Fintel reports that on September 12, 2023, RBC Capital upgraded their outlook for CareTrust REIT (NASDAQ:CTRE) from Sector Perform to Outperform.
Analyst Price Forecast Suggests 12.15% Upside
As of August 31, 2023, the average one-year price target for CareTrust REIT is 22.55. The forecasts range from a low of 19.19 to a high of $25.20. The average price target represents an increase of 12.15% from its latest reported closing price of 20.11.
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The projected annual revenue for CareTrust REIT is 208MM, an increase of 1.71%. The projected annual non-GAAP EPS is 1.11.
CareTrust REIT Declares $0.28 Dividend
On June 20, 2023 the company declared a regular quarterly dividend of $0.28 per share ($1.12 annualized). Shareholders of record as of June 30, 2023 received the payment on July 14, 2023. Previously, the company paid $0.28 per share.
At the current share price of $20.11 / share, the stock’s dividend yield is 5.57%.
Looking back five years and taking a sample every week, the average dividend yield has been 4.98%, the lowest has been 3.48%, and the highest has been 9.98%. The standard deviation of yields is 0.89 (n=235).
The current dividend yield is 0.66 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is 3.29. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.12%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 546 funds or institutions reporting positions in CareTrust REIT. This is an increase of 3 owner(s) or 0.55% in the last quarter. Average portfolio weight of all funds dedicated to CTRE is 0.17%, an increase of 7.77%. Total shares owned by institutions increased in the last three months by 6.26% to 102,765K shares. The put/call ratio of CTRE is 0.17, indicating a bullish outlook.
What are Other Shareholders Doing?
IJR – iShares Core S&P Small-Cap ETF holds 6,976K shares representing 7.01% ownership of the company. In it’s prior filing, the firm reported owning 7,258K shares, representing a decrease of 4.05%. The firm decreased its portfolio allocation in CTRE by 5.59% over the last quarter.
Wellington Management Group Llp holds 6,669K shares representing 6.70% ownership of the company. In it’s prior filing, the firm reported owning 5,973K shares, representing an increase of 10.43%. The firm increased its portfolio allocation in CTRE by 8.06% over the last quarter.
VGSIX – Vanguard Real Estate Index Fund Investor Shares holds 4,264K shares representing 4.29% ownership of the company. In it’s prior filing, the firm reported owning 4,327K shares, representing a decrease of 1.47%. The firm increased its portfolio allocation in CTRE by 2.72% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 3,154K shares representing 3.17% ownership of the company. In it’s prior filing, the firm reported owning 3,140K shares, representing an increase of 0.44%. The firm decreased its portfolio allocation in CTRE by 6.00% over the last quarter.
NAESX – Vanguard Small-Cap Index Fund Investor Shares holds 2,568K shares representing 2.58% ownership of the company. In it’s prior filing, the firm reported owning 2,605K shares, representing a decrease of 1.43%. The firm decreased its portfolio allocation in CTRE by 4.86% over the last quarter.
CareTrust REIT Background Information
(This description is provided by the company.)
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-termnet-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.
This article originally appeared on Fintel
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