Royal Bank of Canada Purchases 312,834 Shares of Rayonier Inc. $RYN

Royal Bank of Canada raised its position in shares of Rayonier Inc. (NYSE:RYN) by 111.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 592,576 shares of the real estate investment trust’s stock after buying an additional 312,834 shares during the quarter. Royal Bank of Canada’s holdings in Rayonier were worth $12,219,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in RYN. Empowered Funds LLC bought a new position in shares of Rayonier during the 1st quarter valued at approximately $246,000. The Manufacturers Life Insurance Company increased its position in Rayonier by 114.6% in the first quarter. The Manufacturers Life Insurance Company now owns 802,279 shares of the real estate investment trust’s stock worth $16,543,000 after purchasing an additional 428,502 shares during the last quarter. Troluce Capital Advisors LLC purchased a new stake in Rayonier during the first quarter valued at $8,970,000. Bradley Foster & Sargent Inc. CT purchased a new stake in Rayonier during the first quarter valued at $208,000. Finally, Aristotle Atlantic Partners LLC bought a new position in Rayonier during the first quarter valued at $5,687,000. Institutional investors own 89.12% of the company’s stock.

Rayonier Stock Performance

Shares of NYSE:RYN opened at $21.78 on Friday. The company has a market capitalization of $6.55 billion, a price-to-earnings ratio of 48.41 and a beta of 0.87. The firm’s 50-day moving average is $21.41 and its 200 day moving average is $21.43. Rayonier Inc. has a 12 month low of $19.49 and a 12 month high of $27.33. The company has a current ratio of 3.56, a quick ratio of 2.21 and a debt-to-equity ratio of 0.36.

Rayonier (NYSE:RYN) last issued its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.10. The firm had revenue of $396.51 million during the quarter, compared to analyst estimates of $374.28 million. Rayonier had a return on equity of 3.49% and a net margin of 7.83%.Rayonier’s quarterly revenue was up 272.3% compared to the same quarter last year. During the same period last year, the company earned $0.06 EPS. Research analysts predict that Rayonier Inc. will post 0.39 EPS for the current year.

Rayonier Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend is Wednesday, September 16th. Rayonier’s dividend payout ratio is presently 231.11%.

Analyst Ratings Changes

RYN has been the subject of a number of recent research reports. Weiss Ratings cut shares of Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, May 12th. BMO Capital Markets lowered their price target on shares of Rayonier from $26.00 to $25.00 and set a “market perform” rating for the company in a report on Tuesday, May 19th. Truist Financial dropped their price target on Rayonier from $25.00 to $24.00 and set a “hold” rating for the company in a research report on Wednesday, July 15th. Royal Bank Of Canada set a $24.00 price objective on Rayonier in a research note on Thursday, April 16th. Finally, Wall Street Zen raised Rayonier from a “sell” rating to a “hold” rating in a research note on Saturday, April 18th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $24.60.

Rayonier Profile

Rayonier, Inc (NYSE: RYN) is a publicly traded real estate investment trust specializing in timberland ownership and management. The company’s core business revolves around sustainably growing, harvesting, and marketing timber and timber-related products. Rayonier’s timberland portfolio encompasses approximately 2.7 million acres across the United States and New Zealand, focusing on softwood and hardwood fiber for use in paper, packaging and building materials.

Rayonier operates through two primary segments: Timber and Real Estate Solutions.