Proficio Capital Partners LLC Acquires Shares of 24,821 Rayonier Inc. (NYSE:RYN)

Proficio Capital Partners LLC bought a new position in shares of Rayonier Inc. (NYSE:RYN) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 24,821 shares of the real estate investment trust’s stock, valued at approximately $648,000.

Other hedge funds also recently made changes to their positions in the company. Venturi Wealth Management LLC grew its position in shares of Rayonier by 165.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,079 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 672 shares during the last quarter. UMB Bank n.a. boosted its stake in Rayonier by 59.7% in the fourth quarter. UMB Bank n.a. now owns 1,404 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 525 shares during the period. GAMMA Investing LLC grew its holdings in shares of Rayonier by 41.8% during the fourth quarter. GAMMA Investing LLC now owns 1,733 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 511 shares during the last quarter. Covestor Ltd raised its position in shares of Rayonier by 135.7% during the 3rd quarter. Covestor Ltd now owns 1,782 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 1,026 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of Rayonier by 36.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 3,186 shares of the real estate investment trust’s stock worth $83,000 after purchasing an additional 857 shares during the last quarter. Institutional investors and hedge funds own 89.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on RYN. Royal Bank of Canada lowered their price objective on Rayonier from $33.00 to $30.00 and set a “sector perform” rating for the company in a research note on Friday, February 7th. StockNews.com upgraded shares of Rayonier from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. Truist Financial dropped their price objective on shares of Rayonier from $32.00 to $30.00 and set a “hold” rating on the stock in a report on Monday, January 6th. Finally, Citigroup reduced their target price on shares of Rayonier from $32.00 to $25.00 and set a “neutral” rating for the company in a research note on Wednesday, January 15th.

Rayonier Stock Up 1.6 %

Shares of Rayonier stock opened at $27.31 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.12 and a quick ratio of 1.85. Rayonier Inc. has a 1-year low of $24.88 and a 1-year high of $33.44. The business’s fifty day moving average price is $26.12 and its two-hundred day moving average price is $29.09. The company has a market capitalization of $4.26 billion, a P/E ratio of 11.57 and a beta of 1.00.

Rayonier (NYSE:RYN) last issued its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.08. Rayonier had a net margin of 28.44% and a return on equity of 3.86%. As a group, research analysts forecast that Rayonier Inc. will post 0.55 EPS for the current year.

Rayonier announced that its Board of Directors has approved a stock buyback program on Monday, December 2nd that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to buy up to 6.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Rayonier Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.2725 dividend. This represents a $1.09 dividend on an annualized basis and a dividend yield of 3.99%. The ex-dividend date is Monday, March 17th. Rayonier’s dividend payout ratio is currently 46.19%.

About Rayonier

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.