CareTrust REIT, Inc. (NASDAQ:CTRE – Get Free Report) declared a quarterly dividend on Tuesday, September 19th, Wall Street Journal reports. Stockholders of record on Friday, September 29th will be given a dividend of 0.28 per share by the real estate investment trust on Friday, October 13th. This represents a $1.12 annualized dividend and a dividend yield of 5.59%. The ex-dividend date of this dividend is Thursday, September 28th.
CareTrust REIT has increased its dividend by an average of 6.9% annually over the last three years and has increased its dividend every year for the last 9 years. CareTrust REIT has a dividend payout ratio of 108.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect CareTrust REIT to earn $1.59 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 70.4%.
CareTrust REIT Stock Up 0.5 %
Shares of NASDAQ:CTRE traded up $0.09 on Tuesday, hitting $20.02. 1,213,026 shares of the company’s stock were exchanged, compared to its average volume of 703,377. The firm’s 50-day moving average is $20.27 and its 200 day moving average is $19.72. The company has a market capitalization of $1.99 billion, a PE ratio of 13.99 and a beta of 1.10. CareTrust REIT has a 1-year low of $16.22 and a 1-year high of $21.37. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.07 and a current ratio of 0.07.
Institutional Inflows and Outflows
Wall Street Analyst Weigh In
CTRE has been the subject of several analyst reports. BMO Capital Markets raised CareTrust REIT from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $23.50 to $24.00 in a research note on Wednesday, August 16th. StockNews.com initiated coverage on CareTrust REIT in a research note on Thursday, August 17th. They set a “hold” rating for the company. Berenberg Bank initiated coverage on CareTrust REIT in a research note on Thursday, July 27th. They set a “buy” rating and a $23.00 price objective for the company. TheStreet downgraded CareTrust REIT from a “b-” rating to a “c” rating in a research note on Friday, August 4th. Finally, Royal Bank of Canada upgraded CareTrust REIT from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $19.00 to $23.00 in a research report on Monday, September 11th. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, CareTrust REIT currently has a consensus rating of “Moderate Buy” and an average target price of $22.00.
CareTrust REIT Company Profile
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.
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