LTC Properties, Inc. (NYSE:LTC) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in shares of LTC Properties, Inc. (NYSE:LTC) by 6.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 229,176 shares of the real estate investment trust’s stock after acquiring an additional 14,778 shares during the quarter. Principal Financial Group Inc.’s holdings in LTC Properties were worth $8,408,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in LTC Properties by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 6,695,390 shares of the real estate investment trust’s stock worth $217,667,000 after acquiring an additional 91,963 shares in the last quarter. Strategic Financial Concepts LLC raised its stake in LTC Properties by 3,401.1% during the 2nd quarter. Strategic Financial Concepts LLC now owns 673,369 shares of the real estate investment trust’s stock worth $232,000 after acquiring an additional 654,136 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in LTC Properties by 5.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 613,935 shares of the real estate investment trust’s stock worth $21,180,000 after acquiring an additional 31,980 shares in the last quarter. abrdn plc raised its stake in LTC Properties by 25.7% during the 3rd quarter. abrdn plc now owns 238,793 shares of the real estate investment trust’s stock worth $8,761,000 after acquiring an additional 48,869 shares in the last quarter. Finally, Rhumbline Advisers grew its position in LTC Properties by 3.3% during the 2nd quarter. Rhumbline Advisers now owns 142,896 shares of the real estate investment trust’s stock worth $4,930,000 after purchasing an additional 4,516 shares during the last quarter. 69.25% of the stock is currently owned by institutional investors and hedge funds.

LTC Properties Trading Down 0.4 %

Shares of LTC Properties stock opened at $38.04 on Tuesday. LTC Properties, Inc. has a 1 year low of $30.30 and a 1 year high of $39.89. The company has a debt-to-equity ratio of 0.75, a quick ratio of 11.60 and a current ratio of 11.60. The company has a market capitalization of $1.72 billion, a P/E ratio of 16.33 and a beta of 0.90. The company’s fifty day moving average is $36.93 and its two-hundred day moving average is $35.75.

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

LTC Properties Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, November 29th. Stockholders of record on Thursday, November 21st will be issued a $0.19 dividend. This represents a $2.28 annualized dividend and a dividend yield of 5.99%. The ex-dividend date is Thursday, November 21st. LTC Properties’s payout ratio is 97.85%.

Insider Activity

In related news, Director Timothy Triche sold 5,000 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $36.45, for a total value of $182,250.00. Following the completion of the sale, the director now owns 34,522 shares in the company, valued at $1,258,326.90. This trade represents a 12.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Clint B. Malin sold 6,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $38.75, for a total transaction of $232,500.00. Following the completion of the sale, the insider now owns 158,585 shares of the company’s stock, valued at $6,145,168.75. This trade represents a 3.65 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on LTC shares. Wedbush reissued an “outperform” rating and set a $40.00 price objective on shares of LTC Properties in a research report on Friday, September 20th. Wells Fargo & Company reissued an “equal weight” rating and set a $37.00 price objective (up from $36.00) on shares of LTC Properties in a research report 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.