Cary Street Partners Financial LLC Purchases Shares of 9,750 Rayonier Inc. (NYSE:RYN)

Key Points

• Cary Street Partners Financial LLC has invested approximately $272,000 in Rayonier Inc. by acquiring 9,750 shares in the 1st quarter.
• Institutional investors now hold 89.12% of Rayonier's stock, indicating significant institutional interest in the company.
• Rayonier recently declared a quarterly dividend of $0.2725 per share, representing an annualized yield of 4.2%.

Cary Street Partners Financial LLC acquired a new stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,750 shares of the real estate investment trust's stock, valued at approximately $272,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. American National Bank & Trust purchased a new stake in Rayonier in the 1st quarter worth $28,000. Parallel Advisors LLC increased its holdings in shares of Rayonier by 133.5% in the 1st quarter. Parallel Advisors LLC now owns 1,123 shares of the real estate investment trust's stock worth $31,000 after buying an additional 642 shares during the last quarter. Byrne Asset Management LLC bought a new position in Rayonier during the 1st quarter valued at about $38,000. Covestor Ltd grew its holdings in Rayonier by 30.0% during the 4th quarter. Covestor Ltd now owns 2,317 shares of the real estate investment trust's stock valued at $60,000 after purchasing an additional 535 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Rayonier by 54.6% during the 1st quarter. GAMMA Investing LLC now owns 2,680 shares of the real estate investment trust's stock valued at $75,000 after purchasing an additional 947 shares during the last quarter. Institutional investors own 89.12% of the company's stock.

Rayonier Stock Down 1.1%

Shares of RYN traded down $0.30 during mid-day trading on Thursday, hitting $26.48. The company's stock had a trading volume of 270,882 shares, compared to its average volume of 1,114,100. The company's 50-day moving average is $23.60 and its 200-day moving average is $24.81. Rayonier Inc. has a 52-week low of $21.84 and a 52-week high of $32.88. The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of 5.35 and a beta of 1.00. The company has a current ratio of 3.50, a quick ratio of 2.60 and a debt-to-equity ratio of 0.37.

Rayonier (NYSE:RYN - Get Free Report) last posted its earnings results on Wednesday, August 6th. The real estate investment trust reported $0.06 EPS for the quarter, beating analysts' consensus estimates of $0.03 by $0.03. Rayonier had a net margin of 68.53% and a return on equity of 3.39%. The company had revenue of $106.50 million during the quarter, compared to analysts' expectations of $95.30 million. During the same quarter in the prior year, the company posted $0.02 earnings per share. Rayonier's revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts forecast that Rayonier Inc. will post 0.55 EPS for the current fiscal year.

Rayonier Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.2725 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $1.09 dividend on an annualized basis and a yield of 4.1%. Rayonier's dividend payout ratio is presently 22.02%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wall Street Zen upgraded shares of Rayonier from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Truist Financial dropped their target price on shares of Rayonier from $30.00 to $27.00 and set a "hold" rating on the stock in a research note on Tuesday, April 22nd. Citigroup dropped their target price on shares of Rayonier from $27.00 to $26.00 and set a "neutral" rating on the stock in a research note on Tuesday, June 3rd. Finally, Royal Bank Of Canada upped their price target on shares of Rayonier from $26.00 to $27.00 and gave the stock a "sector perform" rating in a research report on Friday, August 8th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $27.75.

Rayonier Company 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.