PNC Financial Services Group Inc. Lowers Stock Holdings in Rayonier Inc. (NYSE:RYN)

PNC Financial Services Group Inc. trimmed its stake in Rayonier Inc. (NYSE:RYN) by 6.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,235 shares of the real estate investment trust’s stock after selling 1,800 shares during the period. PNC Financial Services Group Inc.’s holdings in Rayonier were worth $843,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Cohen & Steers Inc. purchased a new stake in Rayonier in the 4th quarter valued at about $51,265,000. HGI Capital Management LLC purchased a new stake in Rayonier in the 4th quarter valued at about $288,000. Verition Fund Management LLC boosted its position in Rayonier by 1,645.3% in the 4th quarter. Verition Fund Management LLC now owns 174,753 shares of the real estate investment trust’s stock valued at $5,838,000 after buying an additional 164,740 shares during the period. CoreCommodity Management LLC boosted its position in Rayonier by 12.9% in the 4th quarter. CoreCommodity Management LLC now owns 68,330 shares of the real estate investment trust’s stock valued at $2,283,000 after buying an additional 7,820 shares during the period. Finally, Cibc World Markets Corp purchased a new stake in Rayonier in the 4th quarter valued at about $1,523,000. 89.12% of the stock is owned by hedge funds and other institutional investors.

Rayonier Trading Down 0.2 %

NYSE:RYN opened at $30.07 on Tuesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.08 and a current ratio of 2.46. The firm has a market cap of $4.48 billion, a P/E ratio of 26.85 and a beta of 1.07. The firm has a 50-day simple moving average of $29.99 and a 200-day simple moving average of $31.81. Rayonier Inc. has a one year low of $24.84 and a one year high of $35.29.

Rayonier (NYSE:RYN) last posted its quarterly earnings data on Wednesday, May 1st. The real estate investment trust reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. The firm had revenue of $168.10 million during the quarter, compared to analyst estimates of $190.04 million. Rayonier had a net margin of 15.92% and a return on equity of 3.21%. Rayonier’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.01 EPS. Equities analysts anticipate that Rayonier Inc. will post 0.46 EPS for the current fiscal year.

Rayonier Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.285 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.14 annualized dividend and a dividend yield of 3.79%. Rayonier’s dividend payout ratio (DPR) is presently 101.79%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RYN. StockNews.com lowered shares of Rayonier from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $34.00 price target on shares of Rayonier in a report on Friday, June 14th. Three analysts have rated the stock with a hold rating, Based on data from MarketBeat, Rayonier presently has a consensus rating of “Hold” and an average target price of $34.00.

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.