LTC Properties (NYSE:LTC) had its target price decreased by Wells Fargo & Co from $43.00 to $28.00 in a research report issued on Thursday, BenzingaRatingsTable reports. The brokerage presently has an “underweight” rating on the real estate investment trust’s stock. Wells Fargo & Co‘s price target indicates a potential downside of 5.51% from the stock’s previous close.
A number of other equities research analysts have also recently commented on the stock. Berenberg Bank upgraded shares of LTC Properties from a “hold” rating to a “buy” rating and set a $55.00 target price for the company in a research report on Wednesday, February 26th. Zacks Investment Research upgraded shares of LTC Properties from a “sell” rating to a “hold” rating in a research report on Wednesday, February 26th. Finally, Mizuho restated a “neutral” rating and set a $42.00 price objective on shares of LTC Properties in a research report on Friday, December 20th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $41.33.
Shares of NYSE LTC traded down $0.38 during mid-day trading on Thursday, reaching $29.63. The company’s stock had a trading volume of 109,574 shares, compared to its average volume of 580,993. The stock has a 50-day moving average of $42.27 and a two-hundred day moving average of $46.46. The stock has a market capitalization of $1.20 billion, a P/E ratio of 14.74 and a beta of 0.38. The company has a debt-to-equity ratio of 0.88, a quick ratio of 9.85 and a current ratio of 9.85. LTC Properties has a 1-year low of $24.49 and a 1-year high of $53.04.
In other news, Director James Pieczynski acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $45.05 per share, for a total transaction of $45,050.00. Following the completion of the transaction, the director now owns 23,280 shares in the company, valued at $1,048,764. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in LTC. Norges Bank acquired a new stake in LTC Properties during the fourth quarter worth about $24,017,000. Bank of New York Mellon Corp increased its position in shares of LTC Properties by 25.9% during the fourth quarter. Bank of New York Mellon Corp now owns 1,129,621 shares of the real estate investment trust’s stock valued at $50,574,000 after acquiring an additional 232,371 shares during the last quarter. Geode Capital Management LLC increased its position in shares of LTC Properties by 10.1% during the fourth quarter. Geode Capital Management LLC now owns 687,030 shares of the real estate investment trust’s stock valued at $30,758,000 after acquiring an additional 63,054 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of LTC Properties by 49.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 175,385 shares of the real estate investment trust’s stock valued at $7,852,000 after acquiring an additional 58,295 shares during the last quarter. Finally, State Street Corp increased its position in shares of LTC Properties by 1.5% during the third quarter. State Street Corp now owns 2,455,170 shares of the real estate investment trust’s stock valued at $125,754,000 after acquiring an additional 36,891 shares during the last quarter. Hedge funds and other institutional investors own 76.58% of the company’s stock.
About LTC Properties
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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