LTC Properties (LTC) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of LTC Properties (NYSE:LTC) from a hold rating to a buy rating in a research note issued to investors on Thursday. The brokerage currently has $47.00 price target 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. “
A number of other equities research analysts have also recently commented on LTC. KeyCorp reissued a hold rating on shares of LTC Properties in a research report on Tuesday, October 17th. Capital One Financial began coverage on shares of LTC Properties in a report on Monday, September 25th. They issued an overweight rating and a $50.00 price target for the company. Royal Bank of Canada reaffirmed a hold rating and issued a $48.00 price target on shares of LTC Properties in a report on Monday, October 23rd. ValuEngine cut shares of LTC Properties from a buy rating to a hold rating in a report on Sunday, December 31st. Finally, BMO Capital Markets reaffirmed a sell rating and issued a $44.00 price target on shares of LTC Properties in a report on Wednesday, October 18th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $49.71.
LTC Properties (NYSE:LTC) last posted its earnings results on Wednesday, November 8th. The real estate investment trust reported $0.76 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.26. LTC Properties had a net margin of 52.18% and a return on equity of 11.69%. The company had revenue of $41.25 million during the quarter, compared to analysts’ expectations of $32.91 million. During the same quarter in the prior year, the company posted $0.57 earnings per share. equities analysts anticipate that LTC Properties will post 3.08 earnings per share for the current fiscal year.
The business also recently declared a monthly dividend, which will be paid on Wednesday, February 28th. Shareholders of record on Tuesday, February 20th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Friday, February 16th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 5.64%. LTC Properties’s dividend payout ratio is currently 102.70%.
In related news, Director James Pieczynski purchased 2,000 shares of the firm’s stock in a transaction on Wednesday, January 3rd. The stock was acquired at an average price of $43.60 per share, with a total value of $87,200.00. Following the completion of the acquisition, the director now owns 17,974 shares in the company, valued at approximately $783,666.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Timothy Triche sold 2,720 shares of the firm’s stock in a transaction on Friday, December 28th. The stock was sold at an average price of $43.35, for a total transaction of $117,912.00. Following the completion of the transaction, the director now directly owns 34,656 shares of the company’s stock, valued at approximately $1,502,337.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 9,727 shares of company stock valued at $436,470. Corporate insiders own 1.50% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd purchased a new position in shares of LTC Properties during the third quarter worth $383,000. Ameriprise Financial Inc. raised its holdings in shares of LTC Properties by 1.5% during the third quarter. Ameriprise Financial Inc. now owns 345,608 shares of the real estate investment trust’s stock worth $16,237,000 after purchasing an additional 5,038 shares during the last quarter. AXA raised its holdings in shares of LTC Properties by 57.4% during the second quarter. AXA now owns 82,265 shares of the real estate investment trust’s stock worth $4,228,000 after purchasing an additional 30,000 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in shares of LTC Properties by 7.4% during the third quarter. Schwab Charles Investment Management Inc. now owns 396,873 shares of the real estate investment trust’s stock worth $18,646,000 after purchasing an additional 27,398 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of LTC Properties by 19.5% during the third quarter. Janus Henderson Group PLC now owns 208,565 shares of the real estate investment trust’s stock worth $9,797,000 after purchasing an additional 33,964 shares during the last quarter. 77.89% of the stock is owned by hedge funds and other institutional investors.
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LTC Properties Company Profile
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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