LTC Properties Inc (NYSE:LTC) was the target of a large decline in short interest in August. As of August 31st, there was short interest totalling 844,100 shares, a decline of 6.3% from the July 31st total of 901,300 shares. Approximately 2.2% of the shares of the stock are short sold. Based on an average trading volume of 204,300 shares, the days-to-cover ratio is presently 4.1 days.
In other news, Director Timothy Triche sold 2,800 shares of the business’s stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $46.15, for a total value of $129,220.00. Following the transaction, the director now directly owns 36,362 shares of the company’s stock, valued at approximately $1,678,106.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Wendy Simpson sold 7,000 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at $18,664,758. The disclosure for this sale can be found here. 1.80% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its position in shares of LTC Properties by 0.7% during the 1st quarter. BlackRock Inc. now owns 6,947,378 shares of the real estate investment trust’s stock valued at $318,191,000 after acquiring an additional 47,476 shares during the last quarter. Vanguard Group Inc. raised its position in shares of LTC Properties by 0.8% during the 2nd quarter. Vanguard Group Inc. now owns 6,168,937 shares of the real estate investment trust’s stock valued at $281,673,000 after acquiring an additional 50,669 shares during the last quarter. Northern Trust Corp raised its position in shares of LTC Properties by 0.6% during the 2nd quarter. Northern Trust Corp now owns 930,239 shares of the real estate investment trust’s stock valued at $42,475,000 after acquiring an additional 5,140 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of LTC Properties by 7.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 760,119 shares of the real estate investment trust’s stock valued at $34,706,000 after acquiring an additional 55,814 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of LTC Properties by 5.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 571,446 shares of the real estate investment trust’s stock valued at $26,093,000 after acquiring an additional 29,167 shares during the last quarter. Institutional investors own 75.78% of the company’s stock.
LTC has been the topic of several recent analyst reports. Credit Suisse Group initiated coverage on LTC Properties in a report on Wednesday, July 10th. They issued an “underperform” rating and a $19.00 target price on the stock. Zacks Investment Research downgraded LTC Properties from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Berenberg Bank initiated coverage on LTC Properties in a report on Thursday. They set a “hold” rating and a $49.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. LTC Properties currently has a consensus rating of “Hold” and an average target price of $40.20.
NYSE:LTC traded up $0.34 during trading hours on Monday, hitting $49.53. 6,215 shares of the stock were exchanged, compared to its average volume of 145,181. The company’s 50 day moving average is $48.13 and its two-hundred day moving average is $46.14. LTC Properties has a twelve month low of $40.11 and a twelve month high of $50.52. The company has a quick ratio of 9.57, a current ratio of 9.57 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $1.97 billion, a P/E ratio of 16.19, a price-to-earnings-growth ratio of 4.07 and a beta of 0.39.
LTC Properties (NYSE:LTC) last posted its quarterly earnings data on Thursday, August 8th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing the 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 firm 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 year.
The firm also recently announced a dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 20th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Thursday, September 19th. LTC Properties’s payout ratio is 74.51%.
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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