LTC Properties (NYSE:LTC) Coverage Initiated at Berenberg Bank

Berenberg Bank initiated coverage on shares of LTC Properties (NYSE:LTC) in a research report released on Thursday morning, The Fly reports. The brokerage issued a hold rating and a $49.00 target price on the real estate investment trust’s stock.

LTC has been the subject of a number of other reports. Credit Suisse Group started coverage on shares of LTC Properties in a research note on Wednesday, July 10th. They issued an underperform rating and a $19.00 price objective for the company. Zacks Investment Research cut shares of LTC Properties from a buy rating to a hold rating in a research note on Thursday, August 1st. Three research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $40.20.

Shares of NYSE LTC traded down $0.52 during midday trading on Thursday, reaching $49.19. The stock had a trading volume of 191,729 shares, compared to its average volume of 193,340. The stock has a 50-day moving average of $48.07 and a 200-day moving average of $46.12. The company has a debt-to-equity ratio of 0.86, a quick ratio of 9.57 and a current ratio of 9.57. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of 16.08, a price-to-earnings-growth ratio of 4.03 and a beta of 0.39. LTC Properties has a 12-month low of $40.11 and a 12-month high of $50.52.

LTC Properties (NYSE:LTC) last announced its quarterly earnings data on Thursday, August 8th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.25). The firm had revenue of $38.28 million during the quarter, compared to analysts’ expectations of $30.54 million. LTC Properties had a return on equity of 13.18% and a net margin of 63.58%. As a group, analysts forecast that LTC Properties will post 3.06 EPS for the current fiscal year.

The business also recently announced a dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 20th will be given a dividend of $0.19 per share. The ex-dividend date is Thursday, September 19th. LTC Properties’s dividend payout ratio is 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 shares were 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 owns 36,362 shares in the company, valued at $1,678,106.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Wendy Simpson sold 7,000 shares of the stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $49.20, for a total transaction of $344,400.00. Following the transaction, the chief executive officer now owns 379,365 shares of the company’s stock, valued at approximately $18,664,758. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. Stonebridge Capital Advisors LLC bought a new position in LTC Properties during the second quarter valued at $42,000. Steward Partners Investment Advisory LLC bought a new position in LTC Properties during the second quarter valued at $44,000. C M Bidwell & Associates Ltd. lifted its position in LTC Properties by 17.8% during the second quarter. C M Bidwell & Associates Ltd. now owns 1,520 shares of the real estate investment trust’s stock valued at $69,000 after purchasing an additional 230 shares during the last quarter. Advisory Services Network LLC lifted its position in LTC Properties by 56.5% during the second quarter. Advisory Services Network LLC now owns 1,565 shares of the real estate investment trust’s stock valued at $71,000 after purchasing an additional 565 shares during the last quarter. Finally, Advisors Asset Management Inc. bought a new position in LTC Properties during the first quarter valued at $131,000. Institutional investors and hedge funds own 75.74% of the company’s stock.

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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