Royal Bank of Canada Has Lowered Expectations for CareTrust REIT (NASDAQ:CTRE) Stock Price

CareTrust REIT (NASDAQ:CTRE) had its price objective cut by research analysts at Royal Bank of Canada from $37.00 to $32.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price objective points to a potential upside of 28.47% from the stock’s current price.

Several other equities analysts have also issued reports on CTRE. BMO Capital Markets lowered CareTrust REIT from an “outperform” rating to a “market perform” rating and cut their target price for the company from $34.00 to $32.00 in a research note on Monday, December 9th. Wedbush lowered CareTrust REIT from a “neutral” rating to an “underperform” rating and cut their target price for the company from $34.00 to $26.00 in a research note on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $30.83.

CareTrust REIT Trading Down 2.8 %

NASDAQ CTRE traded down $0.71 on Friday, hitting $24.91. 463,912 shares of the stock were exchanged, compared to its average volume of 1,705,322. CareTrust REIT has a 52-week low of $22.46 and a 52-week high of $33.15. The firm has a market capitalization of $4.67 billion, a P/E ratio of 31.58, a P/E/G ratio of 1.26 and a beta of 1.09. The stock has a fifty day moving average price of $26.81 and a two-hundred day moving average price of $28.88. The company has a debt-to-equity ratio of 0.14, a quick ratio of 3.82 and a current ratio of 3.82.

CareTrust REIT (NASDAQ:CTRE) last released its earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.12). CareTrust REIT had a return on equity of 5.59% and a net margin of 42.22%. During the same period in the prior year, the company earned $0.25 EPS. Research analysts forecast that CareTrust REIT will post 1.71 EPS for the current fiscal year.

Institutional Trading of CareTrust REIT

A number of hedge funds and other institutional investors have recently modified their holdings of CTRE. Advantage Trust Co acquired a new stake in shares of CareTrust REIT during the 4th quarter worth about $30,000. Blue Trust Inc. increased its position in shares of CareTrust REIT by 178.3% during the 3rd quarter. Blue Trust Inc. now owns 1,205 shares of the real estate investment trust’s stock worth $37,000 after purchasing an additional 772 shares during the last quarter. Versant Capital Management Inc increased its position in shares of CareTrust REIT by 98.8% during the 4th quarter. Versant Capital Management Inc now owns 1,495 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 743 shares during the last quarter. Quarry LP increased its position in shares of CareTrust REIT by 463.5% during the 4th quarter. Quarry LP now owns 1,854 shares of the real estate investment trust’s stock worth $50,000 after purchasing an additional 1,525 shares during the last quarter. Finally, Glen Eagle Advisors LLC acquired a new stake in shares of CareTrust REIT during the 4th quarter worth about $56,000. 87.77% of the stock is owned by institutional investors and hedge funds.

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.