LTC Properties Inc (LTC) Upgraded by Zacks Investment Research to “Hold”
LTC Properties Inc (NYSE:LTC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
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 issued reports on LTC. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price objective on shares of LTC Properties in a report on Monday, February 27th. Stifel Nicolaus reissued a “hold” rating and set a $50.00 price objective (down from $51.00) on shares of LTC Properties in a report on Tuesday, May 9th. BMO Capital Markets reissued a “hold” rating and set a $50.00 price objective on shares of LTC Properties in a report on Tuesday, May 9th. Hilliard Lyons raised shares of LTC Properties from an “underperform” rating to a “neutral” rating in a report on Wednesday, May 10th. Finally, Canaccord Genuity reissued a “buy” rating and set a $58.00 price objective on shares of LTC Properties in a report on Tuesday, May 9th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. LTC Properties has an average rating of “Hold” and an average target price of $53.43.
LTC Properties (NYSE:LTC) traded up 0.42% on Wednesday, hitting $48.26. The company’s stock had a trading volume of 165,028 shares. The firm has a 50 day moving average of $48.19 and a 200 day moving average of $46.90. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of 21.77 and a beta of 0.19. LTC Properties has a 12 month low of $43.17 and a 12 month high of $54.20.
LTC Properties (NYSE:LTC) last issued its quarterly earnings data on Monday, May 8th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.78 by $0.24. The business had revenue of $42.62 million for the quarter, compared to analysts’ expectations of $34.82 million. LTC Properties had a net margin of 52.34% and a return on equity of 11.71%. Equities research analysts forecast that LTC Properties will post $2.21 earnings per share for the current fiscal year.
The firm also recently disclosed a monthly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 22nd will be issued a dividend of $0.19 per share. This represents a $2.28 annualized dividend and a yield of 4.72%. The ex-dividend date is Tuesday, June 20th. LTC Properties’s payout ratio is 105.56%.
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In other LTC Properties news, Director Timothy Triche sold 4,000 shares of LTC Properties stock in a transaction on Thursday, March 23rd. The shares were sold at an average price of $47.02, for a total value of $188,080.00. Following the transaction, the director now directly owns 35,204 shares of the company’s stock, valued at $1,655,292.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in LTC Properties by 12.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,266 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 256 shares in the last quarter. Daiwa Securities Group Inc. raised its position in LTC Properties by 39.1% in the first quarter. Daiwa Securities Group Inc. now owns 3,200 shares of the real estate investment trust’s stock valued at $153,000 after buying an additional 900 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in LTC Properties during the first quarter valued at about $156,000. Foresters Investment Management Company Inc. raised its position in LTC Properties by 114.0% in the fourth quarter. Foresters Investment Management Company Inc. now owns 3,810 shares of the real estate investment trust’s stock valued at $176,000 after buying an additional 2,030 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in LTC Properties during the fourth quarter valued at about $211,000. 85.19% of the stock is currently owned by institutional investors and hedge funds.
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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