Shares of LTC Properties, Inc. (NYSE:LTC – Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $43.00 and last traded at $42.8480, with a volume of 541742 shares. The stock had previously closed at $41.92.
Analysts Set New Price Targets
A number of research analysts have recently commented on LTC shares. Citigroup reaffirmed a “market outperform” rating on shares of LTC Properties in a research report on Wednesday, June 10th. Weiss Ratings raised LTC Properties from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 8th. Cantor Fitzgerald cut their price target on LTC Properties from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Monday, May 11th. Finally, Wells Fargo & Company upped their price target on LTC Properties from $39.00 to $40.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $40.60.
Read Our Latest Stock Analysis on LTC
LTC Properties Trading Down 1.0%
LTC Properties (NYSE:LTC – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.17. LTC Properties had a net margin of 38.99% and a return on equity of 10.87%. The business had revenue of $94.41 million for the quarter, compared to the consensus estimate of $72.98 million. During the same quarter in the prior year, the company earned $0.65 EPS. The firm’s quarterly revenue was up 94.7% on a year-over-year basis. LTC Properties has set its FY 2026 guidance at 2.750-2.790 EPS. Research analysts expect that LTC Properties, Inc. will post 2.8 earnings per share for the current year.
LTC Properties Dividend Announcement
The business also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 22nd will be issued a $0.19 dividend. This represents a c) dividend on an annualized basis and a yield of 5.5%. The ex-dividend date is Tuesday, September 22nd. LTC Properties’s dividend payout ratio is currently 92.31%.
Insider Activity
In other news, EVP David M. Boitano purchased 10,000 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was bought at an average price of $34.77 per share, with a total value of $347,700.00. Following the acquisition, the executive vice president directly owned 46,160 shares of the company’s stock, valued at approximately $1,604,983.20. This represents a 27.65% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David L. Gruber acquired 4,000 shares of the stock in a transaction dated Thursday, May 21st. The shares were bought at an average cost of $38.41 per share, with a total value of $153,640.00. Following the transaction, the director directly owned 44,045 shares of the company’s stock, valued at $1,691,768.45. This represents a 9.99% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.20% of the stock is currently owned by company insiders.
Institutional Trading of LTC Properties
Several hedge funds and other institutional investors have recently modified their holdings of LTC. Vanguard Group Inc. lifted its holdings in shares of LTC Properties by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 7,238,012 shares of the real estate investment trust’s stock valued at $248,843,000 after purchasing an additional 125,889 shares in the last quarter. State Street Corp grew its holdings in shares of LTC Properties by 2.0% during the second quarter. State Street Corp now owns 3,163,763 shares of the real estate investment trust’s stock worth $109,498,000 after buying an additional 61,678 shares in the last quarter. Geode Capital Management LLC raised its position in LTC Properties by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 1,266,992 shares of the real estate investment trust’s stock valued at $43,566,000 after buying an additional 12,547 shares during the last quarter. Advisors Capital Management LLC raised its position in LTC Properties by 1.7% in the 4th quarter. Advisors Capital Management LLC now owns 763,536 shares of the real estate investment trust’s stock valued at $26,250,000 after buying an additional 12,847 shares during the last quarter. Finally, Nuveen LLC lifted its stake in LTC Properties by 5.9% in the 4th quarter. Nuveen LLC now owns 682,198 shares of the real estate investment trust’s stock valued at $23,454,000 after acquiring an additional 38,202 shares in the last quarter. Institutional investors and hedge funds own 69.25% of the company’s stock.
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.
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