Potlatchdeltic Corp (NASDAQ:PCH) shares dropped 0.9% during trading on Thursday . The stock traded as low as $41.45 and last traded at $42.85. Approximately 4,985 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 385,610 shares. The stock had previously closed at $42.45.
PCH has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Potlatchdeltic from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research report on Wednesday, July 11th. BidaskClub raised shares of Potlatchdeltic from a “hold” rating to a “buy” rating in a research report on Saturday, July 7th. Finally, ValuEngine raised shares of Potlatchdeltic from a “sell” rating to a “hold” rating in a research report on Monday, August 20th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. Potlatchdeltic currently has a consensus rating of “Hold” and an average target price of $50.83.
The company has a current ratio of 3.21, a quick ratio of 2.40 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $2.86 billion, a PE ratio of 17.99, a P/E/G ratio of 3.10 and a beta of 1.09.
Potlatchdeltic (NASDAQ:PCH) last posted its quarterly earnings results on Monday, July 30th. The real estate investment trust reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.14. The business had revenue of $268.20 million during the quarter, compared to analyst estimates of $271.88 million. Potlatchdeltic had a net margin of 12.72% and a return on equity of 18.57%. The firm’s revenue was up 64.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.59 earnings per share. sell-side analysts anticipate that Potlatchdeltic Corp will post 2.94 EPS for the current fiscal year.
The firm also recently disclosed a special dividend, which will be paid on Thursday, November 15th. Investors of record on Thursday, September 27th will be given a dividend of $3.54 per share. This represents a yield of 3.31%. The ex-dividend date is Thursday, September 13th. Potlatchdeltic’s payout ratio is presently 67.80%.
Potlatchdeltic declared that its Board of Directors has authorized a stock repurchase plan on Thursday, August 30th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to buy up to 3.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, VP Lorrie D. Scott sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $47.06, for a total transaction of $70,590.00. Following the transaction, the vice president now owns 14,586 shares of the company’s stock, valued at $686,417.16. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.00% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in PCH. BlackRock Inc. grew its holdings in Potlatchdeltic by 48.3% during the first quarter. BlackRock Inc. now owns 7,516,937 shares of the real estate investment trust’s stock valued at $391,258,000 after purchasing an additional 2,449,758 shares during the last quarter. Brown Advisory Inc. grew its holdings in Potlatchdeltic by 7,729.7% during the first quarter. Brown Advisory Inc. now owns 768,409 shares of the real estate investment trust’s stock valued at $39,995,000 after purchasing an additional 758,595 shares during the last quarter. Millennium Management LLC grew its holdings in Potlatchdeltic by 50.6% during the first quarter. Millennium Management LLC now owns 1,357,937 shares of the real estate investment trust’s stock valued at $70,681,000 after purchasing an additional 456,375 shares during the last quarter. Dimensional Fund Advisors LP acquired a new position in Potlatchdeltic during the first quarter valued at approximately $18,183,000. Finally, Northern Trust Corp grew its holdings in Potlatchdeltic by 36.9% during the second quarter. Northern Trust Corp now owns 1,288,325 shares of the real estate investment trust’s stock valued at $65,511,000 after purchasing an additional 346,939 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.
About Potlatchdeltic (NASDAQ:PCH)
PotlatchDeltic (NASDAQ:PCH) is a leading Real Estate Investment Trust (REIT) that owns nearly 2 million acres of timberlands in Alabama, Arkansas, Idaho, Louisiana, Minnesota and Mississippi. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a medium density fiberboard plant, a residential and commercial real estate development business and a rural timberland sales program.
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