BMO Capital Markets Upgrades LTC Properties (NYSE:LTC) to “Market Perform”

BMO Capital Markets upgraded shares of LTC Properties (NYSE:LTCGet Rating) from an underperform rating to a market perform rating in a research report report published on Tuesday, Marketbeat reports. The firm currently has $40.00 price target on the real estate investment trust’s stock, up from their previous price target of $37.00.

Several other research analysts have also issued reports on LTC. StockNews.com initiated coverage on LTC Properties in a report on Thursday, March 31st. They issued a hold rating on the stock. Barclays initiated coverage on LTC Properties in a research note on Tuesday, April 26th. They issued an underweight rating and a $30.00 price objective for the company. Credit Suisse Group increased their price objective on LTC Properties from $35.00 to $38.00 and gave the stock a neutral rating in a research note on Friday, April 1st. Royal Bank of Canada raised LTC Properties from an underperform rating to a sector perform rating and increased their price objective for the stock from $34.00 to $37.00 in a research note on Monday, March 14th. Finally, Capital One Financial began coverage on LTC Properties in a research note on Friday, June 3rd. They issued an equal weight rating and a $41.00 price objective for the company. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat.com, LTC Properties has a consensus rating of Hold and an average target price of $37.20.

Shares of LTC Properties stock opened at $38.70 on Tuesday. LTC Properties has a one year low of $31.36 and a one year high of $40.33. The company has a debt-to-equity ratio of 1.03, a current ratio of 15.55 and a quick ratio of 15.55. The stock’s 50-day moving average is $36.71 and its 200 day moving average is $35.72. The firm has a market cap of $1.53 billion, a price-to-earnings ratio of 27.25 and a beta of 0.95.

LTC Properties (NYSE:LTCGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.26). The firm had revenue of $40.80 million during the quarter, compared to the consensus estimate of $37.08 million. LTC Properties had a return on equity of 7.48% and a net margin of 36.03%. The firm’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.62 EPS. On average, sell-side analysts expect that LTC Properties will post 2.55 EPS for the current fiscal year.

The firm also recently declared a monthly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 22nd will be given a dividend of $0.19 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 5.89%. The ex-dividend date of this dividend is Tuesday, June 21st. LTC Properties’s payout ratio is 160.56%.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE increased its position in shares of LTC Properties by 3.4% during the first quarter. Bank of America Corp DE now owns 98,307 shares of the real estate investment trust’s stock valued at $3,782,000 after acquiring an additional 3,228 shares during the last quarter. Bridge City Capital LLC grew its holdings in LTC Properties by 93.7% during the first quarter. Bridge City Capital LLC now owns 32,591 shares of the real estate investment trust’s stock valued at $1,254,000 after purchasing an additional 15,762 shares during the period. Weiss Multi Strategy Advisers LLC bought a new position in LTC Properties during the first quarter valued at $9,948,000. Meiji Yasuda Asset Management Co Ltd. bought a new position in LTC Properties during the first quarter valued at $263,000. Finally, Royal Bank of Canada grew its holdings in LTC Properties by 12.4% during the first quarter. Royal Bank of Canada now owns 61,528 shares of the real estate investment trust’s stock valued at $2,366,000 after purchasing an additional 6,784 shares during the period. 72.14% of the stock is owned by institutional investors.

LTC Properties Company Profile (Get Rating)

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 181 investments in 27 states with 29 operating partners.

Further Reading

Analyst Recommendations for LTC Properties (NYSE:LTC)

Receive News & Ratings for LTC Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for LTC Properties and related companies with MarketBeat.com's FREE daily email newsletter.