Zacks Investment Research upgraded shares of LTC Properties (NYSE:LTC) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. The brokerage currently has $53.00 price objective on the real estate investment trust’s stock.
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. “
Separately, Credit Suisse Group initiated coverage on LTC Properties in a research note on Wednesday, July 10th. They set an underperform rating and a $19.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. LTC Properties currently has an average rating of Hold and a consensus price target of $40.17.
LTC Properties (NYSE:LTC) last issued its quarterly earnings data on Thursday, May 9th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.23). LTC Properties had a return on equity of 19.07% and a net margin of 95.25%. The business had revenue of $28.02 million during the quarter, compared to the consensus estimate of $33.02 million. On average, sell-side analysts forecast that LTC Properties will post 3.03 EPS for the current fiscal year.
The company also recently declared a monthly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Tuesday, July 23rd will be paid a dividend of $0.19 per share. This represents a $2.28 dividend on an annualized basis and a yield of 4.89%. The ex-dividend date is Monday, July 22nd. LTC Properties’s payout ratio is currently 74.51%.
In other LTC Properties news, Director Timothy Triche sold 2,800 shares of the stock in a transaction on Wednesday, June 19th. The stock was sold at an average price of $46.15, for a total transaction of $129,220.00. Following the completion of the transaction, the director now directly owns 36,362 shares of the company’s stock, valued at approximately $1,678,106.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.60% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Great West Life Assurance Co. Can boosted its stake in LTC Properties by 5.0% during the 4th quarter. Great West Life Assurance Co. Can now owns 77,765 shares of the real estate investment trust’s stock valued at $2,993,000 after purchasing an additional 3,726 shares in the last quarter. Principal Financial Group Inc. boosted its stake in LTC Properties by 0.6% during the 4th quarter. Principal Financial Group Inc. now owns 327,485 shares of the real estate investment trust’s stock valued at $13,649,000 after purchasing an additional 1,839 shares in the last quarter. Commonwealth Equity Services LLC boosted its stake in LTC Properties by 2.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 12,141 shares of the real estate investment trust’s stock valued at $506,000 after purchasing an additional 273 shares in the last quarter. Norges Bank bought a new position in LTC Properties during the 4th quarter valued at $21,421,000. Finally, Geode Capital Management LLC boosted its stake in LTC Properties by 6.2% during the 4th quarter. Geode Capital Management LLC now owns 531,273 shares of the real estate investment trust’s stock valued at $22,143,000 after purchasing an additional 31,098 shares in the last quarter. 76.02% of the stock is owned by hedge funds and other institutional investors.
About LTC Properties
LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending. LTC holds more than 200 investments in 28 states with 30 operating partners.
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