National HealthCare Corp. executives have run the numbers on last week's broad legal settlement with two nonprofits. The operator of nursing homes will pay more than $6.6 million to the receiver for ElderTrust and SeniorTrust and its final tab comes to $4 million pre-tax, $2.5 million after taxes.
Todd Stender said this week that shares of National Health Investors have gotten ahead of the market a bit after a 15 percent run in the past three months. The Wells Fargo Securities analyst has downgraded the stock (Ticker: NHI) to 'market perform' from 'outperform.'
Stender's move came shortly after NHI filed with the Securities and Exchange Commission a note updating investors on the status of its legal battle with a nonprofit that owns seven nursing homes. ElderTrust of Florida, NHI execs wrote, has apparently stopped making principal payments on its mortgage with the Murfreesboro company. Attorneys have filed papers to put ElderTrust into default status.