Pallas Capital Advisors LLC Buys New Stake in Rayonier Inc. (NYSE:RYN)

Pallas Capital Advisors LLC bought a new stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 17,863 shares of the real estate investment trust's stock, valued at approximately $498,000.

Several other hedge funds and other institutional investors have also bought and sold shares of RYN. UMB Bank n.a. lifted its position in Rayonier by 100.1% during the 1st quarter. UMB Bank n.a. now owns 2,810 shares of the real estate investment trust's stock worth $78,000 after acquiring an additional 1,406 shares during the period. Merit Financial Group LLC purchased a new position in shares of Rayonier during the 1st quarter valued at about $602,000. American National Bank & Trust purchased a new position in shares of Rayonier during the 1st quarter valued at about $28,000. Rhumbline Advisers raised its stake in shares of Rayonier by 3.7% during the 1st quarter. Rhumbline Advisers now owns 437,423 shares of the real estate investment trust's stock valued at $12,195,000 after buying an additional 15,650 shares during the last quarter. Finally, Parallel Advisors LLC raised its stake in shares of Rayonier by 133.5% during the 1st quarter. Parallel Advisors LLC now owns 1,123 shares of the real estate investment trust's stock valued at $31,000 after buying an additional 642 shares during the last quarter. Institutional investors own 89.12% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Citigroup cut their price target on Rayonier from $27.00 to $26.00 and set a "neutral" rating for the company in a research note on Tuesday, June 3rd. Royal Bank of Canada cut their price target on Rayonier from $28.00 to $27.00 and set a "sector perform" rating for the company in a research note on Friday, May 2nd. Truist Financial cut their price target on Rayonier from $30.00 to $27.00 and set a "hold" rating for the company in a research note on Tuesday, April 22nd. Raymond James upgraded Rayonier from a "market perform" rating to an "outperform" rating and set a $31.00 price objective on the stock in a report on Wednesday, March 12th. Finally, Wall Street Zen upgraded Rayonier from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $27.75.

Rayonier Price Performance

Shares of Rayonier stock traded down $0.45 on Friday, hitting $23.41. 619,251 shares of the company were exchanged, compared to its average volume of 875,667. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of 9.92 and a beta of 1.05. The company has a 50-day moving average price of $23.99 and a 200 day moving average price of $26.04. Rayonier Inc. has a 1-year low of $22.80 and a 1-year high of $31.29. The company has a quick ratio of 1.85, a current ratio of 1.12 and a debt-to-equity ratio of 0.61.

Rayonier (NYSE:RYN - Get Free Report) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.10). The company had revenue of $82.90 million for the quarter, compared to analyst estimates of $152.99 million. Rayonier had a return on equity of 3.86% and a net margin of 28.44%. The company's revenue for the quarter was down 27.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.01 earnings per share. As a group, sell-side analysts predict that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $0.2725 dividend. This represents a $1.09 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date is Monday, June 16th. Rayonier's dividend payout ratio is presently 46.78%.

Rayonier 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.