LTC Properties (NYSE:LTC) Sets New 52-Week High – Here’s What Happened

LTC Properties, Inc. (NYSE:LTC) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $38.18 and last traded at $37.7950, with a volume of 589806 shares. The stock had previously closed at $36.68.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Cantor Fitzgerald set a $36.00 target price on shares of LTC Properties in a research note on Monday, January 5th. JMP Securities reissued a “market outperform” rating and set a $43.00 price objective on shares of LTC Properties in a research report on Friday, October 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of LTC Properties in a report on Monday, December 29th. Wells Fargo & Company raised their price objective on shares of LTC Properties from $36.00 to $37.00 and gave the company an “equal weight” rating in a report on Tuesday, November 25th. Finally, Royal Bank Of Canada increased their target price on LTC Properties from $37.00 to $38.00 and gave the company a “sector perform” rating in a report on Monday, November 10th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, LTC Properties currently has a consensus rating of “Hold” and a consensus price target of $38.60.

LTC Properties Stock Up 3.0%

The company has a market capitalization of $1.80 billion, a PE ratio of 52.49 and a beta of 0.62. The company has a current ratio of 8.68, a quick ratio of 8.68 and a debt-to-equity ratio of 0.90. The firm has a 50 day simple moving average of $35.47 and a two-hundred day simple moving average of $35.59.

LTC Properties (NYSE:LTC) last released its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.69 EPS for the quarter, topping the consensus estimate of $0.65 by $0.04. The business had revenue of $50.05 million during the quarter, compared to analysts’ expectations of $65.94 million. LTC Properties had a return on equity of 3.22% and a net margin of 14.58%.The company’s quarterly revenue was up 24.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.78 earnings per share. Research analysts expect that LTC Properties, Inc. will post 2.79 EPS for the current year.

LTC Properties Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 23rd will be issued a dividend of $0.19 per share. This represents a c) annualized dividend and a yield of 6.0%. The ex-dividend date of this dividend is Monday, March 23rd. LTC Properties’s dividend payout ratio is currently 316.67%.

Insider Transactions at LTC Properties

In related news, Director David L. Gruber purchased 1,000 shares of LTC Properties stock in a transaction dated Friday, November 7th. The stock was bought at an average cost of $35.94 per share, for a total transaction of $35,940.00. Following the transaction, the director owned 29,834 shares in the company, valued at approximately $1,072,233.96. The trade was a 3.47% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP David M. Boitano purchased 10,000 shares of the business’s stock in a transaction dated Wednesday, December 31st. The shares were purchased at an average cost of $34.44 per share, with a total value of $344,400.00. Following the purchase, the executive vice president directly owned 25,626 shares in the company, valued at approximately $882,559.44. The trade was a 64.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 2.10% of the company’s stock.

Institutional Trading of LTC Properties

Several large investors have recently modified their holdings of LTC. Royal Bank of Canada grew its holdings in LTC Properties by 37.7% during the 1st quarter. Royal Bank of Canada now owns 21,344 shares of the real estate investment trust’s stock valued at $757,000 after buying an additional 5,840 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of LTC Properties by 2.8% in the first quarter. AQR Capital Management LLC now owns 29,259 shares of the real estate investment trust’s stock valued at $1,037,000 after acquiring an additional 806 shares in the last quarter. KLP Kapitalforvaltning AS boosted its stake in shares of LTC Properties by 6.1% during the second quarter. KLP Kapitalforvaltning AS now owns 22,600 shares of the real estate investment trust’s stock valued at $782,000 after acquiring an additional 1,300 shares during the last quarter. Maryland State Retirement & Pension System increased its position in LTC Properties by 2.1% during the 2nd quarter. Maryland State Retirement & Pension System now owns 13,498 shares of the real estate investment trust’s stock worth $467,000 after purchasing an additional 283 shares in the last quarter. Finally, McElhenny Sheffield Capital Management LLC acquired a new position in LTC Properties in the 2nd quarter valued at about $727,000. 69.25% of the stock is currently owned by institutional investors and hedge funds.

About LTC Properties

LTC Properties, Inc (NYSE: LTC) is a real estate investment trust that specializes in financing and investing in long-term health care properties. The company focuses on providing capital to operators of senior housing and health care facilities through sale-leaseback transactions, mortgage financings and structured finance arrangements. Its portfolio primarily comprises skilled nursing facilities, assisted living communities and memory care centers.

Since its founding in 1992, LTC Properties has built a diversified portfolio of properties located across the United States.