CareTrust REIT (NASDAQ:CTRE) Hits New 12-Month High – Here’s Why

CareTrust REIT, Inc. (NASDAQ:CTRE)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $39.40 and last traded at $38.86, with a volume of 122184 shares changing hands. The stock had previously closed at $38.74.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. UBS Group lifted their target price on shares of CareTrust REIT from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, January 8th. Royal Bank Of Canada raised their price target on shares of CareTrust REIT from $36.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, November 10th. KeyCorp lifted their price objective on CareTrust REIT from $36.00 to $40.00 and gave the company an “overweight” rating in a report on Thursday, December 4th. Wells Fargo & Company increased their target price on CareTrust REIT from $38.00 to $41.00 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. Finally, Citizens Jmp started coverage on CareTrust REIT in a research report on Thursday, January 22nd. They set a “market outperform” rating and a $44.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

CareTrust REIT Stock Performance

The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $8.73 billion, a price-to-earnings ratio of 49.37, a price-to-earnings-growth ratio of 1.25 and a beta of 0.75. The stock’s 50-day simple moving average is $37.02 and its 200 day simple moving average is $35.43.

CareTrust REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a $0.335 dividend. This represents a $1.34 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Wednesday, December 31st. CareTrust REIT’s payout ratio is presently 100.00%.

Hedge Funds Weigh In On CareTrust REIT

Institutional investors and hedge funds have recently bought and sold shares of the business. EverSource Wealth Advisors LLC increased its stake in shares of CareTrust REIT by 134.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,124 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 644 shares in the last quarter. Heritage Wealth Advisors grew its holdings in CareTrust REIT by 42.9% during the 3rd quarter. Heritage Wealth Advisors now owns 1,000 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 300 shares during the last quarter. Allworth Financial LP grew its holdings in CareTrust REIT by 114.0% during the 3rd quarter. Allworth Financial LP now owns 1,042 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 555 shares during the last quarter. Groesbeck Investment Management Corp NJ acquired a new stake in CareTrust REIT in the 4th quarter valued at about $43,000. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of CareTrust REIT in the fourth quarter worth about $44,000. Institutional investors and hedge funds own 87.77% of the company’s stock.

About CareTrust REIT

CareTrust REIT, Inc is a healthcare-focused real estate investment trust that acquires and manages net-leased properties serving the senior housing and medical markets. The company’s portfolio spans skilled nursing facilities, assisted living communities, independent living properties, medical office buildings and life science facilities. By structuring leases on a triple-net basis, CareTrust REIT offers long-term, stable rental income streams while allowing its tenants to operate and maintain their specialized healthcare facilities.

The company’s assets are geographically diversified across the United States, with a concentration in regions experiencing aging demographics and growing demand for senior care services.