Bank of New York Mellon Corp Purchases 55,381 Shares of Rayonier Inc. (NYSE:RYN)

Bank of New York Mellon Corp raised its stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 5.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,133,966 shares of the real estate investment trust's stock after purchasing an additional 55,381 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.73% of Rayonier worth $31,615,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Harvest Fund Management Co. Ltd bought a new stake in shares of Rayonier during the 4th quarter valued at about $25,000. American National Bank & Trust purchased a new stake in Rayonier in the first quarter worth about $28,000. Parallel Advisors LLC boosted its position in Rayonier by 133.5% during the 1st quarter. Parallel Advisors LLC now owns 1,123 shares of the real estate investment trust's stock valued at $31,000 after acquiring an additional 642 shares in the last quarter. Byrne Asset Management LLC bought a new stake in Rayonier during the 1st quarter valued at approximately $38,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in shares of Rayonier by 264.6% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,677 shares of the real estate investment trust's stock worth $44,000 after acquiring an additional 1,217 shares during the period. 89.12% of the stock is currently owned by institutional investors.

Rayonier Stock Up 1.9%

Shares of Rayonier stock traded up $0.44 during midday trading on Wednesday, hitting $23.69. The company had a trading volume of 1,220,091 shares, compared to its average volume of 917,484. Rayonier Inc. has a 52-week low of $21.84 and a 52-week high of $31.29. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.60 and a current ratio of 2.71. The stock has a market capitalization of $3.69 billion, a P/E ratio of 10.17 and a beta of 1.02. The company has a 50 day moving average of $23.30 and a 200 day moving average of $25.06.

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

Rayonier Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were given a dividend of $0.2725 per share. This represents a $1.09 dividend on an annualized basis and a yield of 4.60%. The ex-dividend date was Monday, June 16th. Rayonier's dividend payout ratio (DPR) is presently 46.78%.

Wall Street Analyst Weigh In

RYN has been the subject of a number of research analyst reports. Truist Financial lowered their target price on Rayonier from $30.00 to $27.00 and set a "hold" rating for the company in a research note on Tuesday, April 22nd. Wall Street Zen upgraded Rayonier from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. 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 report on Tuesday, June 3rd. Finally, Royal Bank Of Canada reduced their target price on shares of Rayonier from $28.00 to $27.00 and set a "sector perform" rating on the stock in a research report on Friday, May 2nd. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $27.75.

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.