Northern Trust Corp Sells 39,682 Shares of Potlatch Corporation $PCH

Key Points

• Northern Trust Corp reduced its position in Potlatch Corporation (NASDAQ:PCH) by 3.2%, owning approximately $53.85 million in shares after selling 39,682 shares in the first quarter.
• Potlatch reported earnings of $0.09 per share, slightly beating analysts' expectations, despite a 14.2% decline in revenue compared to the previous year.
• Analysts maintain an average "Buy" rating for Potlatch shares, with a consensus price target of $50.00, although some firms have adjusted their price targets recently.

Northern Trust Corp lessened its position in shares of Potlatch Corporation (NASDAQ:PCH - Free Report) by 3.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,193,568 shares of the real estate investment trust's stock after selling 39,682 shares during the period. Northern Trust Corp owned 1.52% of Potlatch worth $53,854,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of PCH. Quarry LP raised its stake in Potlatch by 224.2% during the fourth quarter. Quarry LP now owns 697 shares of the real estate investment trust's stock worth $27,000 after buying an additional 482 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in Potlatch by 168.1% in the first quarter. Harbor Capital Advisors Inc. now owns 665 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 417 shares in the last quarter. Costello Asset Management INC bought a new stake in Potlatch in the first quarter valued at $30,000. UMB Bank n.a. increased its stake in Potlatch by 41.6% in the first quarter. UMB Bank n.a. now owns 864 shares of the real estate investment trust's stock valued at $39,000 after purchasing an additional 254 shares in the last quarter. Finally, Mowery & Schoenfeld Wealth Management LLC bought a new stake in Potlatch in the first quarter valued at $52,000. Institutional investors own 86.06% of the company's stock.

Analysts Set New Price Targets

Several research firms have weighed in on PCH. Wall Street Zen downgraded shares of Potlatch from a "hold" rating to a "sell" rating in a research note on Saturday, August 2nd. Truist Financial raised shares of Potlatch from a "hold" rating to a "buy" rating and lifted their price target for the company from $44.00 to $52.00 in a research note on Wednesday, July 16th. Finally, Citigroup reaffirmed a "buy" rating and issued a $47.00 price target (down from $49.00) on shares of Potlatch in a research note on Tuesday, June 3rd. Seven analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $50.00.

Potlatch Stock Performance

PCH traded up $0.33 during midday trading on Monday, reaching $42.03. The company had a trading volume of 552,018 shares, compared to its average volume of 507,454. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.75 and a current ratio of 1.13. The stock has a market cap of $3.25 billion, a PE ratio of 79.30 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 business has a 50-day moving average price of $41.34 and a two-hundred day moving average price of $41.36.

Potlatch (NASDAQ:PCH - Get Free Report) last released its earnings results on Monday, July 28th. The real estate investment trust reported $0.09 earnings per share for the quarter, beating analysts' consensus estimates of $0.07 by $0.02. The firm had revenue of $274.99 million for the quarter, compared to analysts' expectations of $267.66 million. Potlatch had a net margin of 3.94% and a return on equity of 2.10%. The company's quarterly revenue was down 14.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.17 earnings per share. On average, sell-side analysts expect that Potlatch Corporation will post 0.8 earnings per share for the current fiscal year.

Potlatch Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.80 annualized dividend and a yield of 4.3%. Potlatch's dividend payout ratio (DPR) is 339.62%.

Potlatch Profile

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.