Truist Financial Cuts Rayonier (NYSE:RYN) Price Target to $30.00

Rayonier (NYSE:RYN) had its price objective decreased by Truist Financial from $32.00 to $30.00 in a research report sent to investors on Monday morning,Benzinga reports. Truist Financial currently has a hold rating on the real estate investment trust’s stock.

Separately, StockNews.com upgraded Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th.

Rayonier Stock Down 1.4 %

Shares of NYSE:RYN opened at $25.74 on Monday. The company has a 50 day moving average of $29.27 and a two-hundred day moving average of $30.01. Rayonier has a 52-week low of $25.32 and a 52-week high of $35.29. The company has a quick ratio of 1.85, a current ratio of 1.99 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of 24.28 and a beta of 1.04.

Rayonier (NYSE:RYN) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). Rayonier had a net margin of 15.84% and a return on equity of 2.95%. The firm had revenue of $195.00 million for the quarter, compared to analyst estimates of $211.21 million. During the same period in the previous year, the business posted $0.13 earnings per share. Rayonier’s revenue for the quarter was down 3.3% on a year-over-year basis. As a group, analysts forecast that Rayonier will post 0.38 earnings per share for the current fiscal year.

Rayonier Increases Dividend

The business also recently announced a special dividend, which will be paid on Thursday, January 30th. Stockholders of record on Thursday, December 12th will be given a $1.80 dividend. This is an increase from Rayonier’s previous special dividend of $0.20. Rayonier’s payout ratio is presently 107.55%.

Rayonier declared that its Board of Directors has approved a stock repurchase program on Monday, December 2nd that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to reacquire up to 6.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Rayonier

Hedge funds have recently bought and sold shares of the company. Vestcor Inc bought a new position in Rayonier during the 3rd quarter worth approximately $1,749,000. Stifel Financial Corp raised its position in shares of Rayonier by 209.6% during the 3rd 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. Edgestream Partners L.P. bought a new position in Rayonier during the second quarter worth $732,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in 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 worth $14,718,000 after purchasing an additional 249,173 shares during the period. Finally, State Street Corp increased its stake in Rayonier by 2.5% during 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 purchasing an additional 104,464 shares during the last quarter. 89.12% of the stock is currently owned by institutional investors and hedge funds.

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.