LTC Properties (NYSE:LTC) Price Target Raised to $53.00

LTC Properties (NYSE:LTC) had its price target lifted by Royal Bank Of Canada from $52.00 to $53.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued reports about the stock. Nomura upgraded shares of LTC Properties to a “neutral” rating in a research report on Friday, August 14th. Weiss Ratings lowered shares of LTC Properties from a “buy (b+)” rating to a “buy (b)” rating in a research report on Thursday, September 24th. Huntington began coverage on shares of LTC Properties in a research report on Tuesday, November 3rd. They issued a “strong-buy” rating on the stock. Wells Fargo & Company boosted their target price on shares of LTC Properties from $42.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Monday, October 19th. Finally, Deutsche Bank upgraded shares of LTC Properties from a “hold” rating to a “buy” rating and set a $55.00 price target for the company in a research report on Thursday, August 27th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, LTC Properties currently has an average rating of “Moderate Buy” and a consensus target price of $47.60.

LTC Properties Stock Down 0.1%

Shares of LTC opened at $43.83 on Tuesday. The firm has a market cap of $2.46 billion, a P/E ratio of 15.78 and a beta of 0.55. LTC Properties has a 12 month low of $33.64 and a 12 month high of $46.92. The stock’s 50 day moving average is $43.26 and its two-hundred day moving average is $39.86. The company has a current ratio of 10.37, a quick ratio of 10.37 and a debt-to-equity ratio of 0.58.

LTC Properties (NYSE:LTC) last announced its earnings results on Tuesday, November 3rd. The real estate investment trust reported $6.39 earnings per share for the quarter, topping the consensus estimate of $0.70 by $5.69. LTC Properties had a return on equity of 37.19% and a net margin of 127.38%. The business had revenue of $114.08 million during the quarter, compared to the consensus estimate of $86.30 million. During the same period in the prior year, the company posted $0.72 EPS. The business’s quarterly revenue was up 66.3% on a year-over-year basis. Analysts predict that LTC Properties will post 2.77 earnings per share for the current fiscal year.

LTC Properties Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Wednesday, December 23rd will be given a dividend of $0.19 per share. This represents a $2.28 annualized dividend and a dividend yield of 5.2%. The ex-dividend date is Wednesday, December 23rd. LTC Properties’s payout ratio is presently 23.90%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LTC. First Trust Advisors LP boosted its position in shares of LTC Properties by 6.8% during the 3rd quarter. First Trust Advisors LP now owns 95,830 shares of the real estate investment trust’s stock valued at $4,108,000 after acquiring an additional 6,083 shares during the last quarter. Resona Asset Management Co. Ltd. grew its holdings in shares of LTC Properties by 5.0% in the third quarter. Resona Asset Management Co. Ltd. now owns 23,563 shares of the real estate investment trust’s stock valued at $1,015,000 after purchasing an additional 1,128 shares during the period. Voya Investment Management LLC increased its position in LTC Properties by 25.4% during the third quarter. Voya Investment Management LLC now owns 82,982 shares of the real estate investment trust’s stock worth $3,557,000 after purchasing an additional 16,791 shares during the last quarter. Public Sector Pension Investment Board increased its position in LTC Properties by 33.8% during the third quarter. Public Sector Pension Investment Board now owns 235,176 shares of the real estate investment trust’s stock worth $10,122,000 after purchasing an additional 59,389 shares during the last quarter. Finally, Aberdeen Group plc increased its position in LTC Properties by 2,727.5% during the third quarter. Aberdeen Group plc now owns 4,496,798 shares of the real estate investment trust’s stock worth $192,778,000 after purchasing an additional 4,337,760 shares during the last quarter. 69.25% of the stock is owned by institutional investors and hedge funds.

About LTC Properties

LTC Properties, Inc. is a real estate investment trust focused on properties serving the senior housing and health care sectors. Its investments include assisted living, memory care, independent living and skilled nursing facilities. The company provides capital to property owners and operators through real estate investments, including property leases, mortgage loans and joint ventures. LTC generally partners with third-party operators that provide care and manage the facilities. Founded in 1992 and headquartered in Westlake Village, California, LTC invests in properties across the United States.