Wells Fargo & Company Reiterates “Equal Weight” Rating for LTC Properties (NYSE:LTC)

Wells Fargo & Company reiterated their equal weight rating on shares of LTC Properties (NYSE:LTC) in a research report sent to investors on Tuesday, Benzinga reports. The brokerage currently has a $37.00 price target on the real estate investment trust’s stock, up from their previous price target of $36.00.

Separately, Wedbush reaffirmed an outperform rating and issued a $40.00 target price on shares of LTC Properties in a report on Friday, September 20th.

LTC Properties Price Performance

LTC Properties stock opened at $35.94 on Tuesday. LTC Properties has a 12 month low of $30.30 and a 12 month high of $38.28. The stock’s 50 day moving average is $36.42 and its 200-day moving average is $34.67. 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 company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 18.72 and a beta of 0.91.

LTC Properties (NYSE:LTC) last issued its quarterly earnings results on Monday, July 29th. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.22). The company had revenue of $50.12 million for the quarter, compared to analyst estimates of $33.47 million. LTC Properties had a return on equity of 10.22% and a net margin of 46.78%. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.66 EPS. Equities research analysts expect that LTC Properties will post 2.69 EPS for the current year.

LTC Properties Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd will be paid a $0.19 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 6.34%. The ex-dividend date is Monday, December 23rd. LTC Properties’s payout ratio is 118.75%.

Insider Activity

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of LTC. Norges Bank bought a new position in LTC Properties during the 4th quarter worth $8,609,000. Waterloo Capital L.P. bought a new position in LTC Properties during the 4th quarter worth $1,519,000. Mirae Asset Global Investments Co. Ltd. raised its position in LTC Properties by 3.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 294,173 shares of the real estate investment trust’s stock worth $9,877,000 after purchasing an additional 9,221 shares during the last quarter. BNP Paribas Financial Markets raised its position in LTC Properties by 9.8% during the 1st quarter. BNP Paribas Financial Markets now owns 20,589 shares of the real estate investment trust’s stock worth $669,000 after purchasing an additional 1,843 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its position in shares of LTC Properties by 7.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 13,469 shares of the real estate investment trust’s stock worth $438,000 after acquiring an additional 887 shares in the last quarter. 69.25% of the stock is owned by 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.