Nationwide Health Properties Inc. saw its shares fall Wednesday after an analyst said the stock’s risen to a fair value.
Shares of Newport Beach-based Nationwide, which owns and invests in healthcare real estate, closed down 3% with a market value of $3.3 billion.
KeyBanc analyst Karin Ford downgraded Nationwide to “hold” from “buy” and said that investors should take their profits.
Nationwide’s shares are up about 45% since last summer.
In Ford’s report, she said she believed that HCP Inc. based in Long Beach and Ventas Inc. of Louisville, Ky., a pair of Nationwide competitors, will post more rapid growth than Nationwide.
But Nationwide’s $915 million of 28 medical office buildings from San Diego-based Pacific Medical Buildings stands to boost its revenue, Ford said.
