Truist Financial Cuts Rayonier (NYSE:RYN) Price Target to $24.00

Rayonier (NYSE:RYN) had its price target reduced by Truist Financial from $25.00 to $24.00 in a report released on Wednesday, MarketBeat reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

Other equities analysts also recently issued reports about the stock. Weiss Ratings downgraded shares of Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, May 12th. Citigroup lowered their target price on shares of Rayonier from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 13th. Wall Street Zen raised shares of Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, April 18th. Royal Bank Of Canada set a $24.00 price target on shares of Rayonier in a research note on Thursday, April 16th. Finally, BMO Capital Markets cut their price target on shares of Rayonier from $26.00 to $25.00 and set a “market perform” rating for the company in a research note on Tuesday, May 19th. One analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $24.60.

Rayonier Stock Performance

RYN opened at $21.77 on Wednesday. The stock’s 50 day simple moving average is $21.01 and its 200-day simple moving average is $21.53. The company has a current ratio of 2.53, a quick ratio of 2.21 and a debt-to-equity ratio of 0.35. The stock has a market cap of $6.55 billion, a PE ratio of 7.21 and a beta of 0.88. Rayonier has a 1 year low of $19.49 and a 1 year high of $27.33.

Rayonier (NYSE:RYN) last issued its earnings results on Wednesday, May 6th. The real estate investment trust reported $0.07 EPS for the quarter, topping the consensus estimate of $0.06 by $0.01. Rayonier had a return on equity of 3.61% and a net margin of 68.61%.The firm had revenue of $276.79 million during the quarter, compared to analysts’ expectations of $280.92 million. During the same period last year, the business earned ($0.02) earnings per share. Rayonier’s quarterly revenue was up 233.9% compared to the same quarter last year. Sell-side analysts forecast that Rayonier will post 0.36 EPS for the current year.

Rayonier Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Wednesday, September 16th. Rayonier’s payout ratio is currently 34.44%.

Insider Buying and Selling at Rayonier

In other news, CFO Wayne Wasechek sold 2,920 shares of the company’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $21.17, for a total value of $61,816.40. Following the sale, the chief financial officer owned 115,530 shares of the company’s stock, valued at approximately $2,445,770.10. This represents a 2.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Rayonier

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. bought a new position in shares of Rayonier in the fourth quarter valued at approximately $34,000. Northwestern Mutual Wealth Management Co. increased its holdings in Rayonier by 65.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust’s stock valued at $34,000 after purchasing an additional 627 shares in the last quarter. Bayban acquired a new stake in Rayonier during the 1st quarter valued at $36,000. Hartford Financial Management Inc. raised its position in Rayonier by 49.7% in the 4th quarter. Hartford Financial Management Inc. now owns 1,732 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 575 shares during the last quarter. Finally, Whittier Trust Co. raised its position in Rayonier by 74.0% in the 1st quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 969 shares during the last quarter. 89.12% of the stock is currently owned by institutional investors and hedge funds.

About Rayonier

Rayonier, Inc (NYSE: RYN) is a publicly traded real estate investment trust specializing in timberland ownership and management. The company’s core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier’s timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.

Rayonier operates through two primary segments: Timber and Real Estate Solutions.