Hancock Holding Co. Takes Position in Potlatch Corp. (PCH)
Hancock Holding Co. acquired a new stake in shares of Potlatch Corp. (NASDAQ:PCH) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 6,160 shares of the real estate investment trust’s stock, valued at approximately $210,000.
A number of other hedge funds have also made changes to their positions in PCH. Teacher Retirement System of Texas raised its position in Potlatch Corp. by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 5,682 shares of the real estate investment trust’s stock valued at $194,000 after buying an additional 689 shares during the period. Sterling Investment Management Inc. purchased a new position in Potlatch Corp. during the second quarter valued at $879,000. Squarepoint Ops LLC purchased a new position in Potlatch Corp. during the first quarter valued at $205,000. Bayesian Capital Management LP purchased a new position in Potlatch Corp. during the first quarter valued at $207,000. Finally, Confluence Investment Management LLC purchased a new position in Potlatch Corp. during the second quarter valued at $243,000. Institutional investors and hedge funds own 83.07% of the company’s stock.
Potlatch Corp. (NASDAQ:PCH) traded up 0.37% during midday trading on Friday, hitting $38.07. 45,184 shares of the stock were exchanged. Potlatch Corp. has a one year low of $24.01 and a one year high of $39.91. The stock’s market cap is $1.54 billion. The firm has a 50-day moving average price of $37.97 and a 200-day moving average price of $34.83.
Potlatch Corp. (NASDAQ:PCH) last posted its quarterly earnings data on Tuesday, July 26th. The real estate investment trust reported $0.13 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.07. The business earned $141.50 million during the quarter, compared to the consensus estimate of $128.70 million. Potlatch Corp. had a positive return on equity of 16.52% and a negative net margin of 0.99%. The company’s revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.02 earnings per share. On average, equities research analysts anticipate that Potlatch Corp. will post $1.06 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Tuesday, September 20th will be issued a $0.375 dividend. This represents a $1.50 annualized dividend and a dividend yield of 3.95%. The ex-dividend date is Friday, September 16th. Potlatch Corp.’s payout ratio is currently -1,000.00%.
Several equities analysts have recently weighed in on the stock. Royal Bank Of Canada lifted their target price on shares of Potlatch Corp. from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, June 17th. TheStreet raised shares of Potlatch Corp. from a “hold” rating to a “buy” rating in a report on Friday, July 22nd. DA Davidson lowered shares of Potlatch Corp. from a “buy” rating to a “neutral” rating and cut their price target for the stock from $56.00 to $40.00 in a report on Wednesday, July 27th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised shares of Potlatch Corp. from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a report on Tuesday, July 5th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $40.25.
About Potlatch Corp.
Potlatch Corporation is a real estate investment trust (REIT). The Company operates through three segments: Resource, Wood Products and Real Estate. The Resource segment management activities include planting and harvesting trees, and building and maintaining roads. Its activities also include hunting leases, recreation permits and leases, mineral rights leases, biomass production and carbon sequestration.
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