Bank of America Corp DE Acquires New Shares in LTC Properties, Inc. $LTC

Key Points

• Bank of America acquired 171,167 shares of LTC Properties during the second quarter, worth approximately $6.6 million and representing a 0.32% stake. Other institutions, including BlackRock and Legal & General, also initiated or increased positions, with institutional investors owning 69.25% of the stock.
• LTC Properties reported quarterly EPS of $0.56, exceeding the $0.48 analyst consensus, while revenue rose 63.6% year over year to $98.08 million. The stock recently traded near its 52-week high at $43.02.
• The healthcare REIT declared a monthly dividend of $0.19 per share, equivalent to a $2.28 annualized payout and a 5.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $45.33.

Bank of America Corp DE acquired a new position in shares of LTC Properties, Inc. (NYSE:LTC - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 171,167 shares of the real estate investment trust's stock, valued at approximately $6,581,000. Bank of America Corp DE owned 0.32% of LTC Properties at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in LTC. Legal & General Group Plc purchased a new stake in shares of LTC Properties during the 2nd quarter worth about $11,300,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of LTC Properties in the 2nd quarter valued at about $1,194,000. BlackRock Inc. acquired a new position in LTC Properties in the 2nd quarter worth about $345,915,000. Public Employees Retirement System of Ohio raised its holdings in LTC Properties by 232.5% in the 1st quarter. Public Employees Retirement System of Ohio now owns 54,420 shares of the real estate investment trust's stock worth $2,022,000 after purchasing an additional 38,054 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in LTC Properties during the second quarter worth approximately $1,632,000. 69.25% of the stock is owned by hedge funds and other institutional investors.

LTC Properties Stock Performance

NYSE LTC opened at $43.02 on Monday. The company has a market cap of $2.32 billion, a PE ratio of 15.87 and a beta of 0.58. The stock's 50 day simple moving average is $41.20 and its 200-day simple moving average is $39.26. LTC Properties, Inc. has a 1-year low of $33.64 and a 1-year high of $43.60. The company has a debt-to-equity ratio of 0.58, a current ratio of 8.60 and a quick ratio of 8.60.

LTC Properties (NYSE:LTC - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.48 by $0.08. LTC Properties had a return on equity of 11.42% and a net margin of 38.84%.The firm had revenue of $98.08 million for the quarter, compared to analyst estimates of $79.01 million. During the same period in the previous year, the company posted $0.68 earnings per share. The business's revenue was up 63.6% on a year-over-year basis. LTC Properties has set its FY 2026 guidance at 2.760-2.780 EPS. As a group, equities research analysts anticipate that LTC Properties, Inc. will post 2.78 EPS for the current fiscal year.

LTC Properties Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 22nd will be paid a dividend of $0.19 per share. This represents a $2.28 annualized dividend and a yield of 5.3%. The ex-dividend date of this dividend is Tuesday, September 22nd. LTC Properties's payout ratio is 84.13%.

Insider Buying and Selling at LTC Properties

In other news, Director Timothy Triche sold 3,125 shares of the stock in a transaction dated Monday, July 13th. The shares were sold at an average price of $39.54, for a total value of $123,562.50. Following the completion of the sale, the director directly owned 37,786 shares in the company, valued at $1,494,058.44. This represents a 7.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David L. Gruber purchased 3,500 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was acquired at an average cost of $38.30 per share, for a total transaction of $134,050.00. Following the completion of the purchase, the director owned 47,545 shares of the company's stock, valued at approximately $1,820,973.50. This represents a 7.95% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 2.20% of the company's stock.

Analyst Upgrades and Downgrades

LTC has been the subject of a number of recent analyst reports. Royal Bank Of Canada upgraded LTC Properties from a "sector perform" rating to an "outperform" rating and boosted their price objective for the company from $41.00 to $45.00 in a research report on Friday, August 14th. Wells Fargo & Company increased their target price on LTC Properties from $40.00 to $42.00 and gave the company an "equal weight" rating in a research report on Tuesday, September 1st. Nomura raised shares of LTC Properties to a "neutral" rating in a research note on Friday, August 14th. Weiss Ratings lowered shares of LTC Properties from a "buy (b+)" rating to a "buy (b)" rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of LTC Properties from a "hold" rating to a "buy" rating and set a $55.00 price objective for the company in a research report on Thursday, August 27th. Six investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $45.33.

LTC Properties Company Profile

LTC Properties, Inc is a real estate investment trust (REIT) that invests in healthcare-related real estate, with a primary focus on senior housing and skilled nursing properties. The company owns, finances and leases properties to healthcare operators that provide long-term care and related services.

LTC's portfolio activities include investments in assisted living communities, independent living facilities, memory care properties and skilled nursing centers. In addition to owning and leasing real estate, the company may provide mortgage loans and other financing to operators and participate in investments through joint ventures.

Founded in 1992 and headquartered in Westlake Village, California, LTC Properties serves the United States market.

Want to see what other hedge funds are holding LTC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for LTC Properties, Inc. (NYSE:LTC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.