CareTrust REIT, Inc. (NASDAQ:CTRE) to Issue Quarterly Dividend of $0.29

CareTrust REIT, Inc. (NASDAQ:CTRE) announced a quarterly dividend on Monday, December 16th,RTT News reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.29 per share by the real estate investment trust on Wednesday, January 15th. This represents a $1.16 annualized dividend and a dividend yield of 4.05%.

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 85.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Equities analysts expect CareTrust REIT to earn $1.75 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 66.3%.

CareTrust REIT Trading Down 0.6 %

NASDAQ:CTRE opened at $28.63 on Tuesday. CareTrust REIT has a 12 month low of $20.10 and a 12 month high of $33.15. The company has a current ratio of 7.60, a quick ratio of 7.60 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $4.91 billion, a price-to-earnings ratio of 39.76, a PEG ratio of 1.59 and a beta of 1.07. The firm has a fifty day simple moving average of $30.30 and a two-hundred day simple moving average of $28.64.

CareTrust REIT (NASDAQ:CTRE) last announced its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.08). The business had revenue of $77.38 million during the quarter, compared to the consensus estimate of $74.12 million. CareTrust REIT had a net margin of 36.88% and a return on equity of 5.32%. During the same period in the previous year, the business posted $0.35 EPS. Analysts expect that CareTrust REIT will post 1.5 EPS for the current fiscal year.

Analysts Set New Price Targets

CTRE has been the subject of a number of research analyst reports. Royal Bank of Canada increased their price target on CareTrust REIT from $27.00 to $31.00 and gave the company an “outperform” rating in a research report on Thursday, August 22nd. BMO Capital Markets cut shares of CareTrust REIT from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $34.00 to $32.00 in a research note on Monday, December 9th. KeyCorp lifted their price target on shares of CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $28.00 to $34.00 in a report on Tuesday, October 1st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, CareTrust REIT has a consensus rating of “Moderate Buy” and a consensus target price of $30.67.

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.