LTC Properties (LTC) Downgraded by Zacks Investment Research
Zacks Investment Research lowered shares of LTC Properties (NYSE:LTC) from a hold rating to a sell rating in a research report released on Tuesday 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. “
LTC has been the subject of a number of other research reports. ValuEngine raised LTC Properties from a sell rating to a hold rating in a research report on Wednesday, August 15th. Stifel Nicolaus set a $43.00 price target on LTC Properties and gave the stock a hold rating in a research report on Thursday, August 9th. TheStreet raised LTC Properties from a c+ rating to a b- rating in a research report on Thursday, June 28th. Finally, Cantor Fitzgerald reaffirmed a buy rating and issued a $46.00 price target (up previously from $45.00) on shares of LTC Properties in a research report on Thursday, August 9th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. LTC Properties has a consensus rating of Hold and a consensus target price of $42.50.
LTC Properties (NYSE:LTC) last released its quarterly earnings data on Wednesday, August 8th. The real estate investment trust reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.98. The firm had revenue of $33.93 million during the quarter, compared to analysts’ expectations of $34.55 million. LTC Properties had a return on equity of 16.84% and a net margin of 77.94%. As a group, sell-side analysts forecast that LTC Properties will post 3.01 earnings per share for the current fiscal year.
The business also recently declared a oct 18 dividend, which will be paid on Wednesday, October 31st. Shareholders of record on Tuesday, October 23rd will be given a $0.19 dividend. The ex-dividend date of this dividend is Monday, October 22nd. LTC Properties’s dividend payout ratio is currently 73.55%.
Large investors have recently made changes to their positions in the business. BlackRock Inc. lifted its position in shares of LTC Properties by 6.8% in the second quarter. BlackRock Inc. now owns 6,590,717 shares of the real estate investment trust’s stock worth $281,688,000 after buying an additional 420,671 shares during the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of LTC Properties during the 2nd quarter worth about $206,000. US Bancorp DE lifted its position in shares of LTC Properties by 7.2% during the 2nd quarter. US Bancorp DE now owns 22,995 shares of the real estate investment trust’s stock worth $984,000 after purchasing an additional 1,537 shares during the last quarter. Legal & General Group Plc lifted its position in shares of LTC Properties by 1.4% during the 2nd quarter. Legal & General Group Plc now owns 199,553 shares of the real estate investment trust’s stock worth $8,533,000 after purchasing an additional 2,677 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its position in shares of LTC Properties by 4.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 467,677 shares of the real estate investment trust’s stock worth $19,989,000 after purchasing an additional 20,283 shares during the last quarter. 75.51% of the stock is owned by institutional investors.
LTC Properties Company Profile
LTC Properties (NYSE: LTC) is a self-administered real estate investment trust that primarily invests in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including preferred equity and mezzanine lending. At June 30, 2018, LTC had 199 investments located in 28 states comprising 102 assisted living communities, 96 skilled nursing centers and one behavioral health care hospital.
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