Bank of New York Mellon Corp Trims Stock Holdings in Rayonier Inc. (NYSE:RYN)

Bank of New York Mellon Corp decreased its position in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 1.2% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,078,585 shares of the real estate investment trust's stock after selling 12,695 shares during the period. Bank of New York Mellon Corp owned about 0.72% of Rayonier worth $28,151,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. State Street Corp grew its position 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 period. Massachusetts Financial Services Co. MA increased its position in 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 in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Rayonier by 0.3% during the third 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 last quarter. Global Alpha Capital Management Ltd. raised its stake in Rayonier by 2.9% during the third 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 last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Rayonier by 119.7% in the third 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 worth $14,718,000 after acquiring an additional 249,173 shares in the last quarter. Institutional investors own 89.12% of the company's stock.

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Rayonier Stock Performance

Shares of RYN stock traded down $0.08 on Wednesday, reaching $27.23. The stock had a trading volume of 1,372,854 shares, compared to its average volume of 1,069,394. The stock has a market cap of $4.25 billion, a P/E ratio of 11.54 and a beta of 1.00. 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 Inc. has a 1 year low of $24.88 and a 1 year high of $34.60. The company has a 50 day simple moving average of $26.18 and a 200 day simple moving average of $29.06.

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

Rayonier declared that its Board of Directors has authorized a stock buyback program 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 reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

Rayonier Cuts Dividend

The firm also recently announced 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 4.00%. Rayonier's dividend payout ratio is currently 46.19%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RYN shares. Raymond James upgraded Rayonier from a "market perform" rating to an "outperform" rating and set a $31.00 price target for the company in a report on Wednesday. Citigroup decreased their price target on Rayonier from $32.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, January 15th. Truist Financial dropped their price objective on Rayonier from $32.00 to $30.00 and set a "hold" rating on the stock in a research report on Monday, January 6th. StockNews.com raised Rayonier from a "hold" rating to a "buy" rating in a research report on Monday, February 24th. Finally, Royal Bank of Canada lowered their target price on shares of Rayonier from $33.00 to $30.00 and set a "sector perform" rating on the stock in a research note on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $29.00.

Rayonier 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.