Cibc World Markets Corp Decreases Stake in PotlatchDeltic Co. (NASDAQ:PCH)

Posted by Defense World Staff on May 21st, 2023

Cibc World Markets Corp reduced its position in PotlatchDeltic Co. (NASDAQ:PCH – Get Rating) by 20.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,025 shares of the real estate investment trust’s stock after selling 6,812 shares during the period. Cibc World Markets Corp’s holdings in PotlatchDeltic were worth $1,145,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of PotlatchDeltic by 13.8% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,311 shares of the real estate investment trust’s stock valued at $1,335,000 after purchasing an additional 3,064 shares in the last quarter. BlackRock Inc. raised its stake in shares of PotlatchDeltic by 3.0% in the 1st quarter. BlackRock Inc. now owns 8,962,038 shares of the real estate investment trust’s stock valued at $472,566,000 after purchasing an additional 258,490 shares in the last quarter. APG Asset Management N.V. raised its stake in shares of PotlatchDeltic by 99.4% in the 1st quarter. APG Asset Management N.V. now owns 32,500 shares of the real estate investment trust’s stock valued at $1,540,000 after purchasing an additional 16,200 shares in the last quarter. Great West Life Assurance Co. Can raised its stake in shares of PotlatchDeltic by 11.4% in the 1st quarter. Great West Life Assurance Co. Can now owns 39,159 shares of the real estate investment trust’s stock valued at $2,120,000 after purchasing an additional 4,003 shares in the last quarter. Finally, Yousif Capital Management LLC raised its stake in shares of PotlatchDeltic by 7.3% in the 1st quarter. Yousif Capital Management LLC now owns 37,230 shares of the real estate investment trust’s stock valued at $1,963,000 after purchasing an additional 2,546 shares in the last quarter. 80.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PCH. DA Davidson dropped their price objective on shares of PotlatchDeltic from $57.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, January 24th. Citigroup began coverage on shares of PotlatchDeltic in a research note on Wednesday, March 1st. They set a “buy” rating on the stock. Truist Financial dropped their price objective on shares of PotlatchDeltic from $48.00 to $47.00 and set a “hold” rating on the stock in a research note on Wednesday, February 1st. Finally, StockNews.com started coverage on shares of PotlatchDeltic in a research note on Thursday. They set a “sell” rating on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, PotlatchDeltic has a consensus rating of “Moderate Buy” and a consensus target price of $55.40.

Insider Activity

In other news, Director Michael J. Covey sold 48,248 shares of the stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $46.41, for a total value of $2,239,189.68. Following the completion of the transaction, the director now directly owns 116,768 shares in the company, valued at $5,419,202.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.00% of the company’s stock.

PotlatchDeltic Trading Down 1.1 %

PotlatchDeltic stock opened at $46.55 on Friday. The firm has a 50 day simple moving average of $47.56 and a 200-day simple moving average of $46.75. The company has a debt-to-equity ratio of 0.45, a current ratio of 3.78 and a quick ratio of 3.25. The stock has a market capitalization of $3.72 billion, a PE ratio of 17.84 and a beta of 1.18. PotlatchDeltic Co. has a 12-month low of $39.10 and a 12-month high of $56.09.

PotlatchDeltic (NASDAQ:PCH – Get Rating) last posted its quarterly earnings data on Monday, April 24th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.11. The business had revenue of $258.00 million during the quarter, compared to analysts’ expectations of $243.34 million. PotlatchDeltic had a net margin of 15.82% and a return on equity of 8.87%. The business’s revenue was down 37.3% on a year-over-year basis. During the same period last year, the firm posted $2.50 earnings per share. As a group, equities research analysts expect that PotlatchDeltic Co. will post 0.93 EPS for the current fiscal year.

PotlatchDeltic Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Friday, June 2nd will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 3.87%. The ex-dividend date of this dividend is Thursday, June 1st. PotlatchDeltic’s dividend payout ratio (DPR) is presently 68.97%.

About PotlatchDeltic

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PotlatchDeltic Corp. operates as a real estate investment trust, which engages in the ownership and management of acres of timberlands. It operates through the following segments: Timberlands, Wood Products, and Real Estate. The Timberland segment includes delivering logs, pulpwood, sawlogs, and stumpage.