State of Alaska Department of Revenue Acquires 3,304 Shares of Rayonier Inc. (NYSE:RYN)

State of Alaska Department of Revenue raised its holdings in shares of Rayonier Inc. (NYSE:RYN) by 3.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 89,658 shares of the real estate investment trust’s stock after purchasing an additional 3,304 shares during the quarter. State of Alaska Department of Revenue’s holdings in Rayonier were worth $2,339,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vestcor Inc bought a new stake in shares of Rayonier in the third quarter valued at about $1,749,000. Stifel Financial Corp raised its holdings in shares of Rayonier by 209.6% in the third quarter. Stifel Financial Corp now owns 57,289 shares of the real estate investment trust’s stock valued at $1,843,000 after acquiring an additional 38,783 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of 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 valued at $14,718,000 after acquiring an additional 249,173 shares in the last quarter. Oak Thistle LLC bought a new stake in shares of Rayonier in the fourth quarter valued at about $467,000. Finally, State Street Corp raised its holdings in shares of Rayonier by 2.5% in the third quarter. State Street Corp now owns 4,279,512 shares of the real estate investment trust’s stock valued at $137,715,000 after acquiring an additional 104,464 shares in the last quarter. 89.12% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Truist Financial decreased their price objective on Rayonier from $32.00 to $30.00 and set a “hold” rating for the company in a report on Monday, January 6th. Citigroup cut their target price on Rayonier from $32.00 to $25.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 15th. Royal Bank of Canada cut their target price on Rayonier from $33.00 to $30.00 and set a “sector perform” rating on the stock in a research note on Friday. Finally, StockNews.com upgraded Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $28.33.

Rayonier Price Performance

RYN opened at $25.68 on Tuesday. The business’s 50-day moving average is $27.04 and its two-hundred day moving average is $29.58. Rayonier Inc. has a 1 year low of $24.88 and a 1 year high of $35.29. 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 capitalization of $3.83 billion, a PE ratio of 10.88 and a beta of 1.03.

Rayonier (NYSE:RYN) last issued its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $0.27 earnings per share for the quarter, topping 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 anticipate that Rayonier Inc. will post 0.58 earnings per share for the current fiscal year.

Rayonier announced that its Board of Directors has authorized 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 reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Rayonier Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.2725 per share. The ex-dividend date is Monday, March 17th. This represents a $1.09 dividend on an annualized basis and a dividend yield of 4.24%. Rayonier’s payout ratio is 48.31%.

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.