.57.

CareTrust REIT Price Performance

The company has a quick ratio of 8.67, a current ratio of 8.67 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $3.27 billion, a P/E ratio of 49.38 and a beta of 1.04. The company’s 50-day simple moving average is $22.65 and its 200 day simple moving average is $22.12.

CareTrust REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be issued a dividend of $0.29 per share. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a dividend yield of 4.79%. The ex-dividend date is Wednesday, March 27th. CareTrust REIT’s dividend payout ratio is currently 228.57%.

Institutional Trading of CareTrust REIT

Several large investors have recently modified their holdings of CTRE. Envestnet Asset Management Inc. raised its stake in CareTrust REIT by 15.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 18,759 shares of the real estate investment trust’s stock valued at $362,000 after purchasing an additional 2,480 shares during the last quarter. US Bancorp DE raised its stake in CareTrust REIT by 16.2% during the 1st quarter. US Bancorp DE now owns 7,204 shares of the real estate investment trust’s stock valued at $139,000 after purchasing an additional 1,006 shares during the last quarter. MetLife Investment Management LLC raised its stake in CareTrust REIT by 57.6% during the 1st quarter. MetLife Investment Management LLC now owns 52,286 shares of the real estate investment trust’s stock valued at $1,009,000 after purchasing an additional 19,120 shares during the last quarter. Rhumbline Advisers raised its stake in CareTrust REIT by 1.1% during the 1st quarter. Rhumbline Advisers now owns 289,358 shares of the real estate investment trust’s stock valued at $5,585,000 after purchasing an additional 3,062 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of CareTrust REIT by 14.1% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 83,652 shares of the real estate investment trust’s stock valued at $1,614,000 after buying an additional 10,314 shares in the last quarter. 87.77% of the stock is owned by institutional investors.

CareTrust REIT Company Profile

CareTrust REIT, Inc is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States.