Rayonier (NYSE:RYN) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of Rayonier (NYSE:RYN) in a report published on Friday morning, Benzinga reports. The brokerage currently has a $34.00 target price on the real estate investment trust’s stock.

A number of other research firms have also recently commented on RYN. StockNews.com cut shares of Rayonier from a buy rating to a hold rating in a research report on Friday, May 10th. TheStreet raised shares of Rayonier from a c+ rating to a b- rating in a report on Friday, February 16th. Three research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has a consensus rating of Hold and an average price target of $34.00.

Rayonier Stock Down 0.0 %

Rayonier stock opened at $30.00 on Friday. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.46 and a quick ratio of 2.08. The company’s 50-day moving average is $30.19 and its 200-day moving average is $31.85. The firm has a market capitalization of $4.47 billion, a PE ratio of 26.79 and a beta of 1.07. Rayonier has a fifty-two week low of $24.84 and a fifty-two week high of $35.29.

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

Rayonier Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 3.80%. The ex-dividend date of this dividend is Friday, June 14th. Rayonier’s dividend payout ratio is 101.79%.

Hedge Funds Weigh In On Rayonier

Several institutional investors and hedge funds have recently modified their holdings of RYN. CENTRAL TRUST Co boosted its holdings in Rayonier by 5.5% in the 1st quarter. CENTRAL TRUST Co now owns 6,433 shares of the real estate investment trust’s stock valued at $214,000 after purchasing an additional 336 shares during the period. M&T Bank Corp boosted its stake in shares of Rayonier by 4.4% in the fourth quarter. M&T Bank Corp now owns 8,102 shares of the real estate investment trust’s stock valued at $271,000 after buying an additional 344 shares during the period. Leavell Investment Management Inc. increased its stake in Rayonier by 1.0% during the 4th quarter. Leavell Investment Management Inc. now owns 38,352 shares of the real estate investment trust’s stock worth $1,289,000 after acquiring an additional 363 shares during the period. Retirement Systems of Alabama lifted its position in shares of Rayonier by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 171,307 shares of the real estate investment trust’s stock valued at $5,694,000 after acquiring an additional 437 shares during the period. Finally, State of Alaska Department of Revenue increased its position in shares of Rayonier by 0.5% in the first quarter. State of Alaska Department of Revenue now owns 84,739 shares of the real estate investment trust’s stock worth $2,815,000 after purchasing an additional 439 shares during the period. 89.12% of the stock is currently owned by institutional investors and hedge funds.

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.