Retirement Systems of Alabama increased its holdings in Potlatchdeltic Corp (NASDAQ:PCH) by 1.8% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 170,683 shares of the real estate investment trust’s stock after buying an additional 3,072 shares during the quarter. Retirement Systems of Alabama’s holdings in Potlatchdeltic were worth $6,989,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PCH. Dimensional Fund Advisors LP bought a new stake in shares of Potlatchdeltic during the 1st quarter valued at about $18,183,000. UBS Group AG grew its stake in shares of Potlatchdeltic by 41.0% during the 1st quarter. UBS Group AG now owns 28,086 shares of the real estate investment trust’s stock valued at $1,462,000 after purchasing an additional 8,167 shares during the period. Guggenheim Capital LLC grew its stake in shares of Potlatchdeltic by 33.4% during the 1st quarter. Guggenheim Capital LLC now owns 67,053 shares of the real estate investment trust’s stock valued at $3,488,000 after purchasing an additional 16,788 shares during the period. Legal & General Group Plc grew its stake in shares of Potlatchdeltic by 67.2% during the 1st quarter. Legal & General Group Plc now owns 60,001 shares of the real estate investment trust’s stock valued at $3,123,000 after purchasing an additional 24,112 shares during the period. Finally, Xact Kapitalforvaltning AB grew its stake in shares of Potlatchdeltic by 111.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 8,732 shares of the real estate investment trust’s stock valued at $455,000 after purchasing an additional 4,602 shares during the period. Institutional investors own 83.51% of the company’s stock.
PCH stock opened at $37.13 on Friday. Potlatchdeltic Corp has a twelve month low of $33.09 and a twelve month high of $55.75. The company has a debt-to-equity ratio of 0.66, a quick ratio of 2.40 and a current ratio of 0.87. The stock has a market cap of $2.33 billion, a PE ratio of 15.73, a P/E/G ratio of 2.80 and a beta of 1.16.
Potlatchdeltic (NASDAQ:PCH) last posted its quarterly earnings data on Monday, October 29th. The real estate investment trust reported $0.87 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.01). Potlatchdeltic had a net margin of 14.23% and a return on equity of 15.77%. The company had revenue of $289.20 million for the quarter, compared to analysts’ expectations of $288.27 million. During the same period in the previous year, the firm earned $0.82 earnings per share. The firm’s quarterly revenue was up 51.9% on a year-over-year basis. As a group, equities analysts forecast that Potlatchdeltic Corp will post 2.45 earnings per share for the current fiscal year.
Potlatchdeltic declared that its board has authorized a share buyback plan on Thursday, August 30th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase up to 3.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a special dividend, which will be paid on Thursday, November 15th. Stockholders of record on Thursday, September 27th will be given a dividend of $3.54 per share. The ex-dividend date is Thursday, September 13th. This represents a dividend yield of 3.31%. Potlatchdeltic’s payout ratio is currently 67.80%.
A number of research firms have issued reports on PCH. BidaskClub downgraded Potlatchdeltic from a “buy” rating to a “hold” rating in a research note on Tuesday, July 17th. DA Davidson upgraded Potlatchdeltic from a “neutral” rating to a “buy” rating and cut their price target for the company from $52.00 to $50.00 in a research note on Tuesday, October 30th. They noted that the move was a valuation call. Finally, ValuEngine downgraded Potlatchdeltic from a “sell” rating to a “strong sell” rating in a research note on Friday, September 28th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $51.00.
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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