CareTrust REIT, Inc. (NASDAQ:CTRE) Announces $0.34 Quarterly Dividend

CareTrust REIT, Inc. (NASDAQ:CTRE) declared a quarterly dividend on Tuesday, December 16th. Investors of record on Wednesday, December 31st will be paid a dividend of 0.335 per share by the real estate investment trust on Thursday, January 15th. This represents a c) dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Wednesday, December 31st.

CareTrust REIT has raised its dividend by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 3 consecutive years. CareTrust REIT has a dividend payout ratio of 87.6% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect CareTrust REIT to earn $1.93 per share next year, which means the company should continue to be able to cover its $1.34 annual dividend with an expected future payout ratio of 69.4%.

CareTrust REIT Trading Down 0.3%

NASDAQ:CTRE traded down $0.11 during mid-day trading on Wednesday, hitting $36.21. 202,973 shares of the company’s stock were exchanged, compared to its average volume of 1,948,286. CareTrust REIT has a fifty-two week low of $24.79 and a fifty-two week high of $38.32. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $8.09 billion, a P/E ratio of 45.86, a PEG ratio of 1.25 and a beta of 0.77. The company has a 50 day simple moving average of $35.81 and a 200-day simple moving average of $33.49.

Analyst Upgrades and Downgrades

CTRE has been the topic of several analyst reports. Cantor Fitzgerald began coverage on shares of CareTrust REIT in a research note on Wednesday, October 1st. They issued a “neutral” rating and a $37.00 price objective on the stock. Royal Bank Of Canada lifted their target price on CareTrust REIT from $36.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, November 10th. KeyCorp increased their price target on CareTrust REIT from $36.00 to $40.00 and gave the company an “overweight” rating in a research note on Thursday, December 4th. Wells Fargo & Company lifted their price objective on CareTrust REIT from $38.00 to $41.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Finally, Jefferies Financial Group raised their price target on shares of CareTrust REIT from $41.00 to $43.00 and gave the stock a “buy” rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $37.78.

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.