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

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

CareTrust REIT has increased its dividend payment by an average of 7.8% per year over the last three years. CareTrust REIT has a payout ratio of 93.5% 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 $1.65 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 Price Performance

Shares of NASDAQ:CTRE opened at $30.76 on Friday. CareTrust REIT has a one year low of $19.87 and a one year high of $31.51. The company has a debt-to-equity ratio of 0.34, a current ratio of 13.37 and a quick ratio of 13.37. The company has a market cap of $4.37 billion, a price-to-earnings ratio of 59.15 and a beta of 1.10. The firm has a 50 day simple moving average of $28.91 and a 200 day simple moving average of $26.27.

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

Insider Buying and Selling

In other CareTrust REIT news, CFO William M. Wagner sold 35,000 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the completion of the sale, the chief financial officer now owns 257,439 shares of the company’s stock, valued at approximately $7,671,682.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.75% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

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.