CareTrust REIT (NASDAQ:CTRE) Sets New 12-Month High at $24.65

CareTrust REIT, Inc. (NASDAQ:CTRE)’s share price reached a new 52-week high on Monday . The stock traded as high as $24.65 and last traded at $24.65, with a volume of 185559 shares changing hands. The stock had previously closed at $24.31.

Analyst Ratings Changes

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

CareTrust REIT Stock Performance

The company has a current ratio of 8.67, a quick ratio of 8.67 and a debt-to-equity ratio of 0.42. The company’s fifty day moving average is $23.75 and its 200 day moving average is $22.72. The company has a market cap of $3.34 billion, a P/E ratio of 17.50 and a beta of 1.05.

CareTrust REIT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $0.29 per share. The ex-dividend date was Wednesday, March 27th. This represents a $1.16 annualized dividend and a dividend yield of 4.69%. This is a positive change from CareTrust REIT’s previous quarterly dividend of $0.28. CareTrust REIT’s dividend payout ratio (DPR) is currently 236.73%.

Hedge Funds Weigh In On CareTrust REIT

Several institutional investors and hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. grew its holdings in shares of CareTrust REIT by 14.1% during the 1st quarter. Principal Financial Group Inc. now owns 758,063 shares of the real estate investment trust’s stock valued at $18,474,000 after purchasing an additional 93,891 shares during the last quarter. Legacy Bridge LLC bought a new stake in CareTrust REIT in the 1st quarter worth $543,000. New York State Teachers Retirement System grew its holdings in CareTrust REIT by 8.5% in the 1st quarter. New York State Teachers Retirement System now owns 192,493 shares of the real estate investment trust’s stock worth $4,691,000 after acquiring an additional 15,128 shares during the last quarter. Milestone Asset Management LLC bought a new stake in CareTrust REIT in the 1st quarter worth $266,000. Finally, Louisiana State Employees Retirement System grew its holdings in CareTrust REIT by 8.4% in the 1st quarter. Louisiana State Employees Retirement System now owns 64,600 shares of the real estate investment trust’s stock worth $1,574,000 after acquiring an additional 5,000 shares during the last quarter. Institutional investors 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.