LTC Properties Inc. (LTC) Reaches New 12-Month High at $53.22
LTC Properties Inc. (NYSE:LTC)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $53.22 and last traded at $52.80, with a volume of 116,921 shares traded. The stock had previously closed at $53.04.
Several equities analysts have recently issued reports on the company. Canaccord Genuity reaffirmed a “buy” rating and issued a $49.00 price target on shares of LTC Properties in a research report on Monday, May 2nd. Zacks Investment Research lowered LTC Properties from a “buy” rating to a “hold” rating in a research report on Thursday, May 5th. Cantor Fitzgerald assumed coverage on LTC Properties in a research report on Thursday, June 23rd. They issued a “buy” rating for the company. Royal Bank Of Canada lowered LTC Properties from an “outperform” rating to a “sector perform” rating and set a $50.00 price target for the company. in a research report on Friday, June 17th. Finally, Hilliard Lyons lowered LTC Properties from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. LTC Properties has a consensus rating of “Buy” and a consensus target price of $50.40.
The firm has a market capitalization of $2.02 billion and a price-to-earnings ratio of 26.59. The firm has a 50-day moving average price of $49.70 and a 200 day moving average price of $46.22.
LTC Properties (NYSE:LTC) last posted its quarterly earnings data on Monday, May 2nd. The real estate investment trust reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.01. The business had revenue of $38.60 million for the quarter, compared to analyst estimates of $31.06 million. On average, equities research analysts forecast that LTC Properties Inc. will post $3.10 earnings per share for the current year.
The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Tuesday, August 23rd will be issued a dividend of $0.18 per share. This represents a $2.16 annualized dividend and a dividend yield of 4.05%. The ex-dividend date of this dividend is Friday, August 19th.
In other news, EVP Clint B. Malin sold 2,000 shares of the firm’s stock in a transaction on Wednesday, June 22nd. The stock was sold at an average price of $49.52, for a total transaction of $99,040.00. Following the sale, the executive vice president now owns 73,798 shares in the company, valued at $3,654,476.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Other hedge funds and institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in shares of LTC Properties by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 446,340 shares of the real estate investment trust’s stock valued at $19,256,000 after buying an additional 2,236 shares during the period. Schroder Investment Management Group raised its position in shares of LTC Properties by 4,068.2% in the fourth quarter. Schroder Investment Management Group now owns 115,000 shares of the real estate investment trust’s stock valued at $4,961,000 after buying an additional 112,241 shares during the period. Principal Financial Group Inc. raised its position in shares of LTC Properties by 5.8% in the fourth quarter. Principal Financial Group Inc. now owns 243,438 shares of the real estate investment trust’s stock valued at $10,502,000 after buying an additional 13,268 shares during the period. GSA Capital Partners LLP raised its position in shares of LTC Properties by 98.2% in the fourth quarter. GSA Capital Partners LLP now owns 27,040 shares of the real estate investment trust’s stock valued at $1,167,000 after buying an additional 13,400 shares during the period. Finally, California Public Employees Retirement System raised its position in shares of LTC Properties by 0.9% in the fourth quarter. California Public Employees Retirement System now owns 74,399 shares of the real estate investment trust’s stock valued at $3,210,000 after buying an additional 700 shares during the period.
LTC Properties Inc is a health care real estate investment trust (REIT). The Company primarily invests in senior housing and long term care properties through acquisitions, development, mortgage loans and other investments. The Company’s primary senior housing and long term healthcare property types include skilled nursing properties (SNF), assisted living properties (ALF), independent living properties (ILF), memory care properties (MC) and combinations thereof.
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