Victory Capital Management Inc. Sells 533,572 Shares of Rayonier Inc. $RYN

Victory Capital Management Inc. decreased its position in Rayonier Inc. (NYSE:RYN) by 18.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,428,447 shares of the real estate investment trust’s stock after selling 533,572 shares during the quarter. Victory Capital Management Inc.’s holdings in Rayonier were worth $64,451,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of RYN. Fox Run Management L.L.C. bought a new position in Rayonier in the 3rd quarter worth $949,000. MAI Capital Management grew its position in shares of Rayonier by 98.5% in the third quarter. MAI Capital Management now owns 62,878 shares of the real estate investment trust’s stock valued at $1,669,000 after purchasing an additional 31,194 shares during the last quarter. Cary Street Partners Financial LLC increased its stake in shares of Rayonier by 1.8% in the third quarter. Cary Street Partners Financial LLC now owns 28,345 shares of the real estate investment trust’s stock worth $752,000 after purchasing an additional 510 shares during the period. Optiver Holding B.V. acquired a new position in shares of Rayonier during the 3rd quarter worth about $86,000. Finally, EDENTREE ASSET MANAGEMENT Ltd boosted its stake in Rayonier by 20.3% during the 3rd quarter. EDENTREE ASSET MANAGEMENT Ltd now owns 41,815 shares of the real estate investment trust’s stock valued at $1,109,000 after purchasing an additional 7,058 shares during the period. 89.12% of the stock is currently owned by institutional investors and hedge funds.

Rayonier Stock Down 1.8%

Shares of NYSE RYN opened at $21.94 on Friday. The company has a quick ratio of 3.23, a current ratio of 3.26 and a debt-to-equity ratio of 0.38. The company has a market cap of $6.63 billion, a price-to-earnings ratio of 7.19 and a beta of 0.98. Rayonier Inc. has a 12-month low of $20.75 and a 12-month high of $28.31. The firm’s 50-day simple moving average is $22.69 and its 200 day simple moving average is $23.61.

Rayonier (NYSE:RYN) last announced its earnings results on Wednesday, February 11th. The real estate investment trust reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.08. The company had revenue of $117.50 million for the quarter, compared to analyst estimates of $108.71 million. Rayonier had a net margin of 97.94% and a return on equity of 4.09%. Rayonier’s quarterly revenue was down 24.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 earnings per share. On average, research analysts expect that Rayonier Inc. will post 0.55 earnings per share for the current fiscal year.

Rayonier Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Tuesday, March 17th. Rayonier’s payout ratio is currently 35.74%.

Insider Activity

In other news, Chairman Eric J. Cremers sold 169,200 shares of Rayonier stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $21.44, for a total transaction of $3,627,648.00. Following the completion of the sale, the chairman owned 709,583 shares in the company, valued at $15,213,459.52. The trade was a 19.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.87% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on RYN shares. Wall Street Zen downgraded Rayonier from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Raymond James Financial raised shares of Rayonier from an “outperform” rating to a “strong-buy” rating and boosted their target price for the stock from $26.00 to $28.00 in a research report on Friday, February 13th. Truist Financial reduced their price target on shares of Rayonier from $28.00 to $26.00 and set a “hold” rating for the company in a report on Tuesday, January 6th. Royal Bank Of Canada boosted their price objective on Rayonier from $25.00 to $26.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 17th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Rayonier in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Rayonier currently has an average rating of “Hold” and an average target price of $26.00.

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.