Pinebridge Investments L.P. Buys 22,753 Shares of Rayonier Inc. (NYSE:RYN)

Pinebridge Investments L.P. grew its stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 42.7% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 76,059 shares of the real estate investment trust's stock after acquiring an additional 22,753 shares during the period. Pinebridge Investments L.P. owned about 0.05% of Rayonier worth $1,985,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Norges Bank purchased a new stake in Rayonier in the fourth quarter worth $343,007,000. Massachusetts Financial Services Co. MA increased its holdings in Rayonier by 0.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,372,817 shares of the real estate investment trust's stock worth $88,031,000 after acquiring an additional 20,126 shares during the last quarter. Legal & General Group Plc raised its stake in Rayonier by 5.8% in the 4th quarter. Legal & General Group Plc now owns 3,107,331 shares of the real estate investment trust's stock valued at $81,101,000 after acquiring an additional 170,087 shares during the period. Geode Capital Management LLC lifted its holdings in Rayonier by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 2,632,193 shares of the real estate investment trust's stock valued at $68,719,000 after purchasing an additional 39,332 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Rayonier by 1.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,488,802 shares of the real estate investment trust's stock worth $64,958,000 after purchasing an additional 46,956 shares during the period. Institutional investors own 89.12% of the company's stock.

Rayonier Price Performance

Rayonier stock opened at $24.47 on Monday. The stock has a market cap of $3.82 billion, a price-to-earnings ratio of 10.37 and a beta of 0.97. The company has a quick ratio of 1.85, a current ratio of 1.12 and a debt-to-equity ratio of 0.61. The business has a 50-day simple moving average of $26.29 and a 200 day simple moving average of $27.80. Rayonier Inc. has a 52 week low of $22.80 and a 52 week high of $31.29.

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

Rayonier Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a yield of 4.45%. The ex-dividend date was Monday, March 17th. Rayonier's dividend payout ratio (DPR) is currently 46.19%.

Analysts Set New Price Targets

RYN has been the topic of a number of recent research reports. Truist Financial dropped their price target on shares of Rayonier from $30.00 to $27.00 and set a "hold" rating on the stock in a research note on Tuesday, April 22nd. StockNews.com raised Rayonier from a "hold" rating to a "buy" rating in a report on Monday, February 24th. Raymond James upgraded Rayonier from a "market perform" rating to an "outperform" rating and set a $31.00 price objective on the stock in a research note on Wednesday, March 12th. Citigroup cut their target price on Rayonier from $32.00 to $25.00 and set a "neutral" rating for the company in a research note on Wednesday, January 15th. Finally, Royal Bank of Canada decreased their price target on Rayonier from $33.00 to $30.00 and set a "sector perform" rating on the stock in a research report on Friday, February 7th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $28.25.

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.

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