Rayonier (NYSE:RYN) Given New $30.00 Price Target at Truist Financial

Rayonier (NYSE:RYN) had its price target trimmed by Truist Financial from $32.00 to $30.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a hold rating on the real estate investment trust’s stock.

Separately, StockNews.com upgraded shares of Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th.

Rayonier Trading Down 1.4 %

NYSE:RYN opened at $25.74 on Monday. The firm has a market capitalization of $3.84 billion, a P/E ratio of 24.28 and a beta of 1.04. The business has a 50 day simple moving average of $29.27 and a 200 day simple moving average of $30.01. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.99 and a quick ratio of 1.85. Rayonier has a 12-month low of $25.32 and a 12-month high of $35.29.

Rayonier (NYSE:RYN) last announced its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). The firm had revenue of $195.00 million for the quarter, compared to analyst estimates of $211.21 million. Rayonier had a net margin of 15.84% and a return on equity of 2.95%. The business’s revenue was down 3.3% compared to the same quarter last year. During the same period last year, the firm posted $0.13 EPS. Equities research analysts predict that Rayonier will post 0.38 EPS for the current year.

Rayonier Increases Dividend

The firm also recently declared a special dividend, which will be paid on Thursday, January 30th. Stockholders of record on Thursday, December 12th will be paid a $1.80 dividend. This is a boost from Rayonier’s previous special dividend of $0.20. Rayonier’s dividend payout ratio is presently 107.55%.

Rayonier announced that its Board of Directors has authorized a share repurchase plan on Monday, December 2nd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to purchase up to 6.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Rayonier

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp raised its position in shares of Rayonier by 2.5% during the 3rd quarter. State Street Corp now owns 4,279,512 shares of the real estate investment trust’s stock worth $137,715,000 after buying an additional 104,464 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Rayonier by 26.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,352,691 shares of the real estate investment trust’s stock valued at $107,890,000 after acquiring an additional 695,810 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Rayonier by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,441,846 shares of the real estate investment trust’s stock worth $78,579,000 after purchasing an additional 7,733 shares in the last quarter. Global Alpha Capital Management Ltd. lifted its position in Rayonier by 2.9% in the third quarter. Global Alpha Capital Management Ltd. now owns 1,034,127 shares of the real estate investment trust’s stock worth $33,278,000 after purchasing an additional 28,800 shares during the period. Finally, Millennium Management LLC boosted its stake in Rayonier by 56.7% during the 2nd quarter. Millennium Management LLC now owns 752,847 shares of the real estate investment trust’s stock valued at $21,900,000 after purchasing an additional 272,349 shares in the last quarter. Institutional investors own 89.12% of the company’s stock.

About Rayonier

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand. As of December 31, 2023, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S.