LTC Properties Inc (NYSE:LTC) saw a significant drop in short interest in May. As of May 15th, there was short interest totalling 1,590,000 shares, a drop of 8.1% from the April 30th total of 1,730,000 shares. Based on an average trading volume of 428,700 shares, the short-interest ratio is currently 3.7 days. Approximately 4.1% of the company’s stock are short sold.
In other LTC Properties news, Director James Pieczynski bought 1,000 shares of the stock in a transaction dated Friday, February 28th. The stock was bought at an average cost of $45.05 per share, for a total transaction of $45,050.00. Following the completion of the purchase, the director now directly owns 23,280 shares of the company’s stock, valued at $1,048,764. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.60% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of LTC. Norges Bank bought a new position in LTC Properties in the fourth quarter worth about $24,017,000. State Street Corp raised its holdings in shares of LTC Properties by 10.5% during the first quarter. State Street Corp now owns 2,617,119 shares of the real estate investment trust’s stock valued at $80,869,000 after buying an additional 249,655 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of LTC Properties by 25.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,129,621 shares of the real estate investment trust’s stock valued at $50,574,000 after buying an additional 232,371 shares during the last quarter. Kestrel Investment Management Corp bought a new stake in shares of LTC Properties during the first quarter valued at approximately $3,688,000. Finally, Martingale Asset Management L P bought a new stake in shares of LTC Properties during the first quarter valued at approximately $2,724,000. 75.12% of the stock is currently owned by hedge funds and other institutional investors.
NYSE LTC traded up $0.23 during trading hours on Friday, reaching $36.03. The company’s stock had a trading volume of 226,104 shares, compared to its average volume of 378,939. The company has a current ratio of 12.89, a quick ratio of 12.89 and a debt-to-equity ratio of 0.86. The business has a 50-day simple moving average of $33.51 and a 200 day simple moving average of $41.61. LTC Properties has a 52 week low of $24.49 and a 52 week high of $53.04. The stock has a market cap of $1.40 billion, a PE ratio of 11.62 and a beta of 0.84.
LTC Properties (NYSE:LTC) last issued its earnings results on Monday, May 4th. The real estate investment trust reported $0.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.21. LTC Properties had a net margin of 66.42% and a return on equity of 15.60%. The firm had revenue of $38.04 million for the quarter, compared to analysts’ expectations of $37.15 million. As a group, equities analysts predict that LTC Properties will post 2.89 EPS for the current year.
The firm also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be issued a $0.19 dividend. The ex-dividend date is Friday, June 19th. This represents a $2.28 dividend on an annualized basis and a yield of 6.33%. LTC Properties’s dividend payout ratio is currently 74.03%.
Several brokerages have recently weighed in on LTC. ValuEngine downgraded LTC Properties from a “hold” rating to a “sell” rating in a research note on Monday, April 27th. Wells Fargo & Co reduced their price target on shares of LTC Properties from $43.00 to $28.00 and set an “underweight” rating on the stock in a research report on Thursday, March 26th. Mizuho reduced their price target on shares of LTC Properties from $46.00 to $30.00 and set a “neutral” rating on the stock in a research report on Monday, April 6th. Zacks Investment Research cut shares of LTC Properties from a “buy” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Royal Bank of Canada reaffirmed a “sell” rating and set a $32.00 price target on shares of LTC Properties in a research report on Sunday, May 17th. Five investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $34.25.
About LTC Properties
LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending. LTC holds more than 200 investments in 28 states with 30 operating partners.
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