Zacks Investment Research downgraded shares of LTC Properties (NYSE:LTC) from a hold rating to a sell rating in a research note released on Tuesday.
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 weighed in on LTC. TheStreet raised shares of LTC Properties from a c+ rating to a b- rating in a report on Thursday, June 28th. Cantor Fitzgerald reissued a buy rating and set a $46.00 target price (up from $45.00) on shares of LTC Properties in a report on Thursday, August 9th. ValuEngine raised shares of LTC Properties from a sell rating to a hold rating in a report on Wednesday, August 15th. Finally, Stifel Nicolaus set a $43.00 target price on shares of LTC Properties and gave the stock a hold rating in a report on Thursday, August 9th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $42.50.
LTC Properties (NYSE:LTC) last announced its quarterly earnings results on Wednesday, August 8th. The real estate investment trust reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.98. The company had revenue of $33.93 million for the quarter, compared to analyst estimates of $34.55 million. LTC Properties had a net margin of 77.94% and a return on equity of 16.84%. Equities research analysts forecast that LTC Properties will post 3.01 EPS for the current year.
The firm also recently announced a oct 18 dividend, which will be paid on Wednesday, October 31st. Shareholders of record on Tuesday, October 23rd will be issued a dividend of $0.19 per share. The ex-dividend date of this dividend is Monday, October 22nd. LTC Properties’s payout ratio is 73.55%.
A number of institutional investors and hedge funds have recently bought and sold shares of LTC. BlackRock Inc. lifted its position in shares of LTC Properties by 6.8% in the 2nd quarter. BlackRock Inc. now owns 6,590,717 shares of the real estate investment trust’s stock worth $281,688,000 after purchasing an additional 420,671 shares during the period. TD Asset Management Inc. lifted its position in shares of LTC Properties by 405.9% in the 2nd quarter. TD Asset Management Inc. now owns 308,100 shares of the real estate investment trust’s stock worth $13,168,000 after purchasing an additional 247,200 shares during the period. Alps Advisors Inc. acquired a new position in shares of LTC Properties in the 2nd quarter worth approximately $4,787,000. Victory Capital Management Inc. lifted its position in shares of LTC Properties by 3.6% in the 2nd quarter. Victory Capital Management Inc. now owns 1,622,530 shares of the real estate investment trust’s stock worth $69,347,000 after purchasing an additional 55,781 shares during the period. Finally, Royal Bank of Canada lifted its position in shares of LTC Properties by 4.3% in the 1st quarter. Royal Bank of Canada now owns 1,107,424 shares of the real estate investment trust’s stock worth $42,082,000 after purchasing an additional 45,288 shares during the period. 75.51% of the stock is currently owned by hedge funds and other institutional investors.
About LTC Properties
LTC Properties (NYSE: LTC) is a self-administered real estate investment trust that primarily invests in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including preferred equity and mezzanine lending. At June 30, 2018, LTC had 199 investments located in 28 states comprising 102 assisted living communities, 96 skilled nursing centers and one behavioral health care hospital.
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