Rayonier (NYSE:RYN) Price Target Lowered to $30.00 at Truist Financial

Rayonier (NYSE:RYN) had its price objective cut by Truist Financial from $32.00 to $30.00 in a research note published on Monday morning,Benzinga reports. They currently have a hold rating on the real estate investment trust’s stock.

Separately, StockNews.com upgraded Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th.

Rayonier Price Performance

Shares of NYSE RYN opened at $26.43 on Monday. Rayonier has a 1-year low of $25.46 and a 1-year high of $35.29. The firm has a market capitalization of $3.94 billion, a PE ratio of 24.93 and a beta of 1.04. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.99 and a quick ratio of 1.85. The business’s fifty day moving average price is $29.48 and its two-hundred day moving average price is $30.07.

Rayonier (NYSE:RYN) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). Rayonier had a net margin of 15.84% and a return on equity of 2.95%. The firm had revenue of $195.00 million during the quarter, compared to the consensus estimate of $211.21 million. During the same quarter in the prior year, the business earned $0.13 earnings per share. The company’s revenue for the quarter was down 3.3% compared to the same quarter last year. On average, research analysts expect that Rayonier will post 0.38 EPS for the current year.

Rayonier announced that its board has approved a share buyback program on Monday, December 2nd that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the real estate investment trust to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Rayonier Increases Dividend

The business also recently declared a special dividend, which will be paid on Thursday, January 30th. Shareholders of record on Thursday, December 12th will be given a dividend of $1.80 per share. This is an increase from Rayonier’s previous special dividend of $0.20. Rayonier’s payout ratio is 107.55%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. boosted its position in shares of Rayonier by 1.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 28,472 shares of the real estate investment trust’s stock valued at $828,000 after purchasing an additional 368 shares in the last quarter. Sei Investments Co. lifted its stake in Rayonier by 1.3% during the second quarter. Sei Investments Co. now owns 30,341 shares of the real estate investment trust’s stock valued at $883,000 after purchasing an additional 391 shares during the last quarter. CWM LLC boosted its holdings in Rayonier by 20.6% during the third quarter. CWM LLC now owns 2,849 shares of the real estate investment trust’s stock worth $92,000 after buying an additional 487 shares in the last quarter. Bank of Montreal Can grew its position in Rayonier by 2.1% in the second quarter. Bank of Montreal Can now owns 23,606 shares of the real estate investment trust’s stock worth $716,000 after buying an additional 490 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Rayonier by 41.8% in the 4th quarter. GAMMA Investing LLC now owns 1,733 shares of the real estate investment trust’s stock worth $45,000 after acquiring an additional 511 shares during the last quarter. 89.12% of the stock is owned by institutional investors and hedge funds.

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.