Rayonier (NYSE:RYN) Price Target Cut to $30.00 by Analysts at Royal Bank of Canada

Rayonier (NYSE:RYN) had its target price reduced by Royal Bank of Canada from $33.00 to $30.00 in a research note issued to investors on Friday morning,Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the real estate investment trust’s stock.

RYN has been the subject of a number of other research reports. Citigroup lowered their price objective on Rayonier from $32.00 to $25.00 and set a “neutral” rating for the company in a research note on Wednesday, January 15th. StockNews.com upgraded shares of Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Finally, Truist Financial lowered their target price on Rayonier from $32.00 to $30.00 and set a “hold” rating on the stock in a report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $28.33.

Rayonier Price Performance

Shares of NYSE:RYN opened at $26.23 on Friday. Rayonier has a 12 month low of $24.88 and a 12 month high of $35.29. The company has a current ratio of 1.12, a quick ratio of 1.85 and a debt-to-equity ratio of 0.61. The stock has a market cap of $3.91 billion, a P/E ratio of 11.11 and a beta of 1.03. The company has a 50 day moving average of $27.16 and a 200 day moving average of $29.60.

Rayonier (NYSE:RYN) last announced its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.27 EPS for the quarter, beating 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%. As a group, sell-side analysts forecast that Rayonier will post 0.58 EPS for the current fiscal year.

Rayonier announced that its Board of Directors has approved a stock repurchase plan on Monday, December 2nd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the real estate investment trust to buy up to 6.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is 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 given a $0.2725 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $1.09 annualized dividend and a dividend yield of 4.16%. Rayonier’s payout ratio is presently 48.31%.

Institutional Investors Weigh In On Rayonier

Institutional investors and hedge funds have recently made changes to their positions in the stock. V Square Quantitative Management LLC acquired a new stake in Rayonier during the 3rd quarter worth about $25,000. Venturi Wealth Management LLC increased its stake in Rayonier by 165.1% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,079 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 672 shares in the last quarter. UMB Bank n.a. lifted its holdings in Rayonier by 59.7% in the 4th quarter. UMB Bank n.a. now owns 1,404 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 525 shares in the last quarter. Blue Trust Inc. raised its holdings in Rayonier by 539.9% in the 3rd quarter. Blue Trust Inc. now owns 1,235 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 1,042 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its holdings in Rayonier by 264.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,677 shares of the real estate investment trust’s stock valued at $44,000 after buying an additional 1,217 shares in the last quarter. 89.12% of the stock is currently owned by institutional investors and hedge funds.

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.