Rayonier Inc. $RYN Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its Rayonier stake by 141.8% in the first quarter, purchasing 950,473 additional shares and bringing its holdings to 1.62 million shares worth approximately $33.4 million.
• Rayonier reported quarterly EPS of $0.10, matching estimates, while revenue rose 272.3% year over year to $396.5 million. The company also declared a quarterly dividend of $0.26 per share, implying a 4.8% annualized yield.
• Shares traded around $21.55, below the analyst consensus price target of $24.80. Analyst sentiment remains mostly neutral, with one Strong Buy, four Holds and one Sell rating.

Bank of America Corp DE increased its stake in shares of Rayonier Inc. (NYSE:RYN - Free Report) by 141.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,620,769 shares of the real estate investment trust's stock after buying an additional 950,473 shares during the quarter. Bank of America Corp DE owned about 0.54% of Rayonier worth $33,420,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Rayonier in the fourth quarter valued at about $34,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Rayonier by 65.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,581 shares of the real estate investment trust's stock worth $34,000 after buying an additional 627 shares during the last quarter. Bayban purchased a new stake in shares of Rayonier during the 1st quarter valued at approximately $36,000. Whittier Trust Co. raised its position 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 valued at $47,000 after buying an additional 969 shares during the period. Finally, North Star Investment Management Corp. acquired a new position in Rayonier in the first quarter valued at approximately $51,000. Institutional investors and hedge funds own 89.12% of the company's stock.

Rayonier Trading Down 0.9%

Shares of RYN stock opened at $21.55 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.91 and a current ratio of 3.56. The stock has a market capitalization of $6.41 billion, a P/E ratio of 47.90 and a beta of 0.87. The company has a 50 day moving average price of $21.47 and a 200 day moving average price of $21.34. Rayonier Inc. has a fifty-two week low of $19.49 and a fifty-two week high of $27.33.

Rayonier (NYSE:RYN - Get Free Report) last released its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.10. The company had revenue of $396.51 million for the quarter, compared to analyst estimates of $374.28 million. Rayonier had a net margin of 7.83% and a return on equity of 3.49%. The firm's quarterly revenue was up 272.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.06 EPS. Equities research analysts predict that Rayonier Inc. will post 0.42 EPS for the current fiscal year.

Rayonier Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $1.04 dividend on an annualized basis and a yield of 4.8%. Rayonier's dividend payout ratio (DPR) is 231.11%.

Analysts Set New Price Targets

Several research analysts recently weighed in on RYN shares. Truist Financial lowered their price objective on Rayonier from $25.00 to $24.00 and set a "hold" rating for the company in a research report on Wednesday, July 15th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Rayonier in a report on Friday, August 7th. BMO Capital Markets cut their price objective on Rayonier from $26.00 to $25.00 and set a "market perform" rating for the company in a research report on Tuesday, May 19th. Citigroup boosted their price objective on shares of Rayonier from $22.00 to $23.00 and gave the company a "neutral" rating in a report on Monday. Finally, Wall Street Zen raised shares of Rayonier from a "sell" rating to a "hold" rating in a research report on Saturday, April 18th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Rayonier has an average rating of "Hold" and an average target price of $24.80.

Rayonier Company 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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