Strs Ohio Invests $1.36 Million in Rayonier Inc. $RYN

Key Points

• Strs Ohio invested approximately $1.36 million in Rayonier Inc., acquiring 48,917 shares in the first quarter of 2023.
• Rayonier stock has seen a price target increase from several analysts, with Royal Bank of Canada and Citigroup both setting new targets at $27.00, maintaining a "sector perform" and "neutral" rating respectively.
• The company also announced a quarterly dividend of $0.2725 per share, providing a yield of 4.2%, with the payment scheduled for September 30th.

Strs Ohio purchased a new stake in Rayonier Inc. (NYSE:RYN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 48,917 shares of the real estate investment trust's stock, valued at approximately $1,364,000.

Several other institutional investors have 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 valued at approximately $28,000. Elequin Capital LP purchased a new stake in Rayonier in the 1st quarter valued at approximately $30,000. Parallel Advisors LLC boosted its holdings in Rayonier by 133.5% in the 1st quarter. Parallel Advisors LLC now owns 1,123 shares of the real estate investment trust's stock valued at $31,000 after purchasing an additional 642 shares in the last quarter. GKV Capital Management Co. Inc. purchased a new stake in Rayonier in the 1st quarter valued at approximately $32,000. Finally, Byrne Asset Management LLC purchased a new stake in Rayonier in the 1st quarter valued at approximately $38,000. Institutional investors and hedge funds own 89.12% of the company's stock.

Analyst Ratings Changes

RYN has been the topic of several research analyst reports. Royal Bank Of Canada boosted their price target on Rayonier from $26.00 to $27.00 and gave the stock a "sector perform" rating in a research note on Friday, August 8th. Wall Street Zen raised Rayonier from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Citigroup boosted their price target on Rayonier from $26.00 to $27.00 and gave the stock a "neutral" rating in a research note on Thursday, August 21st. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $28.00.

Rayonier Trading Down 1.1%

Shares of NYSE RYN traded down $0.29 during midday trading on Friday, reaching $25.74. 2,720,394 shares of the stock were exchanged, compared to its average volume of 1,052,028. The company has a market capitalization of $3.97 billion, a P/E ratio of 5.20 and a beta of 1.01. Rayonier Inc. has a 52-week low of $21.84 and a 52-week high of $32.88. The company has a current ratio of 3.50, a quick ratio of 3.38 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average price of $25.36 and a 200-day moving average price of $24.83.

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

Rayonier Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.2725 per share. This represents a $1.09 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Tuesday, September 16th. Rayonier's dividend payout ratio is currently 22.02%.

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.