Eaton Vance Management lifted its stake in Potlatchdeltic Corp (NASDAQ:PCH) by 27.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 141,420 shares of the real estate investment trust’s stock after purchasing an additional 30,057 shares during the quarter. Eaton Vance Management owned about 0.23% of Potlatchdeltic worth $5,791,000 as of its most recent SEC filing.
Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its position in Potlatchdeltic by 8.5% during the 3rd quarter. BlackRock Inc. now owns 8,537,689 shares of the real estate investment trust’s stock worth $349,616,000 after buying an additional 666,586 shares during the last quarter. Pictet Asset Management Ltd. raised its position in Potlatchdeltic by 11.1% during the 3rd quarter. Pictet Asset Management Ltd. now owns 2,363,557 shares of the real estate investment trust’s stock worth $96,788,000 after buying an additional 237,010 shares during the last quarter. Northern Trust Corp raised its position in Potlatchdeltic by 36.9% during the 2nd quarter. Northern Trust Corp now owns 1,288,325 shares of the real estate investment trust’s stock worth $65,511,000 after buying an additional 346,939 shares during the last quarter. Brown Advisory Inc. raised its position in Potlatchdeltic by 12.6% during the 2nd quarter. Brown Advisory Inc. now owns 865,338 shares of the real estate investment trust’s stock worth $44,003,000 after buying an additional 96,929 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Potlatchdeltic by 2.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 860,763 shares of the real estate investment trust’s stock worth $35,248,000 after buying an additional 20,105 shares during the last quarter. 85.40% of the stock is owned by hedge funds and other institutional investors.
NASDAQ:PCH opened at $35.48 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.87 and a debt-to-equity ratio of 0.66. The company has a market cap of $2.23 billion, a PE ratio of 15.03, a PEG ratio of 2.91 and a beta of 1.19. Potlatchdeltic Corp has a 1-year low of $33.09 and a 1-year high of $55.75.
Potlatchdeltic (NASDAQ:PCH) last posted its earnings results on Monday, October 29th. The real estate investment trust reported $0.87 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.01). The firm had revenue of $289.20 million for the quarter, compared to analysts’ expectations of $288.27 million. Potlatchdeltic had a net margin of 14.23% and a return on equity of 15.77%. Potlatchdeltic’s revenue for the quarter was up 51.9% compared to the same quarter last year. During the same period last year, the firm earned $0.82 earnings per share. Analysts expect that Potlatchdeltic Corp will post 2.45 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 4.51%. Potlatchdeltic’s dividend payout ratio (DPR) is 67.80%.
Potlatchdeltic declared that its board has authorized a stock repurchase plan on Thursday, August 30th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the real estate investment trust to repurchase up to 3.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
A number of research firms have issued reports on PCH. BidaskClub lowered shares of Potlatchdeltic from a “sell” rating to a “strong sell” rating in a research report on Saturday, December 1st. BMO Capital Markets reduced their price target on shares of Potlatchdeltic from $49.00 to $44.00 and set a “hold” rating for the company in a research report on Wednesday, October 31st. Zacks Investment Research lowered shares of Potlatchdeltic from a “hold” rating to a “sell” rating in a research report on Wednesday, October 31st. DA Davidson raised shares of Potlatchdeltic from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $52.00 to $50.00 in a research report on Tuesday, October 30th. They noted that the move was a valuation call. Finally, ValuEngine raised shares of Potlatchdeltic from a “strong sell” rating to a “sell” rating in a research report on Monday, October 29th. Three analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $51.00.
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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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