CareTrust REIT (NASDAQ:CTRE) Given New $31.00 Price Target at Wells Fargo & Company

CareTrust REIT (NASDAQ:CTRE) had its target price reduced by stock analysts at Wells Fargo & Company from $34.00 to $31.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 18.43% from the stock’s current price.

Other research analysts have also issued reports about the stock. Wedbush lowered shares of CareTrust REIT from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $34.00 to $26.00 in a research note on Thursday, January 2nd. BMO Capital Markets lowered CareTrust REIT from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $34.00 to $32.00 in a research note on Monday, December 9th. Finally, Royal Bank of Canada reduced their target price on CareTrust REIT from $37.00 to $32.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, CareTrust REIT currently has an average rating of “Hold” and an average price target of $30.33.

CareTrust REIT Trading Up 1.3 %

CareTrust REIT stock traded up $0.33 during mid-day trading on Monday, hitting $26.18. 55,296 shares of the company’s stock were exchanged, compared to its average volume of 1,747,474. CareTrust REIT has a fifty-two week low of $23.26 and a fifty-two week high of $33.15. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $4.91 billion, a P/E ratio of 33.10, a PEG ratio of 1.25 and a beta of 1.11. The company’s 50 day simple moving average is $26.41 and its 200-day simple moving average is $28.74.

CareTrust REIT (NASDAQ:CTRE) last released its quarterly earnings results on Wednesday, February 12th. The real estate investment trust reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates 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 last year, the company posted $0.25 EPS. On average, equities analysts anticipate that CareTrust REIT will post 1.71 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE lifted its holdings in shares of CareTrust REIT by 6.2% during the third quarter. US Bancorp DE now owns 11,786 shares of the real estate investment trust’s stock worth $364,000 after buying an additional 692 shares in the last quarter. Van ECK Associates Corp raised its stake in CareTrust REIT by 18.2% in the 3rd quarter. Van ECK Associates Corp now owns 24,516 shares of the real estate investment trust’s stock worth $756,000 after purchasing an additional 3,777 shares in the last quarter. Amalgamated Bank boosted its holdings in CareTrust REIT by 3.9% in the 3rd quarter. Amalgamated Bank now owns 44,808 shares of the real estate investment trust’s stock valued at $1,383,000 after purchasing an additional 1,700 shares during the period. Principal Financial Group Inc. grew its position in shares of CareTrust REIT by 5.2% during the 3rd quarter. Principal Financial Group Inc. now owns 838,306 shares of the real estate investment trust’s stock worth $25,870,000 after purchasing an additional 41,623 shares in the last quarter. Finally, Assetmark Inc. bought a new position in shares of CareTrust REIT during the third quarter worth approximately $730,000. 87.77% of the stock is owned by institutional investors and hedge funds.

About CareTrust REIT

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.