NewEdge Advisors LLC increased its position in shares of Rayonier Inc. (NYSE:RYN – Free Report) by 1,150.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 41,941 shares of the real estate investment trust’s stock after purchasing an additional 38,587 shares during the quarter. NewEdge Advisors LLC’s holdings in Rayonier were worth $865,000 as of its most recent filing with the SEC.
Other institutional investors also recently bought and sold shares of the company. Bank of America Corp DE raised its stake in shares of Rayonier by 141.8% during the 1st quarter. Bank of America Corp DE now owns 1,620,769 shares of the real estate investment trust’s stock worth $33,420,000 after buying an additional 950,473 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Rayonier by 104.0% in the 1st quarter. Janus Henderson Group PLC now owns 133,727 shares of the real estate investment trust’s stock worth $2,759,000 after buying an additional 68,166 shares in the last quarter. Sunbelt Securities Inc. grew its stake in Rayonier by 124,900.0% in the 1st quarter. Sunbelt Securities Inc. now owns 2,500 shares of the real estate investment trust’s stock valued at $52,000 after acquiring an additional 2,498 shares during the last quarter. Parvin Asset Management LLC grew its stake in Rayonier by 28.6% in the 1st quarter. Parvin Asset Management LLC now owns 52,813 shares of the real estate investment trust’s stock valued at $1,089,000 after acquiring an additional 11,738 shares during the last quarter. Finally, Adelante Capital Management LLC purchased a new position in Rayonier during the 1st quarter valued at about $1,627,000. 89.12% of the stock is currently owned by hedge funds and other institutional investors.
Rayonier Price Performance
RYN stock opened at $20.79 on Wednesday. The stock has a market capitalization of $6.19 billion, a price-to-earnings ratio of 46.20 and a beta of 0.87. The company has a quick ratio of 2.91, a current ratio of 3.56 and a debt-to-equity ratio of 0.36. Rayonier Inc. has a 52-week low of $19.49 and a 52-week high of $27.33. The stock’s fifty day simple moving average is $21.48 and its 200-day simple moving average is $21.30.
Rayonier Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.0%. Rayonier’s dividend payout ratio is currently 231.11%.
Analysts Set New Price Targets
RYN has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rayonier in a research note on Friday, August 7th. BMO Capital Markets reduced their target price on shares of Rayonier from $26.00 to $25.00 and set a “market perform” rating on the stock in a report on Tuesday, May 19th. Citigroup upped their target price on shares of Rayonier from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Finally, Truist Financial lowered their price target on shares of Rayonier from $25.00 to $24.00 and set a “hold” rating for the company in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $24.80.
View Our Latest Stock Analysis on RYN
About Rayonier
Rayonier, Inc (NYSE: RYN) is a publicly traded real estate investment trust specializing in timberland ownership and management. The company’s core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier’s timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.
Rayonier operates through two primary segments: Timber and Real Estate Solutions.
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