LTC Properties (NYSE:LTC) Reaches New 52-Week High – Still a Buy?

LTC Properties, Inc. (NYSE:LTC)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $39.67 and last traded at $39.63, with a volume of 74951 shares traded. The stock had previously closed at $38.71.

Analysts Set New Price Targets

A number of brokerages have weighed in on LTC. Wells Fargo & Company restated an “equal weight” rating and issued a $37.00 price objective (up previously from $36.00) on shares of LTC Properties in a report on Tuesday, October 1st. Wedbush reiterated an “outperform” rating and issued a $40.00 target price on shares of LTC Properties in a research report on Friday, September 20th.

LTC Properties Stock Performance

The stock has a market cap of $1.78 billion, a price-to-earnings ratio of 16.86 and a beta of 0.90. The company has a debt-to-equity ratio of 0.75, a current ratio of 11.60 and a quick ratio of 11.60. The firm has a fifty day moving average of $36.71 and a 200 day moving average of $35.52.

LTC Properties (NYSE:LTC) last issued its earnings results on Monday, October 28th. The real estate investment trust reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.05). The company had revenue of $55.78 million during the quarter, compared to analyst estimates of $35.45 million. LTC Properties had a return on equity of 10.49% and a net margin of 48.77%. The firm’s revenue was up 13.1% compared to the same quarter last year. During the same period last year, the business earned $0.65 earnings per share. As a group, sell-side analysts forecast that LTC Properties, Inc. will post 2.79 EPS for the current year.

LTC Properties Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, November 29th. Investors of record on Thursday, November 21st will be issued a $0.19 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 5.80%. The ex-dividend date of this dividend is Thursday, November 21st. LTC Properties’s dividend payout ratio is presently 97.85%.

Insider Buying and Selling

In other news, Director Timothy Triche sold 5,000 shares of the company’s 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 transaction, the director now owns 34,522 shares of the company’s stock, valued at $1,258,326.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Clint B. Malin sold 6,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $38.75, for a total transaction of $232,500.00. Following the completion of the transaction, the insider now owns 158,585 shares of the company’s stock, valued at approximately $6,145,168.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Timothy Triche sold 5,000 shares of LTC Properties stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $36.45, for a total transaction of $182,250.00. Following the completion of the sale, the director now owns 34,522 shares of the company’s stock, valued at $1,258,326.90. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of LTC. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in LTC Properties by 180.4% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 47,034 shares of the real estate investment trust’s stock worth $1,623,000 after acquiring an additional 30,258 shares in the last quarter. abrdn plc lifted its position in shares of LTC Properties by 25.7% during the third quarter. abrdn plc now owns 238,793 shares of the real estate investment trust’s stock worth $8,761,000 after purchasing an additional 48,869 shares in the last quarter. Cetera Advisors LLC purchased a new position in shares of LTC Properties in the first quarter valued at approximately $276,000. Strategic Financial Concepts LLC grew its holdings in shares of LTC Properties by 3,401.1% in the second quarter. Strategic Financial Concepts LLC now owns 673,369 shares of the real estate investment trust’s stock valued at $232,000 after purchasing an additional 654,136 shares in the last quarter. Finally, Millennium Management LLC grew its holdings 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 purchasing an additional 28,039 shares in the last quarter. 69.25% of the stock is currently 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.