Bank of America Corp DE Invests $32.19 Million in Rayonier Inc. $RYN

Key Points

• Bank of America acquired 1.51 million Rayonier shares worth approximately $32.19 million, representing about 0.51% of the timberland REIT. Institutional investors collectively own 89.12% of the company.
• Rayonier reported quarterly earnings of $0.10 per share, in line with estimates, while revenue rose 272.3% year over year to $396.51 million, exceeding expectations.
• The company declared a quarterly dividend of $0.26, equivalent to $1.04 annually and a 5.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $24.80, versus the stock’s reported price of $20.23.

Bank of America Corp DE acquired a new stake in Rayonier Inc. (NYSE:RYN - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 1,512,735 shares of the real estate investment trust's stock, valued at approximately $32,191,000. Bank of America Corp DE owned approximately 0.51% of Rayonier as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Rayonier in the second quarter worth about $617,451,000. Norges Bank bought a new position in Rayonier during the 4th quarter worth approximately $313,806,000. Cohen & Steers Inc. grew its position in Rayonier by 5.6% during the 4th quarter. Cohen & Steers Inc. now owns 13,548,815 shares of the real estate investment trust's stock worth $293,332,000 after acquiring an additional 717,021 shares during the last quarter. Legal & General Group Plc purchased a new position in Rayonier in the 2nd quarter worth approximately $213,574,000. Finally, Pictet Asset Management Holding SA increased its stake in Rayonier by 42.3% in the 1st quarter. Pictet Asset Management Holding SA now owns 4,925,463 shares of the real estate investment trust's stock worth $101,563,000 after purchasing an additional 1,463,118 shares during the period. Institutional investors own 89.12% of the company's stock.

Rayonier Price Performance

RYN opened at $20.23 on Wednesday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.91 and a current ratio of 3.56. The stock has a market capitalization of $6.02 billion, a PE ratio of 44.95 and a beta of 0.87. The stock's 50 day moving average price is $21.08 and its 200-day moving average price is $20.96. Rayonier Inc. has a 52-week low of $19.49 and a 52-week high of $27.06.

Rayonier (NYSE:RYN - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share for the quarter, meeting the consensus estimate of $0.10. The business had revenue of $396.51 million for the quarter, compared to analysts' expectations of $374.28 million. Rayonier had a net margin of 7.83% and a return on equity of 3.49%. The firm's revenue for the quarter was up 272.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.06 earnings per share. On average, equities research analysts predict that Rayonier Inc. will post 0.44 EPS for the current year.

Rayonier Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.04 annualized dividend and a yield of 5.1%. Rayonier's dividend payout ratio (DPR) is 231.11%.

Insider Buying and Selling

In other Rayonier news, EVP Mark Bridwell sold 5,318 shares of Rayonier stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $20.19, for a total transaction of $107,370.42. Following the sale, the executive vice president directly owned 131,661 shares of the company's stock, valued at approximately $2,658,235.59. The trade was a 3.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.85% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Citigroup raised their target price on shares of Rayonier from $22.00 to $23.00 and gave the stock a "neutral" rating in a report on Monday, August 10th. Weiss Ratings upgraded shares of Rayonier from a "sell (d+)" rating to a "hold (c-)" rating in a report on Friday, August 21st. Finally, Truist Financial dropped their price target on shares of Rayonier from $25.00 to $24.00 and set a "hold" rating for the company in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $24.80.

Rayonier Company Profile

Rayonier Inc NYSE: RYN is a real estate investment trust that owns, leases and manages timberlands. The company generates revenue primarily through the sustainable harvesting and sale of timber, including sawtimber, pulpwood and chip products used in construction, packaging, pulp and paper manufacturing, and other wood products industries.

Rayonier's timberland portfolio spans the U.S. South, the Pacific Northwest and New Zealand. In addition to timber operations, the company manages a real estate business that monetizes land through rural and recreational property sales, residential and commercial development, conservation transactions, and other higher-value uses.

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