Russell Investments Group Ltd. boosted its stake in Potlatchdeltic Corp (NASDAQ:PCH) by 27.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 105,779 shares of the real estate investment trust’s stock after purchasing an additional 22,918 shares during the quarter. Russell Investments Group Ltd. owned about 0.17% of Potlatchdeltic worth $4,337,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NumerixS Investment Technologies Inc acquired a new position in Potlatchdeltic in the second quarter valued at about $171,000. Itau Unibanco Holding S.A. acquired a new position in Potlatchdeltic in the second quarter valued at about $236,000. Fort Washington Investment Advisors Inc. OH acquired a new position in Potlatchdeltic in the second quarter valued at about $239,000. Marshall Wace LLP acquired a new position in Potlatchdeltic in the second quarter valued at about $289,000. Finally, Riverhead Capital Management LLC grew its stake in Potlatchdeltic by 23.4% in the second quarter. Riverhead Capital Management LLC now owns 6,318 shares of the real estate investment trust’s stock valued at $321,000 after acquiring an additional 1,200 shares during the period. Institutional investors and hedge funds own 83.94% of the company’s stock.
Shares of NASDAQ PCH opened at $36.18 on Monday. Potlatchdeltic Corp has a 52 week low of $33.09 and a 52 week high of $55.75. 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 $2.27 billion, a P/E ratio of 15.33, a P/E/G ratio of 2.95 and a beta of 1.16.
Potlatchdeltic declared that its Board of Directors has approved a stock repurchase plan on Thursday, August 30th that authorizes the company to buyback $100.00 million in 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 usually a sign that the company’s board believes its stock is undervalued.
The business also recently declared a special dividend, which was paid on Thursday, November 15th. Investors of record on Thursday, September 27th were given a dividend of $3.54 per share. The ex-dividend date was Thursday, September 13th. This represents a yield of 3.31%. Potlatchdeltic’s dividend payout ratio (DPR) is presently 67.80%.
Several research analysts have recently weighed in on the company. BidaskClub cut Potlatchdeltic from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 9th. ValuEngine cut Potlatchdeltic from a “sell” rating to a “strong sell” rating in a research report on Friday, September 28th. BMO Capital Markets reduced their price objective on Potlatchdeltic from $49.00 to $44.00 and set a “hold” rating for the company in a research report on Wednesday, October 31st. Finally, DA Davidson raised Potlatchdeltic from a “neutral” rating to a “buy” rating and reduced their price objective 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. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $51.00.
Potlatchdeltic Company Profile
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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