Truist Financial Corp Sells 2,140 Shares of Rayonier Inc. (NYSE:RYN)

Truist Financial Corp lowered its position in Rayonier Inc. (NYSE:RYN) by 10.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 17,537 shares of the real estate investment trust’s stock after selling 2,140 shares during the period. Truist Financial Corp’s holdings in Rayonier were worth $458,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp grew its stake in shares of Rayonier by 2.5% in the 3rd quarter. State Street Corp now owns 4,279,512 shares of the real estate investment trust’s stock worth $137,715,000 after buying an additional 104,464 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Rayonier by 26.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,352,691 shares of the real estate investment trust’s stock valued at $107,890,000 after buying an additional 695,810 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rayonier by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,441,846 shares of the real estate investment trust’s stock valued at $78,579,000 after buying an additional 7,733 shares during the period. Global Alpha Capital Management Ltd. lifted its holdings in shares of Rayonier by 2.9% during the 3rd quarter. Global Alpha Capital Management Ltd. now owns 1,034,127 shares of the real estate investment trust’s stock valued at $33,278,000 after buying an additional 28,800 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Rayonier by 119.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 457,370 shares of the real estate investment trust’s stock valued at $14,718,000 after buying an additional 249,173 shares during the period. Hedge funds and other institutional investors own 89.12% of the company’s stock.

Rayonier Price Performance

Shares of Rayonier stock opened at $27.19 on Tuesday. Rayonier Inc. has a one year low of $24.88 and a one year high of $33.58. The stock’s fifty day moving average is $26.06 and its 200 day moving average is $29.16. The stock has a market cap of $4.24 billion, a P/E ratio of 11.52 and a beta of 1.03. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.85 and a current ratio of 1.12.

Rayonier (NYSE:RYN) last announced its earnings results on Wednesday, February 5th. The real estate investment trust reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.08. Rayonier had a return on equity of 3.86% and a net margin of 28.44%. Sell-side analysts anticipate that Rayonier Inc. will post 0.55 earnings per share for the current year.

Rayonier Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.2725 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $1.09 dividend on an annualized basis and a yield of 4.01%. Rayonier’s dividend payout ratio is presently 46.19%.

Rayonier announced that its board has approved a share buyback plan on Monday, December 2nd that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the real estate investment trust to purchase up to 6.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Citigroup lowered their price target on Rayonier from $32.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. Truist Financial lowered their price target on Rayonier from $32.00 to $30.00 and set a “hold” rating on the stock in a report on Monday, January 6th. StockNews.com raised Rayonier from a “hold” rating to a “buy” rating in a report on Monday, February 24th. Finally, Royal Bank of Canada decreased their target price on Rayonier from $33.00 to $30.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th.

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.