Zacks Investment Research upgraded shares of LTC Properties (NYSE:LTC) from a hold rating to a buy rating in a research note published on Thursday, January 11th. They currently have $47.00 price objective on the real estate investment trust’s stock.
According to Zacks, “LTC Properties, Inc., a health care real estate investment trust, invests primarily in long-term care and other health care related facilities through mortgage loans, facility lease transactions and other investments. Their primary objectives are to sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in long-term care facilities and other health care related facilities managed by experienced operators providing quality care. “
Several other brokerages have also recently commented on LTC. KeyCorp reissued a hold rating on shares of LTC Properties in a research report on Sunday, September 17th. Royal Bank of Canada reissued a hold rating and set a $48.00 price target on shares of LTC Properties in a research report on Monday, October 23rd. BMO Capital Markets reaffirmed a sell rating and issued a $44.00 target price on shares of LTC Properties in a report on Wednesday, October 18th. Capital One Financial assumed coverage on shares of LTC Properties in a report on Monday, September 25th. They issued an overweight rating and a $50.00 target price on the stock. Finally, ValuEngine cut shares of LTC Properties from a buy rating to a hold rating in a report on Sunday, December 31st. One analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $49.71.
LTC Properties (LTC) traded up $0.13 on Thursday, reaching $39.82. 272,255 shares of the company traded hands, compared to its average volume of 269,650. The company has a market cap of $1,570.00, a PE ratio of 17.94, a P/E/G ratio of 3.28 and a beta of 0.07. LTC Properties has a 1-year low of $39.07 and a 1-year high of $52.85. The company has a quick ratio of 8.66, a current ratio of 8.66 and a debt-to-equity ratio of 0.84.
LTC Properties (NYSE:LTC) last issued its quarterly earnings results on Wednesday, November 8th. The real estate investment trust reported $0.76 EPS for the quarter, topping the consensus estimate of $0.50 by $0.26. LTC Properties had a net margin of 52.18% and a return on equity of 11.69%. The firm had revenue of $41.25 million for the quarter, compared to analysts’ expectations of $32.91 million. During the same period in the previous year, the firm posted $0.57 EPS. equities research analysts predict that LTC Properties will post 3.08 EPS for the current fiscal year.
The business also recently declared a monthly dividend, which will be paid on Wednesday, February 28th. Investors of record on Tuesday, February 20th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Friday, February 16th. This represents a $2.28 dividend on an annualized basis and a yield of 5.73%. LTC Properties’s dividend payout ratio (DPR) is currently 102.70%.
In related news, Director Boyd W. Hendrickson sold 2,787 shares of the company’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $46.66, for a total value of $130,041.42. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James Pieczynski purchased 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was bought at an average price of $43.60 per share, for a total transaction of $87,200.00. Following the purchase, the director now owns 17,974 shares in the company, valued at approximately $783,666.40. The disclosure for this purchase can be found here. In the last quarter, insiders sold 9,727 shares of company stock worth $436,470. 1.50% of the stock is owned by company insiders.
Several large investors have recently made changes to their positions in the business. Pinebridge Investments L.P. grew its position in shares of LTC Properties by 0.9% during the 2nd quarter. Pinebridge Investments L.P. now owns 5,213 shares of the real estate investment trust’s stock worth $268,000 after purchasing an additional 49 shares in the last quarter. People s United Financial Inc. grew its position in shares of LTC Properties by 0.9% during the 2nd quarter. People s United Financial Inc. now owns 17,639 shares of the real estate investment trust’s stock worth $907,000 after purchasing an additional 150 shares in the last quarter. Ameritas Investment Partners Inc. grew its position in shares of LTC Properties by 6.1% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,456 shares of the real estate investment trust’s stock worth $178,000 after purchasing an additional 200 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of LTC Properties by 12.8% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,037 shares of the real estate investment trust’s stock worth $105,000 after purchasing an additional 231 shares in the last quarter. Finally, Amalgamated Bank grew its position in shares of LTC Properties by 7.1% during the 2nd quarter. Amalgamated Bank now owns 5,373 shares of the real estate investment trust’s stock worth $276,000 after purchasing an additional 357 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.
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About LTC Properties
LTC Properties Inc is a healthcare real estate investment trust (REIT). The Company invests in senior housing and healthcare properties through sale-leaseback transactions, mortgage financing and structured finance solutions, including mezzanine lending. It invests in various properties, including Skilled nursing facilities (SNF), Assisted living facilities (ALF), Independent living facilities (ILF), Memory care facilities (MC) and Range of care facilities (ROC).
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