Four of David Dreman (Trades, Portfolio)’s top five new buys in the first quarter were in REITs or financial services companies, but the exception was his biggest acquisition of the quarter.
Dreman’s largest new buy was the purchase of a 179,153-share stake in Idacorp Inc. (IDA, Financial), an electricity holding company based in Boise, Idaho. Dreman bought the stake for an average price of $70.5 per share. The transaction had a 1.52% impact on his portfolio.
The stake is 0.36% of Idacorp’s outstanding shares and 1.52% of Dreman’s total assets. First Eagle Investment (Trades, Portfolio) is Idacorp’s leading shareholder among the gurus with a stake of 1,728,749 shares. The stake is 3.43% of Idacorp’s outstanding shares and 0.33% of First Eagle’s total assets.
Idacorp has a P/E of 19.2, a P/B of 1.8 and a P/S of 3. GuruFocus gives Idacorp a Financial Strength rating of 4/10 and a Profitability and Growth rating of 7/10 with an ROE of 9.73% that is higher than 58% of the companies in the Global Utilities – Regulated Electric industry and an ROA of 3.29% that is higher than 57% of the companies in that industry.
Idacorp sold for $75 per share Friday. The DCF Calculator gives Idacorp a fair value of $55.48.
Dreman invested in 898,199 shares of Fulton Financial Corp. (FULT, Financial), a Lancaster, Pennsylvania-based regional financial services holding company. Dreman paid an average price of $12.73 per share in a deal that had a 1.37% impact on his portfolio.
The stake is 0.52% of Fulton Financial’s outstanding shares and 1.37% of Dreman’s total assets. Dreman is Fulton Financial’s leading shareholder among the gurus.
Fulton Financial has a P/E of 15.9, a forward P/E of 15, a P/B of 1.1 and a P/S of 3.4. GuruFocus gives Idacorp a Financial Strength rating of 5/10 and a Profitability and Growth rating of 6/10 with an ROE of 7.24% that is lower than 58% of the companies in the Global Banks – Regional – US industry and an ROA of 0.83% that is lower than 53% of the companies in that industry.
Fulton Financial sold for $13.47 per share Friday. The DCF Calculator gives Fulton Financial a fair value of $9.1.
Dreman purchased 850,502 shares in Brandywine Realty Trust (BDN, Financial), a real estate investment trust based in Radnor, Pennsylvania, paying an average price of $12.8 per share. The acquisition had a 1.36% impact on Dreman’s portfolio.
The stake is 0.49% of Brandywine’s outstanding shares and 1.36% of Dreman’s total assets. Brandywine’s leading shareholder among the gurus is NWQ Managers (Trades, Portfolio) with a stake of 6,114,736 shares. The stake is 3.49% of Brandywine’s outstanding shares and 1.34% of NWQ Managers (Trades, Portfolio)’ total assets.
Brandywine has a P/B of 1.4 and a P/S of 4.8. GuruFocus gives Brandywine a Financial Strength rating of 4/10 and a Profitability and Growth rating of 5/10 with an ROE of -0.01% and an ROA of 0.15 that are lower than 82% of the companies in the Global REIT – Office industry.
Brandywine sold for $`5.8 per share Friday. The DCF Calculator gives Brandywine a fair value of $-0.11.
Dreman invested in a 505,721-share stake in Washington Federal Inc. (WAFD, Financial), a Seattle-based finance, investments and insurance company, for an average price of $21.67 per share. The transaction had a 1.31% impact on Dreman’s portfolio.
The stake is 0.56% of Washington Federal’s outstanding shares and 1.31% of Dreman’s total assets. Jim Simons (Trades, Portfolio) is Washington Federal’s leading shareholder among the gurus with a stake of 713,276 shares. The stake is 0.8% of Washington Federal’s outstanding shares and 0.03% of Simons’ total assets.
Washington Federal has a P/E of 14.3, a forward P/E of 7.5, a P/B of 1.1 and a P/S of 4.9. GuruFocus gives Washington Federal a Financial Strength rating of 5/10 and a Profitability and Growth rating of 8/10 with an ROE of 8.07% that is lower than 52% of the companies in the Global Savings & Cooperative Banks industry and an ROA of 1.09% that is higher than 65% of the companies in that industry.
Washington Federal sold for $24.08 per share Friday. The DCF Calculator gives Washington Federal a fair value of $18.09.
Dreman purchased a 520,193-share stake in Pennsylvania Real Estate Investment Trust (PEI, Financial), a Philadelphia-based REIT, for an average price of $19.85 per share. The deal had a 1.3% impact on Dreman’s portfolio.
The stake is 0.75% of Pennsylvania Real Estate Investment Trust’s outstanding shares and 1.3% of Dreman’s total assets. Dreman is the company’s leading shareholder among the gurus.
Pennsylvania Real Estate Investment Trust has a P/B of 2.4 and a P/S of 3.3. GuruFocus gives Pennsylvania Real Estate Investment Trust a Financial Strength rating of 4/10 and a Profitability and Growth rating of 5/10 with an ROE of -17.11% that is lower than 97% of the companies in the Global REIT – Retail industry and an ROA of -3.54% that is lower than 95% of the companies in that industry.
Pennsylvania Real Estate Investment Trust sold for $21.04 per share Friday. The DCF Calculator gives Pennsylvania Real Estate Investment Trust a fair value of $-18.3.
Start a free seven-day trial of Premium Membership to GuruFocus.
