Bank of New York Mellon Corp Raises Stake in Potlatchdeltic Corp (NASDAQ:PCH)
Bank of New York Mellon Corp boosted its holdings in shares of Potlatchdeltic Corp (NASDAQ:PCH) by 18.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,570,624 shares of the real estate investment trust’s stock after purchasing an additional 241,315 shares during the period. Bank of New York Mellon Corp owned approximately 2.35% of Potlatchdeltic worth $49,302,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the business. Pictet Asset Management Ltd. grew its position in Potlatchdeltic by 3.3% during the 4th quarter. Pictet Asset Management Ltd. now owns 2,383,400 shares of the real estate investment trust’s stock worth $103,130,000 after purchasing an additional 76,514 shares during the last quarter. Norges Bank purchased a new position in Potlatchdeltic during the 4th quarter worth $63,508,000. Geode Capital Management LLC grew its position in Potlatchdeltic by 6.2% during the 4th quarter. Geode Capital Management LLC now owns 946,956 shares of the real estate investment trust’s stock worth $40,974,000 after purchasing an additional 55,460 shares during the last quarter. Advisory Research Inc. grew its position in Potlatchdeltic by 13.0% during the 4th quarter. Advisory Research Inc. now owns 695,676 shares of the real estate investment trust’s stock worth $30,102,000 after purchasing an additional 79,985 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Potlatchdeltic by 46.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 653,462 shares of the real estate investment trust’s stock valued at $28,275,000 after acquiring an additional 207,609 shares in the last quarter. 85.78% of the stock is currently owned by institutional investors.
Shares of NASDAQ PCH opened at $33.71 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.53 and a debt-to-equity ratio of 0.62. Potlatchdeltic Corp has a 52 week low of $22.40 and a 52 week high of $45.42. The firm has a 50-day moving average price of $31.76 and a 200 day moving average price of $38.50. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 71.72 and a beta of 1.35.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Friday, June 5th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 4.75%. The ex-dividend date is Thursday, June 4th. Potlatchdeltic’s payout ratio is currently 200.00%.
Several brokerages have recently weighed in on PCH. BidaskClub downgraded shares of Potlatchdeltic from a “buy” rating to a “hold” rating in a report on Thursday, May 14th. Zacks Investment Research raised shares of Potlatchdeltic from a “strong sell” rating to a “hold” rating in a report on Thursday, April 2nd. DA Davidson lowered their target price on shares of Potlatchdeltic from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $30.00 target price on shares of Potlatchdeltic in a report on Thursday, April 16th. Finally, Raymond James lifted their target price on shares of Potlatchdeltic from $34.00 to $38.00 and gave the company an “outperform” rating in a report on Monday, May 4th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Potlatchdeltic currently has a consensus rating of “Hold” and an average target price of $41.80.
In other Potlatchdeltic news, Director Larry Peiros bought 6,500 shares of the business’s stock in a transaction on Monday, May 4th. The stock was bought at an average price of $33.00 per share, for a total transaction of $214,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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.
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