CareTrust REIT, Inc. (NASDAQ:CTRE) Declares $0.29 Quarterly Dividend

CareTrust REIT, Inc. (NASDAQ:CTRE) declared a quarterly dividend on Monday, September 16th, Wall Street Journal reports. Shareholders of record on Monday, September 30th will be given a dividend of 0.29 per share by the real estate investment trust on Tuesday, October 15th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date is Monday, September 30th.

CareTrust REIT has raised its dividend by an average of 7.8% annually over the last three years. CareTrust REIT has a payout ratio of 93.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect CareTrust REIT to earn $1.65 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 70.3%.

CareTrust REIT Stock Performance

NASDAQ:CTRE opened at $30.76 on Friday. The company has a quick ratio of 13.37, a current ratio of 13.37 and a debt-to-equity ratio of 0.34. CareTrust REIT has a twelve month low of $19.87 and a twelve month high of $31.51. The company has a fifty day moving average of $28.91 and a 200-day moving average of $26.27. The firm has a market capitalization of $4.37 billion, a P/E ratio of 59.15 and a beta of 1.10.

CareTrust REIT (NASDAQ:CTRE) last posted its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.29). The company had revenue of $68.89 million during the quarter, compared to the consensus estimate of $66.36 million. CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. During the same period last year, the firm posted $0.35 earnings per share. As a group, sell-side analysts anticipate that CareTrust REIT will post 1.48 EPS for the current year.

Analyst Ratings Changes

Several research analysts have issued reports on CTRE shares. Deutsche Bank Aktiengesellschaft increased their price target on CareTrust REIT from $23.00 to $27.00 and gave the stock a “hold” rating in a report on Monday, July 1st. Royal Bank of Canada increased their target price on CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, August 22nd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, CareTrust REIT has an average rating of “Hold” and a consensus target price of $27.40.

Insiders Place Their Bets

In other news, CFO William M. Wagner sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total value of $1,043,000.00. Following the transaction, the chief financial officer now owns 257,439 shares in the company, valued at $7,671,682.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.75% of the company’s stock.

CareTrust REIT Company Profile

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.