Bank of America Corp DE Has $7.42 Million Stock Position in Rayonier Inc. (NYSE:RYN)

Bank of America Corp DE trimmed its holdings in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 33.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 284,451 shares of the real estate investment trust's stock after selling 140,804 shares during the quarter. Bank of America Corp DE owned approximately 0.19% of Rayonier worth $7,424,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Ancora Advisors LLC boosted its stake in Rayonier by 1.4% in the fourth quarter. Ancora Advisors LLC now owns 347,630 shares of the real estate investment trust's stock valued at $9,073,000 after acquiring an additional 4,760 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in Rayonier in the fourth quarter valued at $416,000. Northern Trust Corp increased its holdings in Rayonier by 17.9% in the fourth quarter. Northern Trust Corp now owns 1,543,523 shares of the real estate investment trust's stock valued at $40,286,000 after buying an additional 234,629 shares in the last quarter. Quarry LP purchased a new position in Rayonier in the fourth quarter valued at $173,000. Finally, Pinebridge Investments L.P. increased its stake in shares of Rayonier by 42.7% during the fourth quarter. Pinebridge Investments L.P. now owns 76,059 shares of the real estate investment trust's stock worth $1,985,000 after purchasing an additional 22,753 shares in the last quarter. 89.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on RYN. Truist Financial cut their target price on shares of Rayonier from $30.00 to $27.00 and set a "hold" rating for the company in a research note on Tuesday, April 22nd. Royal Bank of Canada decreased their price objective on shares of Rayonier from $28.00 to $27.00 and set a "sector perform" rating on the stock in a report on Friday, May 2nd. Raymond James upgraded shares of 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 shares of 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 MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $27.50.

Rayonier Price Performance

Shares of NYSE RYN traded up $0.15 during trading on Friday, reaching $23.93. The company had a trading volume of 108,998 shares, compared to its average volume of 859,811. Rayonier Inc. has a twelve month low of $22.80 and a twelve month high of $31.29. The stock has a market capitalization of $3.73 billion, a PE ratio of 10.15 and a beta of 1.07. The stock has a 50-day moving average price of $24.68 and a two-hundred day moving average price of $26.55. The company has a current ratio of 1.12, a quick ratio of 1.85 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 (EPS) for the quarter, missing analysts' consensus estimates of $0.08 by ($0.10). The firm had revenue of $82.90 million for the quarter, compared to analysts' expectations of $152.99 million. Rayonier had a return on equity of 3.86% and a net margin of 28.44%. The firm's revenue for the quarter was down 27.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.01 EPS. As a group, sell-side analysts predict that Rayonier Inc. will post 0.55 earnings per share for the current year.

Rayonier Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a dividend of $0.2725 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $1.09 dividend on an annualized basis and a yield of 4.56%. Rayonier's payout ratio is currently 46.78%.

About Rayonier

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.