Tocqueville Asset Management L.P. bought a new position in LTC Properties, Inc. (NYSE:LTC – Free Report) during the second quarter, Holdings Channel reports. The fund bought 123,649 shares of the real estate investment trust’s stock, valued at approximately $4,754,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of LTC Properties during the second quarter valued at $345,915,000. Bank of New York Mellon Corp acquired a new position in shares of LTC Properties in the 2nd quarter valued at $20,008,000. Eversept Partners LP purchased a new position in LTC Properties in the 1st quarter worth about $11,930,000. Goldman Sachs Group Inc. raised its holdings in LTC Properties by 177.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 323,798 shares of the real estate investment trust’s stock worth $11,132,000 after buying an additional 207,043 shares during the period. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in LTC Properties during the 4th quarter worth about $6,556,000. 69.25% of the stock is owned by institutional investors and hedge funds.
LTC Properties Stock Performance
Shares of LTC stock opened at $40.70 on Friday. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 15.02 and a beta of 0.56. LTC Properties, Inc. has a 1-year low of $33.64 and a 1-year high of $43.00. The company has a current ratio of 8.60, a quick ratio of 8.60 and a debt-to-equity ratio of 0.58. The stock’s fifty day simple moving average is $39.41 and its 200-day simple moving average is $38.67.
LTC Properties Announces Dividend
The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd will be issued a $0.19 dividend. The ex-dividend date is Tuesday, September 22nd. This represents a c) dividend on an annualized basis and a dividend yield of 5.6%. LTC Properties’s dividend payout ratio is currently 84.13%.
Insider Activity
In related news, Director David L. Gruber acquired 3,500 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were purchased at an average cost of $38.30 per share, with a total value of $134,050.00. Following the completion of the transaction, the director owned 47,545 shares of the company’s stock, valued at approximately $1,820,973.50. This trade represents a 7.95% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP David M. Boitano acquired 10,000 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were bought at an average cost of $34.77 per share, for a total transaction of $347,700.00. Following the completion of the transaction, the executive vice president directly owned 46,160 shares of the company’s stock, valued at $1,604,983.20. This represents a 27.65% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 14,000 shares of company stock worth $500,900 in the last 90 days. Company insiders own 2.20% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have commented on LTC shares. Cantor Fitzgerald reduced their price objective on shares of LTC Properties from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Monday, May 11th. Weiss Ratings reissued a “buy (b)” rating on shares of LTC Properties in a research report on Wednesday, August 5th. Wells Fargo & Company boosted their price target on shares of LTC Properties from $39.00 to $40.00 and gave the company an “equal weight” rating in a report on Monday, June 1st. Royal Bank Of Canada upgraded shares of LTC Properties from a “sector perform” rating to an “outperform” rating and upped their price target for the company from $41.00 to $45.00 in a research report on Friday, August 14th. Finally, Nomura raised shares of LTC Properties to a “neutral” rating in a research note on Friday, August 14th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $41.40.
LTC Properties Profile
LTC Properties, Inc (NYSE: LTC) is a real estate investment trust that specializes in financing and investing in long-term health care properties. The company focuses on providing capital to operators of senior housing and health care facilities through sale-leaseback transactions, mortgage financings and structured finance arrangements. Its portfolio primarily comprises skilled nursing facilities, assisted living communities and memory care centers.
Since its founding in 1992, LTC Properties has built a diversified portfolio of properties located across the United States.
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