Harbor Capital Advisors Inc. Invests $36,000 in LTC Properties, Inc. (NYSE:LTC)

Harbor Capital Advisors Inc. acquired a new position in LTC Properties, Inc. (NYSE:LTC) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 989 shares of the real estate investment trust’s stock, valued at approximately $36,000.

A number of other hedge funds have also recently made changes to their positions in LTC. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in LTC Properties by 180.4% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 47,034 shares of the real estate investment trust’s stock worth $1,623,000 after purchasing an additional 30,258 shares in the last quarter. Cetera Advisors LLC purchased a new stake in shares of LTC Properties in the first quarter worth about $276,000. Strategic Financial Concepts LLC boosted its stake in LTC Properties by 3,401.1% during the second quarter. Strategic Financial Concepts LLC now owns 673,369 shares of the real estate investment trust’s stock valued at $232,000 after buying an additional 654,136 shares during the last quarter. abrdn plc boosted its stake in LTC Properties by 25.7% during the third quarter. abrdn plc now owns 238,793 shares of the real estate investment trust’s stock valued at $8,761,000 after buying an additional 48,869 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in LTC Properties by 33.7% during the second quarter. Millennium Management LLC now owns 111,188 shares of the real estate investment trust’s stock valued at $3,836,000 after buying an additional 28,039 shares during the last quarter. Institutional investors own 69.25% of the company’s stock.

LTC Properties Price Performance

Shares of LTC Properties stock opened at $39.30 on Friday. The firm has a market cap of $1.78 billion, a PE ratio of 16.87 and a beta of 0.90. LTC Properties, Inc. has a 12 month low of $30.30 and a 12 month high of $39.67. The stock has a 50 day moving average of $36.71 and a 200 day moving average of $35.50. The company has a current ratio of 11.60, a quick ratio of 11.60 and a debt-to-equity ratio of 0.75.

LTC Properties (NYSE:LTC) last posted its quarterly earnings data on Monday, October 28th. The real estate investment trust reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.05). The company had revenue of $55.78 million during the quarter, compared to the consensus estimate of $35.45 million. LTC Properties had a net margin of 48.77% and a return on equity of 10.49%. LTC Properties’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.65 earnings per share. On average, research analysts expect that LTC Properties, Inc. will post 2.79 EPS for the current fiscal year.

LTC Properties Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, November 29th. Stockholders of record on Thursday, November 21st will be paid a $0.19 dividend. This represents a $2.28 annualized dividend and a dividend yield of 5.80%. The ex-dividend date of this dividend is Thursday, November 21st. LTC Properties’s payout ratio is 97.85%.

Insider Activity

In other news, insider Clint B. Malin sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $38.75, for a total value of $232,500.00. Following the completion of the sale, the insider now directly owns 158,585 shares of the company’s stock, valued at $6,145,168.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Timothy Triche sold 5,000 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $36.45, for a total value of $182,250.00. Following the sale, the director now directly owns 34,522 shares in the company, valued at approximately $1,258,326.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Clint B. Malin sold 6,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $38.75, for a total value of $232,500.00. Following the completion of the sale, the insider now owns 158,585 shares in the company, valued at approximately $6,145,168.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

LTC has been the subject of a number of research reports. Wedbush reissued an “outperform” rating and set a $40.00 price target on shares of LTC Properties in a research note on Friday, September 20th. Wells Fargo & Company reissued an “equal weight” rating and set a $37.00 price target (up from $36.00) on shares of LTC Properties in a research note on Tuesday, October 1st.

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's investment portfolio includes 201 properties in 26 states with 29 operating partners.