Zacks Investment Research downgraded shares of LTC Properties (NYSE:LTC) from a buy rating to a hold rating in a research note issued to investors on Friday morning.
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. “
Other analysts have also recently issued research reports about the stock. BMO Capital Markets restated a sell rating and issued a $44.00 target price on shares of LTC Properties in a research note on Wednesday, October 18th. KeyCorp restated a hold rating on shares of LTC Properties in a research note on Sunday, September 17th. ValuEngine cut shares of LTC Properties from a buy rating to a hold rating in a research note on Sunday, December 31st. Royal Bank of Canada restated a hold rating and issued a $48.00 target price on shares of LTC Properties in a research note on Monday, October 23rd. Finally, Capital One Financial began coverage on shares of LTC Properties in a research note on Monday, September 25th. They issued an overweight rating and a $50.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $49.71.
LTC Properties (LTC) traded down $0.65 during mid-day trading on Friday, hitting $40.39. 251,765 shares of the stock traded hands, compared to its average volume of 242,668. LTC Properties has a one year low of $40.29 and a one year high of $52.85. The firm has a market cap of $1,600.00, a PE ratio of 18.19, a PEG ratio of 3.27 and a beta of 0.18. The company has a debt-to-equity ratio of 0.84, a current ratio of 8.66 and a quick ratio of 8.66.
LTC Properties (NYSE:LTC) last released its earnings results on Wednesday, November 8th. The real estate investment trust reported $0.76 EPS for the quarter, topping the Thomson Reuters’ 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 company had revenue of $41.25 million during the quarter, compared to analysts’ expectations of $32.91 million. During the same quarter last year, the business earned $0.57 EPS. equities research analysts forecast that LTC Properties will post 3.08 earnings per share for the current year.
The business also recently declared a monthly dividend, which will be paid on Wednesday, February 28th. Stockholders of record on Tuesday, February 20th will be issued a $0.19 dividend. The ex-dividend date is Friday, February 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 5.64%. LTC Properties’s dividend payout ratio is presently 102.70%.
In other news, Director Boyd W. Hendrickson sold 2,787 shares of the 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy Triche sold 2,720 shares of the stock in a transaction dated Friday, December 28th. The shares were sold at an average price of $43.35, for a total transaction of $117,912.00. Following the completion of the transaction, the director now owns 34,656 shares of the company’s stock, valued at approximately $1,502,337.60. The disclosure for this sale can be found here. Insiders sold a total of 9,727 shares of company stock valued at $436,470 in the last quarter. Insiders own 1.50% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Pinebridge Investments L.P. increased its holdings in shares of LTC Properties by 0.9% in the 2nd quarter. Pinebridge Investments L.P. now owns 5,213 shares of the real estate investment trust’s stock valued at $268,000 after purchasing an additional 49 shares in the last quarter. People s United Financial Inc. increased its holdings in shares of LTC Properties by 0.9% in the 2nd quarter. People s United Financial Inc. now owns 17,639 shares of the real estate investment trust’s stock valued at $907,000 after purchasing an additional 150 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in shares of LTC Properties by 6.1% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,456 shares of the real estate investment trust’s stock valued at $178,000 after purchasing an additional 200 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of LTC Properties by 12.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,037 shares of the real estate investment trust’s stock valued at $105,000 after purchasing an additional 231 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in shares of LTC Properties by 7.1% in the 2nd quarter. Amalgamated Bank now owns 5,373 shares of the real estate investment trust’s stock valued at $276,000 after purchasing an additional 357 shares in the last quarter. Institutional investors and hedge funds own 77.52% 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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