The Manufacturers Life Insurance Company Invests $16.72 Million in Rayonier Inc. $RYN

Key Points

• The Manufacturers Life Insurance Company acquired 785,541 Rayonier shares worth approximately $16.72 million, giving it a 0.26% stake. Institutional investors collectively own 89.12% of the timber-focused REIT.
• Rayonier reported quarterly EPS of $0.10, in line with analyst expectations, while revenue of $396.51 million exceeded estimates and rose 272.3% year over year.
• The company declared a quarterly dividend of $0.26, or $1.04 annually, representing a 5.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $24.80, compared with shares recently trading at $20.40.

The Manufacturers Life Insurance Company bought a new position in shares of Rayonier Inc. (NYSE:RYN - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 785,541 shares of the real estate investment trust's stock, valued at approximately $16,716,000. The Manufacturers Life Insurance Company owned approximately 0.26% of Rayonier at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Quarry LP grew its stake in shares of Rayonier by 19.8% during the 4th quarter. Quarry LP now owns 3,012 shares of the real estate investment trust's stock worth $65,000 after purchasing an additional 498 shares during the period. Greenwood Gearhart Inc. lifted its stake in shares of Rayonier by 4.9% in the fourth quarter. Greenwood Gearhart Inc. now owns 10,802 shares of the real estate investment trust's stock valued at $234,000 after purchasing an additional 502 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Rayonier by 65.7% during the fourth 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 in the last quarter. Keybank National Association OH grew its position in Rayonier by 4.4% during the fourth quarter. Keybank National Association OH now owns 15,641 shares of the real estate investment trust's stock worth $339,000 after buying an additional 656 shares during the period. Finally, Painted Porch Advisors LLC grew its position in Rayonier by 4.9% during the fourth quarter. Painted Porch Advisors LLC now owns 14,421 shares of the real estate investment trust's stock worth $312,000 after buying an additional 671 shares during the period. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Rayonier Trading Down 1.1%

Shares of RYN opened at $20.40 on Friday. Rayonier Inc. has a twelve month low of $19.49 and a twelve month high of $27.06. The firm has a market capitalization of $6.07 billion, a P/E ratio of 45.33 and a beta of 0.87. The company has a current ratio of 3.56, a quick ratio of 2.91 and a debt-to-equity ratio of 0.36. The stock's fifty day simple moving average is $21.47 and its 200 day simple moving average is $21.22.

Rayonier (NYSE:RYN - Get Free Report) last posted 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 firm had revenue of $396.51 million during the quarter, compared to the consensus estimate of $374.28 million. Rayonier had a net margin of 7.83% and a return on equity of 3.49%. The company's revenue was up 272.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.06 EPS. On average, equities research analysts forecast that Rayonier Inc. will post 0.44 earnings per share for the current year.

Rayonier Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend is Wednesday, September 16th. Rayonier's dividend payout ratio is presently 231.11%.

Analyst Upgrades and Downgrades

RYN has been the subject of a number of research analyst reports. Citigroup raised their price target on Rayonier from $22.00 to $23.00 and gave the company a "neutral" rating in a research report on Monday, August 10th. Truist Financial reduced their price target on shares of Rayonier from $25.00 to $24.00 and set a "hold" rating on the stock in a report on Wednesday, July 15th. Weiss Ratings upgraded shares of Rayonier from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, August 21st. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, Rayonier presently has a consensus 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source