State Board of Administration of Florida Retirement System lowered its position in Potlatch Corp. (NASDAQ:PCH) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,715 shares of the real estate investment trust’s stock after selling 127 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Potlatch Corp. were worth $604,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of PCH. Emerald Acquisition Ltd. purchased a new stake in shares of Potlatch Corp. during the second quarter valued at about $22,753,000. Norges Bank purchased a new stake in shares of Potlatch Corp. during the fourth quarter valued at about $11,375,000. Cannell Peter B & Co Inc purchased a new stake in shares of Potlatch Corp. during the first quarter valued at about $8,384,000. Bank of New York Mellon Corp increased its stake in shares of Potlatch Corp. by 35.4% in the second quarter. Bank of New York Mellon Corp now owns 694,968 shares of the real estate investment trust’s stock valued at $23,699,000 after buying an additional 181,685 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of Potlatch Corp. by 326.7% in the first quarter. Goldman Sachs Group Inc. now owns 218,749 shares of the real estate investment trust’s stock valued at $6,891,000 after buying an additional 167,484 shares during the period. 83.07% of the stock is owned by hedge funds and other institutional investors.
Shares of Potlatch Corp. (NASDAQ:PCH) traded down 0.85% during trading on Monday, reaching $38.56. The company had a trading volume of 313,080 shares. The firm’s market capitalization is $1.56 billion. The stock has a 50 day moving average price of $38.11 and a 200 day moving average price of $35.24. Potlatch Corp. has a 12 month low of $24.01 and a 12 month high of $39.91.
Potlatch Corp. (NASDAQ:PCH) last announced its quarterly earnings results on Tuesday, July 26th. The real estate investment trust reported $0.13 earnings per share (EPS) 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 analyst estimates of $128.70 million. Potlatch Corp. had a positive return on equity of 16.52% and a negative net margin of 0.99%. The firm’s revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.02 EPS. On average, equities research analysts forecast that Potlatch Corp. will post $1.06 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Tuesday, September 20th were paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date of this dividend was Friday, September 16th. Potlatch Corp.’s payout ratio is -1,000.00%.
Several brokerages have issued reports on PCH. Bank of America Corp. raised shares of Potlatch Corp. from an “underperform” rating to a “neutral” rating in a research report on Monday. TheStreet cut Potlatch Corp. from a “buy” rating to a “hold” rating in a research note on Friday, August 26th. DA Davidson cut Potlatch Corp. from a “buy” rating to a “neutral” rating and reduced their target price for the company from $56.00 to $40.00 in a research note on Wednesday, July 27th. They noted that the move was a valuation call. Zacks Investment Research upgraded Potlatch Corp. from a “hold” rating to a “buy” rating and set a $39.00 target price for the company in a research note on Tuesday, July 5th. Finally, Royal Bank Of Canada increased their target price on Potlatch Corp. from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Friday, June 17th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $40.25.
Potlatch Corp. Company Profile
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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