Comerica Bank cut its stake in LTC Properties, Inc. (NYSE:LTC) by 2.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 94,192 shares of the real estate investment trust’s stock after selling 2,197 shares during the period. Comerica Bank owned about 0.24% of LTC Properties worth $4,830,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of LTC Properties by 12.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,266 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 256 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of LTC Properties by 39.1% in the first quarter. Daiwa Securities Group Inc. now owns 3,200 shares of the real estate investment trust’s stock valued at $153,000 after buying an additional 900 shares during the period. Ameritas Investment Partners Inc. purchased a new position in shares of LTC Properties during the first quarter valued at about $156,000. Park Avenue Securities LLC purchased a new position in shares of LTC Properties during the second quarter valued at about $207,000. Finally, Campbell & CO Investment Adviser LLC purchased a new position in shares of LTC Properties during the second quarter valued at about $203,000. 83.33% of the stock is owned by institutional investors and hedge funds.
Shares of LTC Properties, Inc. (NYSE:LTC) opened at 48.32 on Friday. LTC Properties, Inc. has a 52 week low of $43.17 and a 52 week high of $54.20. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of 21.24 and a beta of 0.12. The stock has a 50 day moving average of $49.82 and a 200-day moving average of $48.58.
LTC Properties (NYSE:LTC) last issued its quarterly earnings data on Wednesday, August 9th. The real estate investment trust reported $0.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.01. LTC Properties had a return on equity of 11.99% and a net margin of 53.36%. The company had revenue of $42.47 million during the quarter, compared to analysts’ expectations of $35.08 million. On average, analysts anticipate that LTC Properties, Inc. will post $2.19 EPS for the current year.
The company also recently disclosed a monthly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Wednesday, August 23rd will be paid a $0.19 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date of this dividend is Monday, August 21st. LTC Properties’s dividend payout ratio is currently 100.00%.
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LTC has been the subject of a number of research analyst reports. Stifel Nicolaus set a $46.00 price target on shares of LTC Properties and gave the stock a “hold” rating in a research note on Sunday, August 13th. BMO Capital Markets lowered shares of LTC Properties from a “market perform” rating to an “underperform” rating and reduced their price target for the stock from $50.00 to $44.00 in a research note on Friday, August 11th. BidaskClub lowered shares of LTC Properties from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. Zacks Investment Research lowered shares of LTC Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. Finally, Mizuho reiterated a “neutral” rating on shares of LTC Properties in a research note on Wednesday, June 28th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. LTC Properties presently has an average rating of “Hold” and a consensus target price of $50.60.
LTC Properties Company Profile
LTC Properties Inc is a healthcare real estate investment trust (REIT). The Company invests in senior housing and healthcare properties through sale-leaseback transactions, mortgage financing and structured finance solutions, including mezzanine lending. It invests in various properties, including Skilled nursing facilities (SNF), Assisted living facilities (ALF), Independent living facilities (ILF), Memory care facilities (MC) and Range of care facilities (ROC).
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