LTC Properties (NYSE:LTC) Stock Rating Reaffirmed by Wells Fargo & Company

Wells Fargo & Company reiterated their equal weight rating on shares of LTC Properties (NYSE:LTC) in a report released on Tuesday morning, Benzinga reports. They currently have a $37.00 price objective on the real estate investment trust’s stock, up from their previous price objective of $36.00.

Separately, Wedbush restated an outperform rating and issued a $40.00 price target on shares of LTC Properties in a report on Friday, September 20th.

LTC Properties Trading Down 0.2 %

NYSE LTC opened at $35.84 on Tuesday. The company’s 50-day moving average price is $36.38 and its 200-day moving average price is $34.69. The company has a current ratio of 11.29, a quick ratio of 11.29 and a debt-to-equity ratio of 0.88. The stock has a market cap of $1.56 billion, a PE ratio of 18.67 and a beta of 0.91. LTC Properties has a 12 month low of $30.30 and a 12 month high of $38.28.

LTC Properties (NYSE:LTC) last posted its quarterly earnings results on Monday, July 29th. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.22). The company had revenue of $50.12 million during the quarter, compared to the consensus estimate of $33.47 million. LTC Properties had a return on equity of 10.22% and a net margin of 46.78%. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.66 earnings per share. Equities research analysts forecast that LTC Properties will post 2.69 earnings per share for the current year.

LTC Properties Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, November 29th. Shareholders of record on Thursday, November 21st will be issued a dividend of $0.19 per share. This represents a $2.28 annualized dividend and a yield of 6.36%. The ex-dividend date of this dividend is Thursday, November 21st. LTC Properties’s payout ratio is 118.75%.

Insiders Place Their Bets

In other LTC Properties news, Director David L. Gruber bought 6,000 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were bought at an average cost of $35.75 per share, for a total transaction of $214,500.00. Following the acquisition, the director now directly owns 18,412 shares in the company, valued at approximately $658,229. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director David L. Gruber purchased 6,000 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was acquired at an average cost of $35.75 per share, with a total value of $214,500.00. Following the completion of the transaction, the director now owns 18,412 shares in the company, valued at $658,229. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Timothy Triche sold 5,000 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $36.45, for a total transaction of $182,250.00. Following the sale, the director now directly owns 34,522 shares of the company’s stock, valued at approximately $1,258,326.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On LTC Properties

Several hedge funds and other institutional investors have recently modified their holdings of LTC. GAMMA Investing LLC increased its holdings in LTC Properties by 91.4% in the 2nd quarter. GAMMA Investing LLC now owns 1,439 shares of the real estate investment trust’s stock worth $50,000 after buying an additional 687 shares during the period. Walleye Trading LLC acquired a new position in LTC Properties in the 1st quarter worth approximately $209,000. Van ECK Associates Corp increased its holdings in LTC Properties by 11.7% in the 2nd quarter. Van ECK Associates Corp now owns 6,571 shares of the real estate investment trust’s stock worth $227,000 after buying an additional 689 shares during the period. QRG Capital Management Inc. increased its holdings in LTC Properties by 8.6% in the 2nd quarter. QRG Capital Management Inc. now owns 6,931 shares of the real estate investment trust’s stock worth $239,000 after buying an additional 548 shares during the period. Finally, Sheaff Brock Investment Advisors LLC acquired a new position in LTC Properties in the 1st quarter worth approximately $232,000. 69.25% of the stock is owned by hedge funds and other institutional investors.

LTC Properties Company Profile

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's investment portfolio includes 201 properties in 26 states with 29 operating partners.