Adage Capital Partners GP L.L.C. Invests $19.18 Million in Potlatch Corporation $PCH

Key Points

• Adage Capital Partners GP L.L.C. has acquired 425,000 shares of Potlatch Corporation, valued at approximately $19.2 million, and now owns 0.54% of the company.
• Several large investors, including State of Wyoming and Quarry LP, have also increased their stakes in Potlatch, contributing to institutional ownership of 86.06% of the company's stock.
• The company has announced a quarterly dividend of $0.45 per share, with a payout ratio of 339.62%, reflecting a 4.2% dividend yield.

Adage Capital Partners GP L.L.C. purchased a new stake in Potlatch Corporation (NASDAQ:PCH - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund purchased 425,000 shares of the real estate investment trust's stock, valued at approximately $19,176,000. Adage Capital Partners GP L.L.C. owned about 0.54% of Potlatch as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in Potlatch by 1.0% during the first quarter. Principal Financial Group Inc. now owns 166,650 shares of the real estate investment trust's stock valued at $7,519,000 after buying an additional 1,624 shares during the last quarter. First Horizon Advisors Inc. purchased a new stake in shares of Potlatch during the 1st quarter worth approximately $5,138,000. Cerity Partners LLC boosted its position in shares of Potlatch by 25.2% during the 1st quarter. Cerity Partners LLC now owns 26,915 shares of the real estate investment trust's stock valued at $1,214,000 after acquiring an additional 5,422 shares during the last quarter. Entropy Technologies LP purchased a new position in shares of Potlatch in the first quarter valued at $548,000. Finally, Bank of America Corp DE increased its position in Potlatch by 11.0% in the fourth quarter. Bank of America Corp DE now owns 745,033 shares of the real estate investment trust's stock worth $29,243,000 after purchasing an additional 73,781 shares during the last quarter. 86.06% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on PCH shares. Citigroup reiterated a "buy" rating and set a $47.00 price objective (down previously from $49.00) on shares of Potlatch in a research report on Tuesday, June 3rd. Wall Street Zen downgraded shares of Potlatch from a "hold" rating to a "sell" rating in a report on Saturday, August 2nd. Finally, Truist Financial upgraded Potlatch from a "hold" rating to a "buy" rating and lifted their price target for the stock from $44.00 to $52.00 in a research report on Wednesday, July 16th. Seven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Potlatch currently has an average rating of "Buy" and a consensus target price of $50.00.

Potlatch Trading Up 2.6%

Shares of PCH stock traded up $1.10 during trading hours on Thursday, reaching $42.66. 433,986 shares of the stock were exchanged, compared to its average volume of 451,896. The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of 80.49 and a beta of 1.12. Potlatch Corporation has a 12-month low of $36.82 and a 12-month high of $48.12. The company's 50-day moving average price is $41.80 and its 200-day moving average price is $41.23. The company has a current ratio of 1.13, a quick ratio of 0.75 and a debt-to-equity ratio of 0.47.

Potlatch (NASDAQ:PCH - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The real estate investment trust reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.07 by $0.02. Potlatch had a net margin of 3.94% and a return on equity of 2.10%. The company had revenue of $274.99 million for the quarter, compared to analyst estimates of $267.66 million. During the same period in the prior year, the company posted $0.17 EPS. The firm's revenue for the quarter was down 14.2% on a year-over-year basis. As a group, equities analysts anticipate that Potlatch Corporation will post 0.8 earnings per share for the current year.

Potlatch Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, September 15th. Potlatch's dividend payout ratio is 339.62%.

About Potlatch

PotlatchDeltic Corporation Nasdaq: PCH is a leading Real Estate Investment Trust (REIT) that owns nearly 2.2 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina. Through its taxable REIT subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program.