LTC Properties (NYSE:LTC) Receives “Outperform” Rating from Wedbush

LTC Properties (NYSE:LTC)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Wedbush in a report issued on Friday, Benzinga reports. They presently have a $40.00 price target on the real estate investment trust’s stock. Wedbush’s price target suggests a potential upside of 9.62% from the company’s current price.

LTC Properties Price Performance

Shares of NYSE LTC opened at $36.49 on Friday. 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 firm’s 50-day moving average price is $36.48 and its 200-day moving average price is $34.36. The firm has a market capitalization of $1.59 billion, a P/E ratio of 19.01 and a beta of 0.91. LTC Properties has a 1-year low of $30.30 and a 1-year high of $38.28.

LTC Properties (NYSE:LTC) last issued its quarterly earnings data 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). LTC Properties had a return on equity of 10.22% and a net margin of 46.78%. The company had revenue of $50.12 million for the quarter, compared to the consensus estimate of $33.47 million. During the same period in the prior year, the firm posted $0.66 earnings per share. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts anticipate that LTC Properties will post 2.69 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Trading of LTC Properties

A number of hedge funds and other institutional investors have recently modified their holdings of LTC. Truist Financial Corp purchased a new stake in shares of LTC Properties during the second quarter valued at $442,000. The Manufacturers Life Insurance Company increased its stake in shares of LTC Properties by 5.1% in the second quarter. The Manufacturers Life Insurance Company now owns 21,311 shares of the real estate investment trust’s stock worth $735,000 after purchasing an additional 1,037 shares in the last quarter. Millennium Management LLC lifted its position in shares of LTC Properties by 33.7% in the second quarter. Millennium Management LLC now owns 111,188 shares of the real estate investment trust’s stock valued at $3,836,000 after acquiring an additional 28,039 shares in the last quarter. Deerfield Management Company L.P. Series C boosted its stake in LTC Properties by 155.8% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 17,439 shares of the real estate investment trust’s stock worth $602,000 after purchasing an additional 10,621 shares during the period. Finally, Caxton Associates LP bought a new stake in LTC Properties in the 2nd quarter valued at $357,000. 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.