Cibc World Markets Corp Buys 1,724 Shares of Rayonier Inc. (NYSE:RYN)

Cibc World Markets Corp increased its position in Rayonier Inc. (NYSE:RYN) by 4.9% during the 4th quarter, Holdings Channel reports. The firm owned 37,157 shares of the real estate investment trust’s stock after acquiring an additional 1,724 shares during the quarter. Cibc World Markets Corp’s holdings in Rayonier were worth $970,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Swiss National Bank grew its position in shares of Rayonier by 5.9% during the 4th quarter. Swiss National Bank now owns 292,382 shares of the real estate investment trust’s stock worth $7,631,000 after buying an additional 16,282 shares in the last quarter. HighTower Advisors LLC lifted its stake in Rayonier by 3.4% in the fourth quarter. HighTower Advisors LLC now owns 66,571 shares of the real estate investment trust’s stock worth $1,738,000 after acquiring an additional 2,168 shares during the period. Wealthfront Advisers LLC bought a new position in Rayonier during the 4th quarter worth about $1,251,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Rayonier by 16.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,070 shares of the real estate investment trust’s stock valued at $941,000 after purchasing an additional 5,145 shares during the period. Finally, Amundi raised its holdings in shares of Rayonier by 27.8% in the 4th quarter. Amundi now owns 108,641 shares of the real estate investment trust’s stock valued at $2,795,000 after purchasing an additional 23,641 shares in the last quarter. 89.12% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Raymond James upgraded shares of Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 price objective on the stock in a research note on Wednesday, March 12th. Citigroup cut their price target on Rayonier from $32.00 to $25.00 and set a “neutral” rating on the stock in a report on Wednesday, January 15th. StockNews.com upgraded Rayonier from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Royal Bank of Canada reduced their target price on shares of Rayonier from $33.00 to $30.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. Finally, Truist Financial cut their price objective on shares of Rayonier from $32.00 to $30.00 and set a “hold” rating on the stock in a research report on Monday, January 6th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $29.00.

Rayonier Stock Performance

RYN opened at $27.61 on Friday. The company has a market cap of $4.31 billion, a P/E ratio of 11.70 and a beta of 1.00. Rayonier Inc. has a 52-week low of $24.88 and a 52-week high of $32.05. The company has a quick ratio of 1.85, a current ratio of 1.12 and a debt-to-equity ratio of 0.61. The firm’s 50-day moving average price is $26.47 and its 200-day moving average price is $28.92.

Rayonier (NYSE:RYN) last released its earnings results on Wednesday, February 5th. The real estate investment trust reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.08. Rayonier had a return on equity of 3.86% and a net margin of 28.44%. As a group, equities analysts anticipate that Rayonier Inc. will post 0.55 EPS for the current fiscal year.

Rayonier Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be issued a $0.2725 dividend. This represents a $1.09 annualized dividend and a dividend yield of 3.95%. The ex-dividend date of this dividend is Monday, March 17th. Rayonier’s dividend payout ratio (DPR) is currently 46.19%.

Rayonier declared that its board has initiated a share repurchase plan on Monday, December 2nd that allows the company to buyback $300.00 million in shares. This buyback authorization allows the real estate investment trust to repurchase up to 6.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Rayonier Company Profile

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.