Berenberg Bank Begins Coverage on LTC Properties (NYSE:LTC)

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Berenberg Bank initiated coverage on shares of LTC Properties (NYSE:LTC) in a report issued on Thursday morning, The Fly reports. The firm issued a hold rating and a $49.00 target price on the real estate investment trust’s stock.

Several other equities research analysts also recently commented on LTC. Credit Suisse Group started coverage on shares of LTC Properties in a research note on Wednesday, July 10th. They issued an underperform rating and a $19.00 target price on the stock. Zacks Investment Research downgraded shares of LTC Properties from a buy rating to a hold rating in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $40.20.

LTC opened at $49.19 on Thursday. LTC Properties has a fifty-two week low of $40.11 and a fifty-two week high of $50.52. The company has a debt-to-equity ratio of 0.86, a current ratio of 9.57 and a quick ratio of 9.57. The firm’s fifty day moving average price is $48.13 and its two-hundred day moving average price is $46.14. The company has a market capitalization of $1.98 billion, a P/E ratio of 16.08, a P/E/G ratio of 4.07 and a beta of 0.39.

LTC Properties (NYSE:LTC) last posted its quarterly earnings results on Thursday, August 8th. The real estate investment trust reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.25). LTC Properties had a return on equity of 13.18% and a net margin of 63.58%. The business had revenue of $38.28 million for the quarter, compared to analyst estimates of $30.54 million. On average, equities research analysts expect that LTC Properties will post 3.06 EPS for the current fiscal year.

The company also recently announced a dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 20th will be paid a $0.19 dividend. The ex-dividend date is Thursday, September 19th. LTC Properties’s dividend payout ratio is presently 74.51%.

In related news, CEO Wendy Simpson sold 7,000 shares of LTC Properties stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $49.20, for a total value of $344,400.00. Following the completion of the transaction, the chief executive officer now directly owns 379,365 shares of the company’s stock, valued at $18,664,758. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy Triche sold 2,800 shares of LTC Properties stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $46.15, for a total value of $129,220.00. Following the completion of the transaction, the director now directly owns 36,362 shares of the company’s stock, valued at $1,678,106.30. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in LTC. Morgan Stanley raised its holdings in shares of LTC Properties by 155.9% in the second quarter. Morgan Stanley now owns 495,757 shares of the real estate investment trust’s stock valued at $22,637,000 after buying an additional 302,006 shares during the last quarter. Schroder Investment Management Group bought a new position in shares of LTC Properties in the second quarter valued at about $11,714,000. Nuveen Asset Management LLC raised its holdings in shares of LTC Properties by 136.1% in the second quarter. Nuveen Asset Management LLC now owns 194,945 shares of the real estate investment trust’s stock valued at $8,901,000 after buying an additional 112,365 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of LTC Properties by 1,596.9% in the first quarter. PNC Financial Services Group Inc. now owns 91,393 shares of the real estate investment trust’s stock valued at $4,186,000 after buying an additional 86,007 shares during the last quarter. Finally, AXA raised its holdings in shares of LTC Properties by 42.0% in the second quarter. AXA now owns 280,542 shares of the real estate investment trust’s stock valued at $12,810,000 after buying an additional 82,997 shares during the last quarter. 75.78% of the stock is owned by institutional investors and hedge funds.

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 holds more than 200 investments in 28 states with 30 operating partners.

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