Truist Financial Corp lessened its holdings in Rayonier Inc. (NYSE:RYN – Free Report) by 18.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,530 shares of the real estate investment trust’s stock after selling 6,502 shares during the quarter. Truist Financial Corp’s holdings in Rayonier were worth $896,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in RYN. Armstrong Advisory Group Inc. raised its holdings in Rayonier by 256.7% in the 2nd quarter. Armstrong Advisory Group Inc. now owns 1,580 shares of the real estate investment trust’s stock valued at $50,000 after buying an additional 1,137 shares during the last quarter. CWM LLC raised its holdings in Rayonier by 246.5% in the 1st quarter. CWM LLC now owns 1,594 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 1,134 shares during the last quarter. Point72 Middle East FZE bought a new position in Rayonier in the 4th quarter valued at approximately $82,000. Colonial Trust Co SC bought a new position in Rayonier in the 1st quarter valued at approximately $105,000. Finally, Captrust Financial Advisors bought a new position in Rayonier in the 2nd quarter valued at approximately $105,000. Institutional investors own 82.75% of the company’s stock.
Analyst Upgrades and Downgrades
Separately, StockNews.com upgraded shares of Rayonier from a “sell” rating to a “hold” rating in a report on Monday. Three investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, Rayonier presently has an average rating of “Hold” and an average price target of $34.50.
Rayonier Stock Up 0.5 %
Rayonier stock opened at $29.94 on Tuesday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.61 and a current ratio of 2.02. Rayonier Inc. has a 52-week low of $24.84 and a 52-week high of $37.79. The firm has a 50 day moving average price of $28.04 and a two-hundred day moving average price of $29.82. The firm has a market cap of $4.44 billion, a price-to-earnings ratio of 55.44 and a beta of 1.00.
Rayonier (NYSE:RYN – Get Free Report) last released its quarterly earnings results on Wednesday, November 1st. The real estate investment trust reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.12 by $0.01. Rayonier had a net margin of 9.53% and a return on equity of 2.41%. The firm had revenue of $201.60 million during the quarter, compared to analyst estimates of $207.63 million. During the same quarter last year, the business earned $0.15 EPS. The company’s revenue was up 3.2% compared to the same quarter last year. Equities analysts predict that Rayonier Inc. will post 0.34 EPS for the current year.
Rayonier Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be given a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a dividend yield of 3.81%. The ex-dividend date of this dividend is Thursday, December 14th. Rayonier’s dividend payout ratio (DPR) is 211.11%.
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 June 30, 2023, Rayonier owned or leased under long-term agreements approximately 2.8 million acres of timberlands located in the U.S.
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