Fifth Third Bancorp Raises Holdings in Rayonier Inc. (NYSE:RYN)

Fifth Third Bancorp grew its position in shares of Rayonier Inc. (NYSE:RYN) by 182.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,753 shares of the real estate investment trust’s stock after purchasing an additional 1,778 shares during the quarter. Fifth Third Bancorp’s holdings in Rayonier were worth $77,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Handelsbanken Fonder AB grew its holdings in shares of Rayonier by 4.5% during the first quarter. Handelsbanken Fonder AB now owns 45,695 shares of the real estate investment trust’s stock worth $1,274,000 after purchasing an additional 1,956 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Rayonier by 54.6% during the first quarter. GAMMA Investing LLC now owns 2,680 shares of the real estate investment trust’s stock worth $75,000 after buying an additional 947 shares during the last quarter. Yousif Capital Management LLC grew its holdings in shares of Rayonier by 2.2% during the first quarter. Yousif Capital Management LLC now owns 48,457 shares of the real estate investment trust’s stock worth $1,351,000 after buying an additional 1,031 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in shares of Rayonier by 23.4% during the first quarter. Harbor Capital Advisors Inc. now owns 3,933 shares of the real estate investment trust’s stock worth $110,000 after buying an additional 747 shares during the last quarter. Finally, Pallas Capital Advisors LLC purchased a new position in shares of Rayonier during the first quarter worth about $498,000. Hedge funds and other institutional investors own 89.12% of the company’s stock.

Rayonier Price Performance

Shares of NYSE:RYN opened at $22.54 on Friday. The company has a quick ratio of 2.60, a current ratio of 2.71 and a debt-to-equity ratio of 0.54. The company has a market cap of $3.51 billion, a P/E ratio of 9.67 and a beta of 1.05. Rayonier Inc. has a 52 week low of $22.30 and a 52 week high of $31.29. The company has a 50-day moving average price of $23.82 and a 200 day moving average price of $25.72.

Rayonier (NYSE:RYN) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.10). Rayonier had a net margin of 30.09% and a return on equity of 3.29%. The company had revenue of $82.90 million for the quarter, compared to analyst estimates of $152.99 million. During the same quarter in the previous year, the business posted $0.01 earnings per share. Rayonier’s revenue was down 27.1% on a year-over-year basis. Research analysts predict that Rayonier Inc. will post 0.55 earnings per share for the current year.

Rayonier Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders 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 4.84%. Rayonier’s payout ratio is 46.78%.

Analysts Set New Price Targets

A number of research firms recently issued reports on RYN. Royal Bank Of Canada lowered their price target on Rayonier from $28.00 to $27.00 and set a “sector perform” rating on the stock in a report on Friday, May 2nd. Wall Street Zen raised Rayonier from a “sell” rating to a “hold” rating in a report on Tuesday, May 13th. Citigroup lowered their price target on Rayonier from $27.00 to $26.00 and set a “neutral” rating on the stock in a report on Tuesday, June 3rd. Truist Financial lowered their price target on Rayonier from $30.00 to $27.00 and set a “hold” rating on the stock in a report on Tuesday, April 22nd. Finally, Raymond James Financial upgraded shares of Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 price objective for the company in a research report on Wednesday, March 12th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $27.75.

Rayonier 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.