HCP Inc. (
touched a 52-week high of $49.91 on Thursday, Mar 28, 2013, as it
gained momentum from better-than-expected fourth-quarter 2012
results. The closing price of this healthcare real estate
investment trust (REIT) on Mar 28, 2013 was $49.86, representing
a solid year-to-date return of 10.7%. The average trading volume
over the last 3 months was 2.87 million shares.
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Despite hitting its 52-week high, this Zacks Rank #3 (Hold) stock
has plenty of upside left given its strong estimate revisions
over the last 30 days.
HCP reported improved fourth-quarter 2012 results with core FFO
and revenues beating the Zacks Consensus Estimate. HCP's
diversified portfolio, which provides a steady source of income,
drove the quarterly results. Also, the closure of the Senior
Housing portfolio acquisition during the fourth quarter boosted
the company's portfolio diversification activity. Alongside, the
dividend hike during the quarter boosted investors' confidence in
On Feb 12, HCP reported fourth-quarter 2012 adjusted FFO (funds
from operations) per share of 72 cents, a penny ahead of the
Zacks Consensus Estimate and a nickel above the prior-year
quarter figure. The results were driven by better-than-expected
growth in revenues. For full year 2012, adjusted FFO came in at
$2.78 per share, a cent above the Zacks Consensus Estimate of
$2.77 per share and exceeded the prior-year figure of $2.69 per
Notably, HCP has now delivered positive earnings surprises in 4
straight quarters with an average beat of 1.44%.
Over the last 30 days, the Zacks Consensus Estimate for full-year
2013 has remained unchanged at $2.97 per share. On the other
hand, the Zacks Consensus Estimate for full-year 2014 has moved
up marginally to $3.15 per share.
On Mar 28, a number of REITs crafted 52-week highs. This includes
Plum Creek Timber Co. Inc. (
Health Care REIT, Inc. (
The Macerich Company (
Note: Funds from operations, a widely accepted and reported
measure of REITs performance, are derived by adding depreciation,
amortization and other non-cash expenses to net income.