Securian Asset Management Inc lifted its stake in shares of Potlatchdeltic Corp (NASDAQ:PCH) by 34.7% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 36,484 shares of the real estate investment trust’s stock after buying an additional 9,393 shares during the quarter. Securian Asset Management Inc’s holdings in Potlatchdeltic were worth $1,494,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Contravisory Investment Management Inc. acquired a new stake in shares of Potlatchdeltic during the 2nd quarter worth about $142,000. NumerixS Investment Technologies Inc acquired a new stake in shares of Potlatchdeltic during the 2nd quarter worth about $171,000. Itau Unibanco Holding S.A. acquired a new stake in shares of Potlatchdeltic during the 2nd quarter worth about $236,000. Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of Potlatchdeltic during the 2nd quarter worth about $239,000. Finally, Marshall Wace LLP acquired a new stake in shares of Potlatchdeltic during the 2nd quarter worth about $289,000. Institutional investors and hedge funds own 83.51% of the company’s stock.
NASDAQ PCH opened at $36.74 on Tuesday. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of 15.57, a PEG ratio of 2.34 and a beta of 1.10. The company has a debt-to-equity ratio of 0.58, a current ratio of 3.21 and a quick ratio of 2.40. Potlatchdeltic Corp has a 1-year low of $33.09 and a 1-year high of $55.75.
The company also recently announced a special dividend, which will be paid on Thursday, November 15th. Shareholders of record on Thursday, September 27th will be given a $3.54 dividend. This represents a yield of 3.31%. The ex-dividend date of this dividend is Thursday, September 13th. Potlatchdeltic’s dividend payout ratio is currently 67.80%.
Potlatchdeltic declared that its Board of Directors has initiated a stock repurchase plan on Thursday, August 30th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the real estate investment trust to buy up to 3.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
A number of analysts recently issued reports on the company. DA Davidson raised Potlatchdeltic from a “neutral” rating to a “buy” rating in a research report on Tuesday. BidaskClub raised Potlatchdeltic from a “strong sell” rating to a “sell” rating in a research report on Friday, August 17th. ValuEngine raised Potlatchdeltic from a “strong sell” rating to a “sell” rating in a research report on Monday. Finally, Zacks Investment Research raised Potlatchdeltic from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Wednesday, July 11th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $50.83.
In other Potlatchdeltic news, VP Lorrie D. Scott sold 1,500 shares of Potlatchdeltic stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $47.06, for a total value of $70,590.00. Following the completion of the transaction, the vice president now directly owns 14,586 shares of the company’s stock, valued at approximately $686,417.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 3.00% of the company’s stock.
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.
Further Reading: Momentum Indicator: Relative Strength Index
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