Bank of America Corp DE Sells 140,804 Shares of Rayonier Inc. (NYSE:RYN)

Bank of America Corp DE decreased its holdings in Rayonier Inc. (NYSE:RYN) by 33.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 284,451 shares of the real estate investment trust’s stock after selling 140,804 shares during the period. Bank of America Corp DE owned about 0.19% of Rayonier worth $7,424,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in Rayonier in the 4th quarter worth about $343,007,000. Massachusetts Financial Services Co. MA grew its stake in shares of Rayonier by 0.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,372,817 shares of the real estate investment trust’s stock worth $88,031,000 after acquiring an additional 20,126 shares during the period. Legal & General Group Plc raised its holdings in shares of Rayonier by 5.8% during the fourth quarter. Legal & General Group Plc now owns 3,107,331 shares of the real estate investment trust’s stock valued at $81,101,000 after purchasing an additional 170,087 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Rayonier by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 2,632,193 shares of the real estate investment trust’s stock valued at $68,719,000 after purchasing an additional 39,332 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Rayonier by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,488,802 shares of the real estate investment trust’s stock valued at $64,958,000 after purchasing an additional 46,956 shares during the period. 89.12% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on RYN. Royal Bank of Canada cut their price objective on Rayonier from $28.00 to $27.00 and set a “sector perform” rating for the company in a report on Friday, May 2nd. Wall Street Zen upgraded shares of Rayonier from a “sell” rating to a “hold” rating in a research report on Tuesday, May 13th. Truist Financial decreased their price target on shares of Rayonier from $30.00 to $27.00 and set a “hold” rating on the stock in a research report on Tuesday, April 22nd. Finally, Raymond James upgraded shares of Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 price target on the stock in a research note on Wednesday, March 12th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $27.50.

Rayonier Stock Down 0.1%

NYSE RYN opened at $23.31 on Monday. The stock’s 50-day moving average price is $25.04 and its 200-day moving average price is $26.70. The company has a market capitalization of $3.63 billion, a P/E ratio of 9.88 and a beta of 1.07. The company has a quick ratio of 1.85, a current ratio of 1.12 and a debt-to-equity ratio of 0.61. Rayonier Inc. has a 52 week low of $22.80 and a 52 week high of $31.29.

Rayonier (NYSE:RYN) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). The firm had revenue of $82.90 million for the quarter, compared to the consensus estimate of $152.99 million. Rayonier had a net margin of 28.44% and a return on equity of 3.86%. The firm’s revenue for the quarter was down 27.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.01 earnings per share. On average, equities research analysts predict that Rayonier Inc. will post 0.55 earnings per share for the current year.

Rayonier Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.2725 per share. The ex-dividend date is Monday, June 16th. This represents a $1.09 dividend on an annualized basis and a dividend yield of 4.68%. Rayonier’s dividend payout ratio is 46.78%.

Rayonier Company Profile

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.