Comerica Bank Increases Stake in Rayonier Inc. (RYN)
Comerica Bank lifted its holdings in Rayonier Inc. (NYSE:RYN) by 1.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 228,795 shares of the real estate investment trust’s stock after purchasing an additional 2,517 shares during the period. Comerica Bank owned about 0.18% of Rayonier worth $6,777,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Public Employees Retirement Association of Colorado lifted its position in shares of Rayonier by 0.5% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 29,895 shares of the real estate investment trust’s stock worth $860,000 after purchasing an additional 154 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Rayonier by 7.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,772 shares of the real estate investment trust’s stock worth $137,000 after purchasing an additional 351 shares during the period. Aperio Group LLC lifted its position in shares of Rayonier by 1.5% in the 2nd quarter. Aperio Group LLC now owns 29,965 shares of the real estate investment trust’s stock worth $862,000 after purchasing an additional 437 shares during the period. Afam Capital Inc. lifted its position in shares of Rayonier by 1.7% in the 2nd quarter. Afam Capital Inc. now owns 32,216 shares of the real estate investment trust’s stock worth $927,000 after purchasing an additional 549 shares during the period. Finally, World Asset Management Inc lifted its position in shares of Rayonier by 8.5% in the 2nd quarter. World Asset Management Inc now owns 8,200 shares of the real estate investment trust’s stock worth $236,000 after purchasing an additional 641 shares during the period. 83.02% of the stock is owned by hedge funds and other institutional investors.
RYN has been the subject of several research reports. Zacks Investment Research raised shares of Rayonier from a “hold” rating to a “buy” rating and set a $31.00 price target for the company in a research report on Monday, August 21st. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $29.00 price target on shares of Rayonier in a research report on Wednesday, November 15th. BMO Capital Markets reissued a “hold” rating and set a $31.00 target price on shares of Rayonier in a research report on Thursday, November 2nd. Finally, BidaskClub raised shares of Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, August 26th. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $31.25.
Shares of Rayonier Inc. (RYN) opened at $31.32 on Monday. Rayonier Inc. has a 52-week low of $26.07 and a 52-week high of $31.67. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.45 and a current ratio of 1.74. The company has a market cap of $4,038.14, a P/E ratio of 63.92, a P/E/G ratio of 11.65 and a beta of 0.36.
Rayonier (NYSE:RYN) last posted its earnings results on Wednesday, November 1st. The real estate investment trust reported $0.19 EPS for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.14. Rayonier had a net margin of 17.06% and a return on equity of 3.89%. The company had revenue of $177.90 million during the quarter, compared to analysts’ expectations of $144.06 million. During the same quarter in the prior year, the company posted $0.33 earnings per share. Rayonier’s revenue for the quarter was up 3.8% compared to the same quarter last year. equities analysts forecast that Rayonier Inc. will post 0.54 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.00 dividend on an annualized basis and a yield of 3.19%. Rayonier’s payout ratio is 95.24%.
Rayonier Inc is a timberland real estate investment trust with assets located in some of the timber growing regions in the United States and New Zealand. The Company operates through five segments: Southern Timber, Pacific Northwest Timber, New Zealand Timber, Real Estate and Trading. The Southern Timber, Pacific Northwest Timber and New Zealand Timber segments reflect all activities related to the harvesting of timber and other activities, such as recreational leases, within each respective geography.
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