Rayonier Inc. (NYSE:RYN) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. grew its position in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 323,985 shares of the real estate investment trust's stock after purchasing an additional 15,382 shares during the quarter. Principal Financial Group Inc. owned approximately 0.21% of Rayonier worth $9,033,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Rayonier in the fourth quarter worth approximately $343,007,000. Deutsche Bank AG boosted its stake in Rayonier by 730.8% during the fourth quarter. Deutsche Bank AG now owns 1,829,422 shares of the real estate investment trust's stock worth $47,748,000 after buying an additional 1,609,232 shares during the last quarter. Franklin Resources Inc. acquired a new position in Rayonier during the fourth quarter worth $30,935,000. Millennium Management LLC boosted its stake in Rayonier by 253.3% during the fourth quarter. Millennium Management LLC now owns 1,094,880 shares of the real estate investment trust's stock worth $28,576,000 after buying an additional 784,955 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Rayonier by 17.9% in the 4th quarter. Northern Trust Corp now owns 1,543,523 shares of the real estate investment trust's stock valued at $40,286,000 after purchasing an additional 234,629 shares during the last quarter. 89.12% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on RYN shares. Truist Financial decreased their price target on Rayonier from $30.00 to $27.00 and set a "hold" rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen raised Rayonier from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. Citigroup cut their price objective on Rayonier from $27.00 to $26.00 and set a "neutral" rating on the stock in a report on Tuesday, June 3rd. Finally, Royal Bank Of Canada decreased their target price on Rayonier from $28.00 to $27.00 and set a "sector perform" rating on the stock in a research note on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $27.75.

Rayonier Stock Performance

NYSE:RYN traded up $0.22 during mid-day trading on Wednesday, reaching $23.47. 266,465 shares of the stock were exchanged, compared to its average volume of 913,904. The company has a 50 day simple moving average of $23.30 and a 200-day simple moving average of $25.06. The stock has a market capitalization of $3.66 billion, a P/E ratio of 10.05 and a beta of 1.02. The company has a quick ratio of 2.60, a current ratio of 2.71 and a debt-to-equity ratio of 0.54. Rayonier Inc. has a 1 year low of $21.84 and a 1 year high of $31.29.

Rayonier (NYSE:RYN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.10). The business had revenue of $82.90 million during the quarter, compared to analyst estimates of $152.99 million. Rayonier had a net margin of 30.09% and a return on equity of 3.29%. The firm's quarterly revenue was down 27.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.01 earnings per share. Analysts anticipate that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were issued a $0.2725 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a $1.09 dividend on an annualized basis and a dividend yield of 4.64%. Rayonier's dividend payout ratio (DPR) is 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.