CareTrust REIT (NASDAQ:CTRE) Updates FY 2024 Earnings Guidance

by · The Cerbat Gem

CareTrust REIT (NASDAQ:CTRE – Get Free Report) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 1.490-1.500 for the period, compared to the consensus earnings per share estimate of 1.490. The company issued revenue guidance of -. CareTrust REIT also updated its FY24 guidance to $1.49-1.50 EPS.

CareTrust REIT Stock Performance

CTRE traded up $0.60 during trading hours on Tuesday, hitting $31.91. The company’s stock had a trading volume of 1,308,735 shares, compared to its average volume of 1,405,271. CareTrust REIT has a fifty-two week low of $20.10 and a fifty-two week high of $31.97. The company has a current ratio of 13.37, a quick ratio of 13.37 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $4.53 billion, a PE ratio of 60.71 and a beta of 1.10. The company has a 50-day simple moving average of $30.30 and a 200 day simple moving average of $27.27.

CareTrust REIT (NASDAQ:CTRE – Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $66.36 million. During the same quarter last year, the business posted $0.35 earnings per share. As a group, sell-side analysts expect that CareTrust REIT will post 1.48 EPS for the current year.

CareTrust REIT Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend was Monday, September 30th. CareTrust REIT’s dividend payout ratio (DPR) is presently 223.08%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CTRE. BMO Capital Markets lifted their price target on CareTrust REIT from $33.00 to $34.00 and gave the company an “outperform” rating in a research report on Monday, October 7th. Deutsche Bank Aktiengesellschaft raised their price objective on CareTrust REIT from $23.00 to $27.00 and gave the stock a “hold” rating in a research note on Monday, July 1st. KeyCorp raised their price objective on CareTrust REIT from $27.00 to $34.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Royal Bank of Canada raised their price objective on CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, August 22nd. Finally, Wells Fargo & Company raised CareTrust REIT from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $28.00 to $34.00 in a research note on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

Get Our Latest Report on CTRE

Insider Activity

In other news, CFO William M. Wagner sold 35,000 shares of CareTrust REIT stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total transaction of $1,043,000.00. Following the transaction, the chief financial officer now owns 257,439 shares in the company, valued at approximately $7,671,682.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.75% of the stock is currently owned by corporate insiders.

About CareTrust REIT

(Get Free Report)

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.

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