LTC Properties Inc. (LTC) Shares Down 2.2%
LTC Properties Inc. (NYSE:LTC) was down 2.2% during trading on Wednesday . The company traded as low as $51.64 and last traded at $51.72, with a volume of 125,658 shares. The stock had previously closed at $52.87.
A number of equities research analysts have recently commented on LTC shares. Canaccord Genuity reissued a “buy” rating and issued a $49.00 target price on shares of LTC Properties in a research note on Monday, May 2nd. Zacks Investment Research raised LTC Properties from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research note on Tuesday, April 26th. Cantor Fitzgerald started coverage on LTC Properties in a research note on Thursday, June 23rd. They issued a “buy” rating on the stock. Mizuho cut LTC Properties from a “buy” rating to a “neutral” rating and set a $53.00 target price on the stock. in a research note on Monday, July 18th. Finally, Royal Bank Of Canada cut LTC Properties from an “outperform” rating to a “sector perform” rating and set a $50.00 target price on the stock. in a research note on Friday, June 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $51.20.
The company’s 50 day moving average is $51.87 and its 200-day moving average is $47.26. The firm has a market cap of $2.03 billion and a P/E ratio of 24.54.
LTC Properties (NYSE:LTC) last issued its earnings results on Monday, August 1st. The real estate investment trust reported $0.77 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.77. The firm had revenue of $40 million for the quarter, compared to the consensus estimate of $33.66 million. During the same period last year, the firm earned $0.67 earnings per share. Equities analysts predict that LTC Properties Inc. will post $3.10 EPS for the current fiscal year.
The business also recently declared a monthly dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Tuesday, August 23rd will be given a $0.18 dividend. This represents a $2.16 annualized dividend and a dividend yield of 4.17%. The ex-dividend date of this dividend is Friday, August 19th.
In other news, EVP Clint B. Malin sold 2,000 shares of the business’s stock in a transaction on Wednesday, June 22nd. The stock was sold at an average price of $49.52, for a total value of $99,040.00. Following the completion of the transaction, the executive vice president now directly owns 73,798 shares of the company’s stock, valued at approximately $3,654,476.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Several hedge funds and institutional investors recently added to or reduced their stakes in LTC. Nationwide Fund Advisors raised its position in LTC Properties by 0.3% in the fourth quarter. Nationwide Fund Advisors now owns 39,363 shares of the real estate investment trust’s stock valued at $1,698,000 after buying an additional 115 shares during the last quarter. California Public Employees Retirement System raised its position in 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 last quarter. Principal Financial Group Inc. raised its position in 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 last quarter. GSA Capital Partners LLP raised its position in 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 last quarter. Finally, Schroder Investment Management Group raised its position in 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 last quarter.
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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