First Horizon Corp Invests $4.27 Million in Rayonier Inc. $RYN

Key Points

• First Horizon Corp initiated a new position in Rayonier, buying 207,070 shares worth about $4.27 million in the first quarter and ending with roughly 0.07% ownership.
• Rayonier reported Q1 earnings of $0.07 per share, edging past estimates, while revenue came in at $276.79 million, slightly below expectations but up sharply year over year.
• The company paid a quarterly dividend of $0.26 per share, equivalent to an annualized yield of about 4.9%; analysts currently rate the stock a consensus Hold with an average price target of $24.80.

First Horizon Corp purchased a new stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 207,070 shares of the real estate investment trust's stock, valued at approximately $4,270,000. First Horizon Corp owned about 0.07% of Rayonier at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Eurizon Capital SGR S.p.A. acquired a new position in Rayonier in the fourth quarter worth approximately $34,000. Northwestern Mutual Wealth Management Co. lifted its stake in Rayonier by 65.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust's stock valued at $34,000 after acquiring an additional 627 shares during the last quarter. Hartford Financial Management Inc. grew its position in Rayonier by 49.7% in the fourth quarter. Hartford Financial Management Inc. now owns 1,732 shares of the real estate investment trust's stock worth $37,000 after acquiring an additional 575 shares in the last quarter. Bayban bought a new stake in Rayonier in the first quarter worth approximately $36,000. Finally, Whittier Trust Co. increased its stake in shares of Rayonier by 74.0% during the 1st quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust's stock worth $47,000 after purchasing an additional 969 shares during the last quarter. Institutional investors own 89.12% of the company's stock.

Insiders Place Their Bets

In other Rayonier news, CFO Wayne Wasechek sold 2,920 shares of the company's stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $21.17, for a total transaction of $61,816.40. Following the completion of the sale, the chief financial officer directly owned 115,530 shares in the company, valued at $2,445,770.10. This represents a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.85% of the stock is currently owned by corporate insiders.

Rayonier Trading Up 1.9%

NYSE:RYN opened at $21.30 on Friday. Rayonier Inc. has a 12 month low of $19.49 and a 12 month high of $27.33. The firm has a market cap of $6.40 billion, a price-to-earnings ratio of 7.05 and a beta of 0.88. The company has a quick ratio of 2.21, a current ratio of 2.53 and a debt-to-equity ratio of 0.35. The company's 50 day moving average is $20.92 and its 200-day moving average is $21.53.

Rayonier (NYSE:RYN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.01. The business had revenue of $276.79 million during the quarter, compared to analysts' expectations of $280.92 million. Rayonier had a net margin of 68.61% and a return on equity of 3.61%. Rayonier's revenue for the quarter was up 233.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.02) earnings per share. Equities analysts anticipate that Rayonier Inc. will post 0.36 EPS for the current year.

Rayonier Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.04 dividend on an annualized basis and a yield of 4.9%. Rayonier's payout ratio is currently 34.44%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RYN. Citigroup cut their price target on shares of Rayonier from $24.00 to $22.00 and set a "neutral" rating on the stock in a report on Wednesday, May 13th. Truist Financial increased their target price on shares of Rayonier from $24.00 to $25.00 and gave the stock a "hold" rating in a research report on Monday, May 11th. BMO Capital Markets cut their target price on Rayonier from $26.00 to $25.00 and set a "market perform" rating on the stock in a report on Tuesday, May 19th. Royal Bank Of Canada set a $24.00 price target on Rayonier in a research report on Thursday, April 16th. Finally, Wall Street Zen upgraded Rayonier from a "sell" rating to a "hold" rating in a research note on Saturday, April 18th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Rayonier has a consensus rating of "Hold" and an average price target of $24.80.

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.

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