Northern Trust Corp cut its position in shares of LTC Properties Inc (NYSE:LTC) by 51.5% in the second quarter, HoldingsChannel reports. The firm owned 720,379 shares of the real estate investment trust’s stock after selling 764,827 shares during the period. Northern Trust Corp’s holdings in LTC Properties were worth $30,788,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in shares of LTC Properties by 0.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 719,459 shares of the real estate investment trust’s stock worth $30,750,000 after purchasing an additional 3,021 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of LTC Properties by 11.2% in the 2nd quarter. Macquarie Group Ltd. now owns 17,875 shares of the real estate investment trust’s stock valued at $764,000 after acquiring an additional 1,800 shares in the last quarter. First Republic Investment Management Inc. bought a new position in shares of LTC Properties in the 2nd quarter valued at approximately $638,000. Itau Unibanco Holding S.A. bought a new position in shares of LTC Properties in the 2nd quarter valued at approximately $191,000. Finally, Stephens Inc. AR bought a new position in shares of LTC Properties in the 2nd quarter valued at approximately $1,643,000. 75.11% of the stock is owned by institutional investors.
A number of research analysts recently weighed in on the company. Zacks Investment Research raised LTC Properties from a “hold” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Tuesday, August 14th. Cantor Fitzgerald reissued a “buy” rating and issued a $46.00 price objective (up from $45.00) on shares of LTC Properties in a research note on Thursday, August 9th. TheStreet raised LTC Properties from a “c+” rating to a “b-” rating in a research note on Thursday, June 28th. Stifel Nicolaus set a $43.00 price objective on LTC Properties and gave the company a “hold” rating in a research note on Thursday, August 9th. Finally, ValuEngine raised LTC Properties from a “sell” rating to a “hold” rating in a research note on Wednesday, August 15th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $42.50.
Shares of LTC stock opened at $42.82 on Tuesday. The company has a current ratio of 8.26, a quick ratio of 8.26 and a debt-to-equity ratio of 0.81. LTC Properties Inc has a twelve month low of $34.46 and a twelve month high of $49.59. The company has a market capitalization of $1.72 billion, a P/E ratio of 13.81, a P/E/G ratio of 3.61 and a beta of 0.08.
LTC Properties (NYSE:LTC) last issued its quarterly earnings data on Wednesday, August 8th. The real estate investment trust reported $1.73 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.98. The business had revenue of $33.93 million for the quarter, compared to the consensus estimate of $34.55 million. LTC Properties had a return on equity of 16.84% and a net margin of 77.94%. On average, research analysts forecast that LTC Properties Inc will post 3.01 EPS for the current year.
The firm also recently announced a oct 18 dividend, which will be paid on Wednesday, October 31st. Shareholders of record on Tuesday, October 23rd will be issued a $0.19 dividend. The ex-dividend date of this dividend is Monday, October 22nd. LTC Properties’s dividend payout ratio (DPR) is currently 73.55%.
LTC Properties Company Profile
LTC Properties (NYSE: LTC) is a self-administered real estate investment trust that primarily invests in seniors housing and health care properties primarily through sale-leaseback transactions, mortgage financing and structured finance solutions including preferred equity and mezzanine lending. At June 30, 2018, LTC had 199 investments located in 28 states comprising 102 assisted living communities, 96 skilled nursing centers and one behavioral health care hospital.
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