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

by · The Markets Daily

CareTrust REIT (NASDAQ:CTRE – Get Free Report) updated its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 1.490-1.500 for the period, compared to the consensus EPS 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 Down 0.5 %

CTRE stock traded down $0.16 during mid-day trading on Thursday, reaching $32.65. The company had a trading volume of 9,699,411 shares, compared to its average volume of 1,451,443. CareTrust REIT has a fifty-two week low of $20.10 and a fifty-two week high of $33.15. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of 63.42 and a beta of 1.10. The company has a debt-to-equity ratio of 0.34, a quick ratio of 13.37 and a current ratio of 13.37. The firm has a fifty day simple moving average of $30.45 and a 200 day simple moving average of $27.37.

CareTrust REIT (NASDAQ:CTRE – Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The real estate investment trust reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.17). CareTrust REIT had a net margin of 30.09% and a return on equity of 4.84%. The business had revenue of $77.38 million during the quarter, compared to analyst estimates of $74.12 million. During the same quarter in the prior year, the business earned $0.35 earnings per share. Analysts forecast that CareTrust REIT will post 1.48 earnings per share for the current fiscal year.

CareTrust REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $0.29 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.16 dividend on an annualized basis and a yield of 3.55%. CareTrust REIT’s payout ratio is currently 223.08%.

Analyst Ratings Changes

CTRE has been the topic of a number of recent analyst reports. Wells Fargo & Company raised shares of CareTrust REIT from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $28.00 to $34.00 in a research report on Tuesday, October 1st. BMO Capital Markets raised their price objective on CareTrust REIT from $33.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, October 7th. Royal Bank of Canada lifted their target price on CareTrust REIT from $27.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, August 22nd. Finally, KeyCorp upped their target price on CareTrust REIT from $27.00 to $34.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

Check Out Our Latest Research Report on CTRE

Insider Buying and Selling

In other news, CFO William M. Wagner sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.80, for a total value of $1,043,000.00. Following the transaction, the chief financial officer now owns 257,439 shares of the company’s stock, valued at approximately $7,671,682.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.75% of the company’s stock.

CareTrust REIT Company Profile

(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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