Zacks Investment Research Upgrades LTC Properties (NYSE:LTC) to Hold

LTC Properties (NYSE:LTCGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “LTC Properties, Inc., a health care real estate investment trust, invests primarily in long-term care and other health care related facilities through mortgage loans, facility lease transactions and other investments. Their primary objectives are to sustain and enhance stockholder equity value and provide current income for distribution to stockholders through real estate investments in long-term care facilities and other health care related facilities managed by experienced operators providing quality care. “

A number of other research firms have also recently issued reports on LTC. Credit Suisse Group lifted their price objective on LTC Properties from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, April 1st. Barclays began coverage on LTC Properties in a report on Tuesday, April 26th. They set an “underweight” rating and a $30.00 target price on the stock. Royal Bank of Canada upgraded LTC Properties from an “underperform” rating to a “sector perform” rating and raised their target price for the company from $34.00 to $37.00 in a report on Monday, March 14th. Finally, StockNews.com began coverage on LTC Properties in a report on Thursday, March 31st. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.60.

LTC opened at $32.65 on Tuesday. The stock has a market cap of $1.29 billion, a price-to-earnings ratio of 22.99 and a beta of 0.93. LTC Properties has a 1 year low of $31.36 and a 1 year high of $42.94. The company has a current ratio of 11.94, a quick ratio of 11.94 and a debt-to-equity ratio of 0.97. The stock has a fifty day moving average price of $35.98 and a 200 day moving average price of $34.74.

LTC Properties (NYSE:LTCGet Rating) last released its quarterly earnings data on Thursday, April 28th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.26). The firm had revenue of $40.80 million for the quarter, compared to analyst estimates of $37.08 million. LTC Properties had a net margin of 36.03% and a return on equity of 7.45%. LTC Properties’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.62 EPS. As a group, sell-side analysts forecast that LTC Properties will post 2.52 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of LTC Properties by 5.1% in the fourth quarter. BlackRock Inc. now owns 7,397,161 shares of the real estate investment trust’s stock worth $252,540,000 after purchasing an additional 358,296 shares during the period. State Street Corp increased its stake in shares of LTC Properties by 8.3% in the fourth quarter. State Street Corp now owns 2,778,835 shares of the real estate investment trust’s stock worth $94,869,000 after purchasing an additional 213,028 shares during the period. Invesco Ltd. increased its stake in shares of LTC Properties by 10.7% in the fourth quarter. Invesco Ltd. now owns 913,638 shares of the real estate investment trust’s stock worth $31,191,000 after purchasing an additional 88,222 shares during the period. Geode Capital Management LLC grew its position in LTC Properties by 0.4% during the third quarter. Geode Capital Management LLC now owns 785,075 shares of the real estate investment trust’s stock worth $24,879,000 after buying an additional 3,029 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in LTC Properties by 0.6% during the third quarter. Dimensional Fund Advisors LP now owns 591,266 shares of the real estate investment trust’s stock worth $18,738,000 after buying an additional 3,326 shares in the last quarter. Institutional investors and hedge funds own 72.14% of the company’s stock.

LTC Properties Company Profile (Get Rating)

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 181 investments in 27 states with 29 operating partners.

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