Royal Bank of Canada Reaffirms “Sector Perform” Rating for Rayonier (NYSE:RYN)

Royal Bank of Canada reiterated their sector perform rating on shares of Rayonier (NYSE:RYNFree Report) in a research note issued to investors on Friday morning, Benzinga reports. Royal Bank of Canada currently has a $34.00 price objective on the real estate investment trust’s stock.

A number of other research analysts also recently weighed in on the company. StockNews.com downgraded Rayonier from a buy rating to a hold rating in a report on Friday, May 10th. TheStreet raised Rayonier from a c+ rating to a b- rating in a research report on Friday, February 16th. Three research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Rayonier has a consensus rating of Hold and an average target price of $34.00.

Get Our Latest Research Report on RYN

Rayonier Price Performance

Shares of NYSE RYN opened at $30.01 on Friday. The company has a quick ratio of 2.08, a current ratio of 2.46 and a debt-to-equity ratio of 0.74. The business has a 50 day moving average price of $30.19 and a two-hundred day moving average price of $31.84. Rayonier has a fifty-two week low of $24.84 and a fifty-two week high of $35.29. The firm has a market cap of $4.47 billion, a PE ratio of 26.79 and a beta of 1.07.

Rayonier (NYSE:RYNGet Free Report) last announced its earnings results on Wednesday, May 1st. The real estate investment trust reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The firm had revenue of $168.10 million for the quarter, compared to the consensus estimate of $190.04 million. Rayonier had a return on equity of 3.21% and a net margin of 15.92%. The firm’s revenue for the quarter was down 6.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.01 EPS. Sell-side analysts expect that Rayonier will post 0.46 earnings per share for the current fiscal year.

Rayonier Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend is Friday, June 14th. Rayonier’s payout ratio is presently 101.79%.

Institutional Trading of Rayonier

Several hedge funds and other institutional investors have recently modified their holdings of RYN. CENTRAL TRUST Co grew its holdings in Rayonier by 5.5% during the first quarter. CENTRAL TRUST Co now owns 6,433 shares of the real estate investment trust’s stock worth $214,000 after purchasing an additional 336 shares during the period. M&T Bank Corp raised its position in Rayonier by 4.4% during the fourth quarter. M&T Bank Corp now owns 8,102 shares of the real estate investment trust’s stock valued at $271,000 after purchasing an additional 344 shares in the last quarter. Leavell Investment Management Inc. raised its position in Rayonier by 1.0% during the fourth quarter. Leavell Investment Management Inc. now owns 38,352 shares of the real estate investment trust’s stock valued at $1,289,000 after purchasing an additional 363 shares in the last quarter. Retirement Systems of Alabama increased its holdings in shares of Rayonier by 0.3% during the first quarter. Retirement Systems of Alabama now owns 171,307 shares of the real estate investment trust’s stock worth $5,694,000 after buying an additional 437 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its holdings in shares of Rayonier by 0.5% during the first quarter. State of Alaska Department of Revenue now owns 84,739 shares of the real estate investment trust’s stock worth $2,815,000 after buying an additional 439 shares in the last quarter. Institutional investors and hedge funds own 89.12% of the company’s stock.

About Rayonier

(Get Free Report)

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.

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