Bank of New York Mellon Corp Decreases Stock Holdings in LTC Properties, Inc. $LTC

Key Points

• Bank of New York Mellon reduced its LTC Properties stake by 9.1% in the first quarter, selling 50,756 shares and retaining 506,844 shares valued at approximately $18.8 million. Institutional investors collectively own 69.25% of the REIT.
• Analysts maintain a generally cautious outlook, with an average rating of “Hold” and an average price target of $40.60; ratings include three Buys and four Holds.
• LTC Properties recently exceeded quarterly earnings expectations, reporting $0.69 EPS and $94.41 million in revenue, while insiders bought shares. The company also declared a monthly $0.19 dividend, representing a 5.5% annualized yield.

Bank of New York Mellon Corp lowered its holdings in LTC Properties, Inc. (NYSE:LTC - Free Report) by 9.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 506,844 shares of the real estate investment trust's stock after selling 50,756 shares during the period. Bank of New York Mellon Corp owned approximately 1.02% of LTC Properties worth $18,834,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in LTC. Farther Finance Advisors LLC boosted its position in LTC Properties by 187.5% during the 4th quarter. Farther Finance Advisors LLC now owns 900 shares of the real estate investment trust's stock worth $31,000 after purchasing an additional 587 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in LTC Properties by 33.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,346 shares of the real estate investment trust's stock valued at $46,000 after purchasing an additional 340 shares during the period. Hantz Financial Services Inc. raised its position in LTC Properties by 27.7% in the fourth quarter. Hantz Financial Services Inc. now owns 1,606 shares of the real estate investment trust's stock valued at $55,000 after purchasing an additional 348 shares during the period. Global Retirement Partners LLC purchased a new position in LTC Properties in the fourth quarter valued at about $80,000. Finally, Rockefeller Capital Management L.P. lifted its stake in shares of LTC Properties by 23.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,534 shares of the real estate investment trust's stock worth $87,000 after purchasing an additional 482 shares in the last quarter. Hedge funds and other institutional investors own 69.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Citigroup reaffirmed a "market outperform" rating on shares of LTC Properties in a research report on Wednesday, June 10th. Cantor Fitzgerald dropped their target price on LTC Properties from $42.00 to $40.00 and set a "neutral" rating on the stock in a report on Monday, May 11th. Wells Fargo & Company boosted their price target on LTC Properties from $39.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Monday, June 1st. Finally, Weiss Ratings upgraded LTC Properties from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, May 8th. Three investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $40.60.

Insider Activity at LTC Properties

In related news, Director David L. Gruber purchased 4,000 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The shares were purchased at an average cost of $38.41 per share, with a total value of $153,640.00. Following the completion of the acquisition, the director directly owned 44,045 shares of the company's stock, valued at approximately $1,691,768.45. The trade was a 9.99% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David M. Boitano acquired 10,000 shares of the firm's stock in a transaction on Thursday, June 4th. The shares were bought at an average cost of $34.77 per share, with a total value of $347,700.00. Following the completion of the acquisition, the executive vice president owned 46,160 shares in the company, valued at $1,604,983.20. This represents a 27.65% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 2.20% of the stock is currently owned by corporate insiders.

LTC Properties Price Performance

Shares of NYSE LTC opened at $41.66 on Thursday. The company has a quick ratio of 9.20, a current ratio of 9.20 and a debt-to-equity ratio of 0.73. LTC Properties, Inc. has a fifty-two week low of $33.64 and a fifty-two week high of $43.00. The business has a 50 day moving average price of $38.60 and a two-hundred day moving average price of $38.30. The firm has a market cap of $2.13 billion, a PE ratio of 16.86 and a beta of 0.57.

LTC Properties (NYSE:LTC - Get Free Report) last announced its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.17. The company had revenue of $94.41 million for the quarter, compared to analyst estimates of $72.98 million. LTC Properties had a return on equity of 10.87% and a net margin of 38.99%.LTC Properties's quarterly revenue was up 94.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.65 EPS. LTC Properties has set its FY 2026 guidance at 2.750-2.790 EPS. Sell-side analysts expect that LTC Properties, Inc. will post 2.8 earnings per share for the current fiscal year.

LTC Properties Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 22nd will be paid a $0.19 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date is Tuesday, September 22nd. LTC Properties's payout ratio is 92.31%.

About LTC Properties

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.

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.