Proficio Capital Partners LLC Takes $648,000 Position in Rayonier Inc. (NYSE:RYN)

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

Other institutional investors have also added to or reduced their stakes in the company. Vestcor Inc acquired a new stake in Rayonier during the 3rd quarter worth about $1,749,000. Stifel Financial Corp grew its stake in Rayonier by 209.6% during the third quarter. Stifel Financial Corp now owns 57,289 shares of the real estate investment trust's stock worth $1,843,000 after purchasing an additional 38,783 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Rayonier by 119.7% during 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 purchasing an additional 249,173 shares during the period. Oak Thistle LLC bought a new stake in Rayonier in the fourth quarter worth approximately $467,000. Finally, Oppenheimer & Co. Inc. acquired a new position in Rayonier in the fourth quarter valued at approximately $327,000. 89.12% of the stock is currently owned by institutional investors.

Rayonier Stock Up 0.7 %

NYSE RYN traded up $0.20 during trading hours on Thursday, hitting $27.88. The company's stock had a trading volume of 880,120 shares, compared to its average volume of 711,424. The company has a market capitalization of $4.35 billion, a PE ratio of 11.81 and a beta of 1.00. The company has a current ratio of 1.12, a quick ratio of 1.85 and a debt-to-equity ratio of 0.61. Rayonier Inc. has a 52 week low of $24.88 and a 52 week high of $32.05. The company's 50-day simple moving average is $26.59 and its two-hundred day simple moving average is $28.84.

Rayonier (NYSE:RYN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.27 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%. Research analysts anticipate that Rayonier Inc. will post 0.55 EPS for the current fiscal year.

Rayonier announced that its Board of Directors has approved a stock buyback plan on Monday, December 2nd that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the real estate investment trust to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Rayonier Cuts Dividend

The company also recently disclosed 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. This represents a $1.09 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend is Monday, March 17th. Rayonier's dividend payout ratio is 46.19%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RYN shares. Royal Bank of Canada lowered their price objective on shares of Rayonier from $33.00 to $30.00 and set a "sector perform" rating for the company in a research note on Friday, February 7th. Citigroup decreased their target price on Rayonier from $32.00 to $25.00 and set a "neutral" rating for the company in a research report on Wednesday, January 15th. Truist Financial cut their price target on Rayonier from $32.00 to $30.00 and set a "hold" rating on the stock in a report on Monday, January 6th. Raymond James upgraded Rayonier from a "market perform" rating to an "outperform" rating and set a $31.00 price objective for the company in a report on Wednesday, March 12th. Finally, StockNews.com raised Rayonier from a "hold" rating to a "buy" rating in a research report on Monday, February 24th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, Rayonier has an average rating of "Hold" and a consensus price target of $29.00.

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.