LTC Properties (LTC) Hits New 52-Week Low on Insider Selling
Shares of LTC Properties Inc (NYSE:LTC) reached a new 52-week low during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $44.29 and last traded at $45.08, with a volume of 386700 shares changing hands. The stock had previously closed at $47.00.
Specifically, Director Boyd W. Hendrickson sold 2,787 shares of LTC Properties stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $46.66, for a total value of $130,041.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.50% of the company’s stock.
Several research firms have commented on LTC. Zacks Investment Research cut LTC Properties from a “hold” rating to a “sell” rating in a report on Saturday, November 11th. Royal Bank of Canada restated a “hold” rating and issued a $48.00 price target on shares of LTC Properties in a report on Monday, October 23rd. BMO Capital Markets restated a “sell” rating and issued a $44.00 price target on shares of LTC Properties in a report on Wednesday, October 18th. KeyCorp restated a “hold” rating on shares of LTC Properties in a report on Tuesday, October 17th. Finally, Capital One Financial began coverage on LTC Properties in a report on Monday, September 25th. They issued an “overweight” rating and a $50.00 price target for the company. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $50.17.
LTC Properties (NYSE:LTC) last issued its earnings results on Wednesday, November 8th. The real estate investment trust reported $0.76 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.26. LTC Properties had a return on equity of 11.69% and a net margin of 52.18%. The business had revenue of $41.25 million during the quarter, compared to analysts’ expectations of $32.91 million. During the same quarter in the previous year, the business earned $0.57 EPS. analysts anticipate that LTC Properties Inc will post 3.08 earnings per share for the current year.
The company also recently announced a monthly dividend, which was paid on Thursday, November 30th. Stockholders of record on Wednesday, November 22nd were issued a dividend of $0.19 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 5.06%. The ex-dividend date was Tuesday, November 21st. LTC Properties’s payout ratio is currently 102.24%.
Several large investors have recently modified their holdings of LTC. Uniplan Investment Counsel Inc. grew its holdings in shares of LTC Properties by 89.0% during the 2nd quarter. Uniplan Investment Counsel Inc. now owns 1,324,700 shares of the real estate investment trust’s stock worth $36,538,000 after purchasing an additional 623,870 shares during the period. Koch Industries Inc. purchased a new stake in shares of LTC Properties during the 2nd quarter worth about $362,000. Janus Henderson Group PLC purchased a new stake in shares of LTC Properties during the 2nd quarter worth about $8,975,000. Crossmark Global Holdings Inc. purchased a new stake in shares of LTC Properties during the 3rd quarter worth about $5,262,000. Finally, Victory Capital Management Inc. grew its holdings in shares of LTC Properties by 7.7% during the 3rd quarter. Victory Capital Management Inc. now owns 1,061,481 shares of the real estate investment trust’s stock worth $49,869,000 after purchasing an additional 76,325 shares during the period. Institutional investors and hedge funds own 77.52% of the company’s stock.
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About LTC Properties
LTC Properties Inc is a healthcare real estate investment trust (REIT). The Company invests in senior housing and healthcare properties through sale-leaseback transactions, mortgage financing and structured finance solutions, including mezzanine lending. It invests in various properties, including Skilled nursing facilities (SNF), Assisted living facilities (ALF), Independent living facilities (ILF), Memory care facilities (MC) and Range of care facilities (ROC).
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