CareTrust REIT, Inc. (NYSE: CTRE) experienced a modest increase of 0.1% in its share price during mid-day trading on Friday. The stock reached a high of $36.62 before settling at $36.31. A total of approximately 6,179,625 shares changed hands, reflecting a significant rise of 262% compared to the average daily trading volume of 1,705,296 shares. The previous closing price was $36.26.
Analyst Ratings Signal Positive Outlook
Several analysts have recently provided insights into CareTrust REIT’s performance. On November 18, 2023, the UBS Group upgraded the stock to a “strong-buy” rating. Following that, on December 15, 2023, Weiss Ratings reaffirmed a “buy (A-)” rating in its research note. Additionally, Cantor Fitzgerald issued a “hold” rating in a report dated October 1, 2023. Currently, two analysts have assigned a Strong Buy rating, while one has opted for a Hold rating. According to data from MarketBeat, the consensus rating for CareTrust REIT stands at “Buy.”
Financial Performance Overview
CareTrust REIT announced its quarterly earnings on November 5, 2023, reporting earnings per share (EPS) of $0.35. The company achieved a net margin of 61.00% and a return on equity of 7.95%. For the quarter, CareTrust REIT generated revenue of $132.44 million.
Headquartered in Deerfield Beach, Florida, CareTrust REIT operates as a real estate investment trust specializing in the ownership, acquisition, and management of net-leased healthcare properties. The firm primarily focuses on seniors housing and post-acute care facilities. It engages in long-term, triple-net lease agreements with top operators in various sectors, including skilled nursing, assisted living, memory care, inpatient rehabilitation, and specialty hospitals.
Through its diverse portfolio, CareTrust REIT aims to deliver stable and predictable rental income to investors while addressing the ongoing demand for quality healthcare real estate across the United States. Since its initial public offering in September 2013, the company has followed a disciplined acquisition strategy, targeting properties in both primary and selected secondary markets.
Investors continue to watch CareTrust REIT closely, particularly in light of the recent analyst upgrades and promising financial results.
