Victory Capital Management Inc. Cuts Stake in Rayonier Inc. (NYSE:RYN)

Victory Capital Management Inc. lessened its position in Rayonier Inc. (NYSE:RYN - Free Report) by 5.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,951,290 shares of the real estate investment trust's stock after selling 172,705 shares during the quarter. Victory Capital Management Inc. owned approximately 1.98% of Rayonier worth $85,853,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new position in Rayonier during the 4th quarter worth $439,076,000. Confluence Investment Management LLC acquired a new position in Rayonier during the 1st quarter worth $77,027,000. Cohen & Steers Inc. acquired a new position in Rayonier during the 4th quarter worth $51,265,000. Central Securities Corp grew its stake in Rayonier by 42.9% during the 1st quarter. Central Securities Corp now owns 1,000,000 shares of the real estate investment trust's stock worth $33,240,000 after purchasing an additional 300,000 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Rayonier by 108.9% during the 1st quarter. Russell Investments Group Ltd. now owns 541,344 shares of the real estate investment trust's stock worth $17,995,000 after acquiring an additional 282,145 shares in the last quarter. Hedge funds and other institutional investors own 89.12% of the company's stock.

Rayonier Price Performance

Shares of RYN traded up $0.12 on Friday, reaching $30.75. The stock had a trading volume of 345,352 shares, compared to its average volume of 545,318. The firm has a market capitalization of $4.58 billion, a PE ratio of 27.46 and a beta of 1.04. The company has a quick ratio of 1.78, a current ratio of 1.98 and a debt-to-equity ratio of 0.75. The firm has a 50-day moving average of $29.56 and a 200 day moving average of $30.68. Rayonier Inc. has a twelve month low of $24.84 and a twelve month high of $35.29.

Rayonier (NYSE:RYN - Get Free Report) last announced its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.14 by ($0.12). Rayonier had a net margin of 14.78% and a return on equity of 3.00%. The company had revenue of $173.60 million for the quarter, compared to analyst estimates of $218.86 million. During the same quarter last year, the company posted $0.05 EPS. Rayonier's quarterly revenue was down 16.9% compared to the same quarter last year. Sell-side analysts expect that Rayonier Inc. will post 0.41 EPS for the current year.

Rayonier Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend is Monday, September 16th. Rayonier's dividend payout ratio (DPR) is 101.79%.

Analysts Set New Price Targets

Several analysts have recently weighed in on RYN shares. Royal Bank of Canada reissued a "sector perform" rating and issued a $34.00 target price on shares of Rayonier in a report on Friday, June 14th. StockNews.com raised Rayonier from a "sell" rating to a "hold" rating in a research note on Saturday, August 17th. Finally, Truist Financial lowered their price target on Rayonier from $34.00 to $31.00 and set a "hold" rating on the stock in a report on Tuesday, July 16th.

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.