Principal Financial Group Inc. Boosts Holdings in LTC Properties, Inc. (NYSE:LTC)

Principal Financial Group Inc. grew its position in LTC Properties, Inc. (NYSE:LTC) by 6.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 229,176 shares of the real estate investment trust’s stock after buying an additional 14,778 shares during the period. Principal Financial Group Inc. owned 0.53% of LTC Properties worth $8,408,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Strategic Financial Concepts LLC boosted its position in shares of 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 purchasing an additional 654,136 shares during the period. Vanguard Group Inc. boosted its position in shares of 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 purchasing an additional 91,963 shares during the period. abrdn plc boosted its position in shares of 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 purchasing an additional 48,869 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of 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 purchasing an additional 31,980 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in shares of LTC Properties by 180.4% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 47,034 shares of the real estate investment trust’s stock worth $1,623,000 after purchasing an additional 30,258 shares during the period. Hedge funds and other institutional investors own 69.25% of the company’s stock.

Insider Activity

In other news, Director Timothy Triche sold 5,000 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $36.45, for a total value of $182,250.00. Following the sale, the director now directly owns 34,522 shares in the company, valued at approximately $1,258,326.90. This trade represents a 12.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Clint B. Malin sold 6,000 shares of the firm’s stock in a transaction on 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 in the company, valued at $6,145,168.75. The trade was a 3.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

LTC Properties Price Performance

LTC Properties stock opened at $38.04 on Tuesday. The firm has a market cap of $1.72 billion, a PE ratio of 16.33 and a beta of 0.90. LTC Properties, Inc. has a 52-week low of $30.30 and a 52-week high of $39.89. The company has a quick ratio of 11.60, a current ratio of 11.60 and a debt-to-equity ratio of 0.75. The company’s 50 day moving average is $36.93 and its two-hundred day moving average is $35.75.

LTC Properties (NYSE:LTC) last released its earnings results on Monday, October 28th. The real estate investment trust reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.05). The business had revenue of $55.78 million for the quarter, compared to analyst estimates of $35.45 million. LTC Properties had a return on equity of 10.49% and a net margin of 48.77%. LTC Properties’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.65 earnings per share. On average, research analysts expect that LTC Properties, Inc. will post 2.79 EPS for the current fiscal year.

LTC Properties Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Thursday, November 21st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 5.99%. LTC Properties’s payout ratio is 97.85%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on LTC. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $37.00 price objective (up previously from $36.00) on shares of LTC Properties in a research report on Tuesday, October 1st. Wedbush reaffirmed an “outperform” rating and set a $40.00 price objective on shares of LTC Properties in a research report on Friday, September 20th.

LTC Properties Company Profile

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.