PNC Financial Services Group Inc. boosted its stake in LTC Properties Inc. (NYSE:LTC) by 469.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,989 shares of the real estate investment trust’s stock after buying an additional 2,464 shares during the period. PNC Financial Services Group Inc.’s holdings in LTC Properties were worth $154,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Societe Generale bought a new stake in LTC Properties during the second quarter valued at approximately $131,000. Quantbot Technologies LP raised its stake in LTC Properties by 51.9% in the second quarter. Quantbot Technologies LP now owns 3,758 shares of the real estate investment trust’s stock valued at $194,000 after buying an additional 1,284 shares during the period. M&T Bank Corp bought a new stake in LTC Properties during the second quarter valued at approximately $298,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in LTC Properties by 8.7% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 6,252 shares of the real estate investment trust’s stock valued at $323,000 after buying an additional 501 shares during the period. Finally, Mizuho Trust & Banking Co. Ltd. raised its stake in LTC Properties by 4.7% in the second quarter. Mizuho Trust & Banking Co. Ltd. now owns 7,333 shares of the real estate investment trust’s stock valued at $379,000 after buying an additional 332 shares during the period. Hedge funds and other institutional investors own 82.89% of the company’s stock.
Shares of LTC Properties Inc. (NYSE:LTC) traded down 0.24% during mid-day trading on Friday, hitting $48.92. The stock had a trading volume of 182,521 shares. LTC Properties Inc. has a 52-week low of $40.02 and a 52-week high of $54.20. The company has a market cap of $1.92 billion, a PE ratio of 23.17 and a beta of 0.36. The stock has a 50 day moving average price of $51.68 and a 200-day moving average price of $49.68.
LTC Properties (NYSE:LTC) last posted its earnings results on Monday, August 1st. The real estate investment trust reported $0.77 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.77. LTC Properties had a return on equity of 11.83% and a net margin of 52.62%. The business earned $40 million during the quarter, compared to the consensus estimate of $33.66 million. During the same period in the previous year, the business earned $0.67 EPS. On average, equities analysts expect that LTC Properties Inc. will post $3.06 earnings per share for the current fiscal year.
The company also recently announced a monthly dividend, which will be paid on Wednesday, November 30th. Stockholders of record on Tuesday, November 22nd will be issued a $0.19 dividend. This represents a $2.28 annualized dividend and a dividend yield of 4.66%. The ex-dividend date of this dividend is Friday, November 18th. LTC Properties’s payout ratio is currently 102.37%.
LTC has been the topic of several analyst reports. Cantor Fitzgerald reaffirmed a “buy” rating on shares of LTC Properties in a report on Friday, September 9th. Zacks Investment Research lowered LTC Properties from a “hold” rating to a “sell” rating in a report on Wednesday. Royal Bank Of Canada lowered LTC Properties from an “outperform” rating to a “sector perform” rating and set a $50.00 price objective on the stock. in a report on Friday, June 17th. Mizuho lowered LTC Properties from a “buy” rating to a “neutral” rating and set a $53.00 price objective on the stock. in a report on Monday, July 18th. Finally, Hilliard Lyons lowered LTC Properties from a “neutral” rating to an “underperform” rating in a report on Wednesday, June 29th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. LTC Properties has an average rating of “Hold” and a consensus price target of $53.00.
In other news, Director Timothy Triche sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 30th. The stock was sold at an average price of $52.13, for a total value of $104,260.00. Following the completion of the sale, the director now directly owns 36,188 shares of the company’s stock, valued at approximately $1,886,480.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.70% of the stock is owned by insiders.
LTC Properties Company Profile
LTC Properties Inc is a healthcare real estate investment trust. The Company invests in senior housing and long-term care properties through acquisitions, development, mortgage loans and other investments. Its primary senior housing and long term healthcare property types include skilled nursing properties (SNF), assisted living properties (ALF), independent living properties (ILF), memory care properties (MC) and combinations thereof.
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