Prudential Financial Inc. lessened its position in LTC Properties Inc (NYSE:LTC) by 1.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 64,529 shares of the real estate investment trust’s stock after selling 620 shares during the quarter. Prudential Financial Inc.’s holdings in LTC Properties were worth $2,946,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of LTC. Schroder Investment Management Group purchased a new stake in shares of LTC Properties in the 2nd quarter valued at $11,714,000. PNC Financial Services Group Inc. boosted its position in shares of LTC Properties by 1,596.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 91,393 shares of the real estate investment trust’s stock worth $4,186,000 after acquiring an additional 86,007 shares in the last quarter. First Trust Advisors LP boosted its position in shares of LTC Properties by 118.0% during the 2nd quarter. First Trust Advisors LP now owns 119,889 shares of the real estate investment trust’s stock worth $5,474,000 after acquiring an additional 64,898 shares in the last quarter. BlackRock Inc. boosted its position in shares of LTC Properties by 0.7% during the 1st quarter. BlackRock Inc. now owns 6,947,378 shares of the real estate investment trust’s stock worth $318,191,000 after acquiring an additional 47,476 shares in the last quarter. Finally, Raymond James & Associates boosted its position in shares of LTC Properties by 127.9% during the 1st quarter. Raymond James & Associates now owns 65,330 shares of the real estate investment trust’s stock worth $2,992,000 after acquiring an additional 36,664 shares in the last quarter. Hedge funds and other institutional investors own 75.78% of the company’s stock.
In other LTC Properties news, CEO Wendy Simpson sold 7,000 shares of the firm’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $49.20, for a total transaction of $344,400.00. Following the transaction, the chief executive officer now directly owns 379,365 shares of the company’s stock, valued at approximately $18,664,758. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy Triche sold 2,800 shares of the firm’s stock in a transaction on Wednesday, June 19th. The stock was sold at an average price of $46.15, for a total transaction of $129,220.00. Following the transaction, the director now directly owns 36,362 shares in the company, valued at $1,678,106.30. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by insiders.
LTC Properties (NYSE:LTC) last announced its earnings results on Thursday, August 8th. The real estate investment trust reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.25). The firm had revenue of $38.28 million during the quarter, compared to analyst estimates of $30.54 million. LTC Properties had a net margin of 63.58% and a return on equity of 13.18%. On average, analysts anticipate that LTC Properties Inc will post 3.06 EPS for the current fiscal year.
The company also recently declared a dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 20th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Thursday, September 19th. LTC Properties’s dividend payout ratio (DPR) is 74.51%.
Several research firms have recently issued reports on LTC. Credit Suisse Group began coverage on LTC Properties in a research report on Wednesday, July 10th. They set an “underperform” rating and a $19.00 price objective for the company. Berenberg Bank began coverage on LTC Properties in a research report on Thursday. They set a “hold” rating and a $49.00 price objective for the company. Finally, Zacks Investment Research cut LTC Properties from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Three analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The company has an average rating of “Hold” and a consensus price target of $40.20.
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 holds more than 200 investments in 28 states with 30 operating partners.
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