Proficio Capital Partners LLC Purchases New Holdings in Rayonier Inc. (NYSE:RYN)

Proficio Capital Partners LLC bought a new position in shares of Rayonier Inc. (NYSE:RYN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 24,821 shares of the real estate investment trust's stock, valued at approximately $648,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RYN. Pacer Advisors Inc. lifted its position in shares of Rayonier by 2.3% during the 4th quarter. Pacer Advisors Inc. now owns 19,993 shares of the real estate investment trust's stock worth $522,000 after purchasing an additional 442 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Rayonier by 41.8% during the fourth quarter. GAMMA Investing LLC now owns 1,733 shares of the real estate investment trust's stock worth $45,000 after buying an additional 511 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Rayonier by 59.7% in the fourth quarter. UMB Bank n.a. now owns 1,404 shares of the real estate investment trust's stock valued at $37,000 after acquiring an additional 525 shares during the period. Venturi Wealth Management LLC grew its stake in shares of Rayonier by 165.1% in the third quarter. Venturi Wealth Management LLC now owns 1,079 shares of the real estate investment trust's stock worth $35,000 after acquiring an additional 672 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D increased its position in Rayonier by 1.2% during the third quarter. State of New Jersey Common Pension Fund D now owns 65,078 shares of the real estate investment trust's stock worth $2,094,000 after acquiring an additional 768 shares during the period. Institutional investors and hedge funds own 89.12% of the company's stock.

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Wall Street Analyst Weigh In

RYN has been the subject of a number of research analyst reports. Truist Financial reduced their target price on shares of Rayonier from $32.00 to $30.00 and set a "hold" rating for the company in a research note on Monday, January 6th. Citigroup reduced their price objective on Rayonier from $32.00 to $25.00 and set a "neutral" rating for the company in a research report on Wednesday, January 15th. Royal Bank of Canada lowered their price objective 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. Raymond James raised Rayonier from a "market perform" rating to an "outperform" rating and set a $31.00 target price for the company in a research report on Wednesday. Finally, StockNews.com raised shares of Rayonier from a "hold" rating to a "buy" rating in a report on Monday, February 24th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $29.00.

Rayonier Price Performance

Shares of Rayonier stock traded up $0.01 during midday trading on Thursday, hitting $27.23. 682,014 shares of the company were exchanged, compared to its average volume of 693,137. The firm has a 50 day simple moving average of $26.20 and a 200-day simple moving average of $29.04. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.12 and a quick ratio of 1.85. The firm has a market cap of $4.25 billion, a P/E ratio of 11.54 and a beta of 1.00. Rayonier Inc. has a 52 week low of $24.88 and a 52 week high of $32.92.

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

Rayonier announced that its board has approved a share 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 repurchase up to 6.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Rayonier Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a dividend yield of 4.00%. The ex-dividend date of this dividend is Monday, March 17th. Rayonier's payout ratio is 46.19%.

Rayonier Company 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.