CareTrust REIT (NASDAQ:CTRE) Sets New 1-Year High at $24.65

Shares of CareTrust REIT, Inc. (NASDAQ:CTRE) hit a new 52-week high during trading on Monday . The stock traded as high as $24.65 and last traded at $24.65, with a volume of 185559 shares trading hands. The stock had previously closed at $24.31.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CTRE shares. Deutsche Bank Aktiengesellschaft began coverage on CareTrust REIT in a report on Tuesday, January 30th. They set a “hold” rating and a $23.00 price target on the stock. Royal Bank of Canada lowered their price objective on shares of CareTrust REIT from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 31st. Finally, KeyCorp raised their price objective on shares of CareTrust REIT from $22.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, January 5th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.57.

CareTrust REIT Price Performance

The company has a debt-to-equity ratio of 0.42, a current ratio of 8.67 and a quick ratio of 8.67. The stock’s 50 day simple moving average is $23.68 and its two-hundred day simple moving average is $22.68. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 49.61 and a beta of 1.05.

CareTrust REIT Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.16 dividend on an annualized basis and a yield of 4.71%. This is an increase from CareTrust REIT’s previous quarterly dividend of $0.28. CareTrust REIT’s payout ratio is currently 236.73%.

Institutional Investors Weigh In On CareTrust REIT

Institutional investors have recently bought and sold shares of the business. Legacy Bridge LLC bought a new position in shares of CareTrust REIT during the first quarter valued at $543,000. New York State Teachers Retirement System lifted its holdings in shares of CareTrust REIT by 8.5% during the first quarter. New York State Teachers Retirement System now owns 192,493 shares of the real estate investment trust’s stock valued at $4,691,000 after acquiring an additional 15,128 shares during the period. Milestone Asset Management LLC bought a new position in shares of CareTrust REIT during the first quarter valued at $266,000. Louisiana State Employees Retirement System lifted its holdings in shares of CareTrust REIT by 8.4% during the first quarter. Louisiana State Employees Retirement System now owns 64,600 shares of the real estate investment trust’s stock valued at $1,574,000 after acquiring an additional 5,000 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in shares of CareTrust REIT by 15.2% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 287,516 shares of the real estate investment trust’s stock valued at $7,007,000 after buying an additional 37,891 shares during the last quarter. Institutional investors and hedge funds own 87.77% of the company’s stock.

About CareTrust REIT

CareTrust REIT, Inc is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing, seniors housing and other healthcare-related properties. With a nationwide portfolio of long-term net-leased properties, and a growing portfolio of quality operators leasing them, CareTrust REIT is pursuing both external and organic growth opportunities across the United States.