CareTrust REIT (NASDAQ:CTRE) Announces Earnings Results

CareTrust REIT (NASDAQ:CTRE) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.17), RTT News reports. CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. The business had revenue of $77.38 million for the quarter, compared to analyst estimates of $74.12 million. During the same quarter last year, the business earned $0.35 EPS. CareTrust REIT updated its FY24 guidance to $1.49-1.50 EPS and its FY 2024 guidance to 1.490-1.500 EPS.

CareTrust REIT Trading Up 2.7 %

NASDAQ:CTRE opened at $32.80 on Thursday. The company has a quick ratio of 13.37, a current ratio of 13.37 and a debt-to-equity ratio of 0.34. The business’s 50 day moving average is $30.37 and its two-hundred day moving average is $27.33. CareTrust REIT has a 52 week low of $20.10 and a 52 week high of $33.15. The company has a market cap of $4.66 billion, a PE ratio of 63.48 and a beta of 1.10.

CareTrust REIT Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total transaction 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 position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.75% of the stock is currently owned by company 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.