Royal Bank of Canada Cuts CareTrust REIT (NASDAQ:CTRE) Price Target to $32.00

CareTrust REIT (NASDAQ:CTRE) had its target price dropped by equities researchers at Royal Bank of Canada from $37.00 to $32.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price target indicates a potential upside of 28.54% from the stock’s current price.

A number of other brokerages have also recently commented on CTRE. Wedbush cut CareTrust REIT from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $34.00 to $26.00 in a research report on Thursday, January 2nd. BMO Capital Markets cut CareTrust REIT from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $34.00 to $32.00 in a research report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, CareTrust REIT presently has a consensus rating of “Hold” and an average target price of $30.83.

CareTrust REIT Stock Down 2.8 %

Shares of NASDAQ CTRE opened at $24.90 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82. CareTrust REIT has a 52 week low of $22.46 and a 52 week high of $33.15. The stock has a market capitalization of $4.67 billion, a P/E ratio of 31.51, a PEG ratio of 1.25 and a beta of 1.09. The stock’s fifty day moving average is $26.73 and its 200 day moving average is $28.88.

CareTrust REIT (NASDAQ:CTRE) last issued its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates 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 period in the prior year, the firm posted $0.25 earnings per share. Sell-side analysts forecast that CareTrust REIT will post 1.71 earnings per share for the current fiscal year.

Institutional Trading of CareTrust REIT

Hedge funds and other institutional investors have recently made changes to their positions in the company. Advantage Trust Co bought a new stake in shares of CareTrust REIT during the fourth quarter worth about $30,000. Blue Trust Inc. grew its holdings in shares of CareTrust REIT by 178.3% during the third quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 772 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of CareTrust REIT by 98.8% during the fourth quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 743 shares during the last quarter. Quarry LP grew its holdings in shares of CareTrust REIT by 463.5% during the fourth quarter. Quarry LP now owns 1,854 shares of the real estate investment trust’s stock worth $50,000 after purchasing an additional 1,525 shares during the last quarter. Finally, Glen Eagle Advisors LLC bought a new stake in shares of CareTrust REIT during the fourth quarter worth about $56,000. 87.77% of the stock is currently owned by institutional investors.

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.