LTC Properties, Inc. (NYSE:LTC) to Issue $0.19 Monthly Dividend

LTC Properties, Inc. (NYSE:LTC) announced a monthly dividend on Tuesday, October 1st, Zacks reports. Stockholders of record on Wednesday, October 23rd will be paid a dividend of 0.19 per share by the real estate investment trust on Thursday, October 31st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 6.40%. The ex-dividend date of this dividend is Wednesday, October 23rd.

LTC Properties has a dividend payout ratio of 118.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect LTC Properties to earn $2.70 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 84.4%.

LTC Properties Stock Performance

Shares of LTC opened at $35.62 on Tuesday. LTC Properties has a 1 year low of $30.30 and a 1 year high of $38.28. The company’s 50 day simple moving average is $36.35 and its 200 day simple moving average is $35.00. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 18.55 and a beta of 0.91. The company has a debt-to-equity ratio of 0.88, a quick ratio of 11.29 and a current ratio of 11.29.

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 for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.22). The business had revenue of $50.12 million for the quarter, compared to analysts’ expectations of $33.47 million. LTC Properties had a return on equity of 10.22% and a net margin of 46.78%. The company’s revenue for the quarter 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. On average, sell-side analysts predict that LTC Properties will post 2.69 EPS for the current year.

Insiders Place Their Bets

In other news, Director David L. Gruber acquired 6,000 shares of LTC Properties stock in a transaction dated Friday, August 2nd. The shares were acquired at an average cost of $35.75 per share, with a total value of $214,500.00. Following the purchase, the director now directly owns 18,412 shares of the company’s stock, valued at approximately $658,229. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related 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 sale, the director now directly owns 34,522 shares in the company, valued at approximately $1,258,326.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David L. Gruber acquired 6,000 shares of LTC Properties stock in a transaction on Friday, August 2nd. The shares were bought at an average price 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. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

LTC has been the topic of several recent analyst reports. Wells Fargo & Company reiterated an “equal weight” rating and set a $37.00 price objective (up from $36.00) on shares of LTC Properties in a report on Tuesday, October 1st. Wedbush reaffirmed an “outperform” rating and set a $40.00 price target on shares of LTC Properties in a research report on Friday, September 20th.

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's investment portfolio includes 201 properties in 26 states with 29 operating partners.