Rayonier (NYSE:RYN) Price Target Lowered to $30.00 at Truist Financial

Rayonier (NYSE:RYN) had its price objective reduced by Truist Financial from $32.00 to $30.00 in a research note issued to investors on Monday,Benzinga reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

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

Rayonier Stock Up 0.3 %

Shares of NYSE:RYN opened at $26.43 on Monday. Rayonier has a 52 week low of $25.46 and a 52 week high of $35.29. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.85 and a current ratio of 1.99. The company has a market cap of $3.94 billion, a PE ratio of 24.93 and a beta of 1.04. The firm has a 50 day simple moving average of $29.48 and a 200 day simple moving average of $30.07.

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

Rayonier declared that its Board of Directors has approved a share repurchase plan on Monday, December 2nd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire up to 6.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Rayonier Increases Dividend

The company also recently disclosed a special dividend, which will be paid on Thursday, January 30th. Investors of record on Thursday, December 12th will be issued a dividend of $1.80 per share. This is a positive change from Rayonier’s previous special dividend of $0.20. Rayonier’s dividend payout ratio (DPR) is currently 107.55%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. State Street Corp increased its holdings in Rayonier by 2.5% in the third 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 during the last quarter. Massachusetts Financial Services Co. MA grew its position in Rayonier by 26.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,352,691 shares of the real estate investment trust’s stock worth $107,890,000 after acquiring an additional 695,810 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Rayonier by 0.3% during the 3rd 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 during the last quarter. Global Alpha Capital Management Ltd. raised its holdings in shares of Rayonier by 2.9% during the 3rd quarter. Global Alpha Capital Management Ltd. now owns 1,034,127 shares of the real estate investment trust’s stock valued at $33,278,000 after purchasing an additional 28,800 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Rayonier by 56.7% in 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 during the last quarter. 89.12% of the stock is owned by institutional investors and hedge funds.

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.