Catchmark Timber Trust (NYSE:CTT) Lifted to “Outperform” at Royal Bank of Canada

Royal Bank of Canada upgraded shares of Catchmark Timber Trust (NYSE:CTT) from a sector perform rating to an outperform rating in a report published on Friday, BenzingaRatingsTable reports. Royal Bank of Canada currently has $10.00 price objective on the financial services provider’s stock, up from their previous price objective of $8.00.

A number of other brokerages have also recently issued reports on CTT. ValuEngine raised shares of Catchmark Timber Trust from a hold rating to a buy rating in a research note on Wednesday, March 18th. B. Riley reaffirmed a buy rating and issued a $10.00 price objective on shares of Catchmark Timber Trust in a research note on Thursday, June 25th. Finally, Zacks Investment Research cut shares of Catchmark Timber Trust from a buy rating to a hold rating in a research note on Friday, June 5th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of Buy and an average target price of $10.44.

Shares of Catchmark Timber Trust stock opened at $9.20 on Friday. The company has a debt-to-equity ratio of 2.79, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a 50 day simple moving average of $8.44 and a 200 day simple moving average of $8.86. Catchmark Timber Trust has a fifty-two week low of $5.13 and a fifty-two week high of $12.54.

Catchmark Timber Trust (NYSE:CTT) last announced its quarterly earnings data on Monday, May 4th. The financial services provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.02). Catchmark Timber Trust had a negative net margin of 60.46% and a negative return on equity of 37.69%. The business had revenue of $26.97 million during the quarter, compared to the consensus estimate of $25.97 million. On average, analysts expect that Catchmark Timber Trust will post -0.25 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 29th were given a dividend of $0.135 per share. The ex-dividend date was Thursday, May 28th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 5.87%. Catchmark Timber Trust’s dividend payout ratio is -26.34%.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC boosted its position in shares of Catchmark Timber Trust by 9.2% during the fourth quarter. Renaissance Technologies LLC now owns 3,582,372 shares of the financial services provider’s stock worth $41,090,000 after purchasing an additional 303,060 shares in the last quarter. Pictet Asset Management Ltd. boosted its position in shares of Catchmark Timber Trust by 2.1% during the first quarter. Pictet Asset Management Ltd. now owns 3,078,507 shares of the financial services provider’s stock worth $22,227,000 after purchasing an additional 64,318 shares in the last quarter. Ranger Global Real Estate Advisors LLC boosted its position in shares of Catchmark Timber Trust by 22.8% during the first quarter. Ranger Global Real Estate Advisors LLC now owns 2,437,750 shares of the financial services provider’s stock worth $17,601,000 after purchasing an additional 453,045 shares in the last quarter. Investment Counselors of Maryland LLC boosted its position in shares of Catchmark Timber Trust by 1.4% during the first quarter. Investment Counselors of Maryland LLC now owns 1,840,307 shares of the financial services provider’s stock worth $13,287,000 after purchasing an additional 26,173 shares in the last quarter. Finally, Chilton Capital Management LLC boosted its position in shares of Catchmark Timber Trust by 7.6% during the first quarter. Chilton Capital Management LLC now owns 832,213 shares of the financial services provider’s stock worth $6,009,000 after purchasing an additional 58,894 shares in the last quarter. 82.13% of the stock is currently owned by institutional investors.

About Catchmark Timber Trust

CatchMark (NYSE: CTT) is a pure play timberland REIT that strives to deliver consistent and predictable per-share cash flow growth through disciplined acquisitions, active management, sustainable harvests and well-timed real estate sales. Headquartered in Atlanta and focused exclusively on timberland ownership and management, CatchMark began operations in 2007 and owns interests in 1.6 million acres* of timberlands located in Alabama, Florida, Georgia, North Carolina, Oregon, South Carolina, Tennessee and Texas.

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