LTC Properties Inc. (LTC) Hits New 1-Year High at $53.49
Shares of LTC Properties Inc. (NYSE:LTC) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $53.49 and last traded at $53.46, with a volume of 44,030 shares traded. The stock had previously closed at $52.98.
LTC has been the topic of several analyst reports. Canaccord Genuity reiterated a “buy” rating and set a $49.00 target price on shares of LTC Properties in a report on Monday, May 2nd. Zacks Investment Research upgraded LTC Properties from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a report on Tuesday, April 26th. Cantor Fitzgerald began coverage on LTC Properties in a research note on Thursday, June 23rd. They issued a “buy” rating on the stock. Mizuho lowered LTC Properties from a “buy” rating to a “neutral” rating and set a $53.00 price objective on the stock. in a research note on Monday. Finally, Royal Bank Of Canada lowered LTC Properties from an “outperform” rating to a “sector perform” rating and set a $50.00 price objective on the stock. in a research note on Friday, June 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $51.20.
The stock has a market cap of $2.03 billion and a P/E ratio of 26.64. The firm has a 50-day moving average price of $50.66 and a 200 day moving average price of $46.58.
LTC Properties (NYSE:LTC) last issued its earnings results on Monday, May 2nd. The real estate investment trust reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.01. The firm earned $38.60 million during the quarter, compared to the consensus estimate of $31.06 million. Equities research analysts expect that LTC Properties Inc. will post $3.10 EPS for the current year.
The company also recently announced a monthly dividend, which will be paid on Wednesday, August 31st. Investors of record on Tuesday, August 23rd will be given a $0.18 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date of this dividend is Friday, August 19th.
In related news, EVP Clint B. Malin sold 2,000 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now directly owns 73,798 shares of the company’s stock, valued at approximately $3,654,476.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
A number of hedge funds have recently modified their holdings of LTC. Dimensional Fund Advisors LP raised its stake 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 worth $19,256,000 after buying an additional 2,236 shares during the last quarter. Schroder Investment Management Group increased 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 worth $4,961,000 after buying an additional 112,241 shares during the period. Principal Financial Group Inc. increased 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 worth $10,502,000 after buying an additional 13,268 shares during the period. GSA Capital Partners LLP increased 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 worth $1,167,000 after buying an additional 13,400 shares during the period. Finally, California Public Employees Retirement System increased 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 worth $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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