The Manufacturers Life Insurance Company Purchases 428,502 Shares of Rayonier Inc. $RYN

The Manufacturers Life Insurance Company raised its position in shares of Rayonier Inc. (NYSE:RYN) by 114.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 802,279 shares of the real estate investment trust’s stock after buying an additional 428,502 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Rayonier were worth $16,543,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Eurizon Capital SGR S.p.A. purchased a new position in shares of Rayonier in the 4th quarter worth approximately $34,000. Northwestern Mutual Wealth Management Co. lifted its position 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 valued at $34,000 after acquiring an additional 627 shares during the last quarter. Hartford Financial Management Inc. lifted its position in Rayonier by 49.7% during the fourth quarter. Hartford Financial Management Inc. now owns 1,732 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 575 shares during the last quarter. Bayban purchased a new stake in Rayonier during the first quarter valued at approximately $36,000. Finally, Whittier Trust Co. boosted its stake in Rayonier by 74.0% in the first quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust’s stock valued at $47,000 after acquiring an additional 969 shares in the last quarter. 89.12% of the stock is currently owned by institutional investors.

Rayonier Stock Up 2.1%

RYN stock opened at $21.83 on Friday. The firm has a 50 day moving average of $21.30 and a 200 day moving average of $21.50. The stock has a market capitalization of $6.57 billion, a PE ratio of 7.23 and a beta of 0.88. The company has a quick ratio of 2.21, a current ratio of 2.53 and a debt-to-equity ratio of 0.35. Rayonier Inc. has a 52 week low of $19.49 and a 52 week high of $27.33.

Rayonier (NYSE:RYN) last issued its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Rayonier had a net margin of 68.61% and a return on equity of 3.61%. The business had revenue of $276.79 million for the quarter, compared to analyst estimates of $280.92 million. During the same quarter in the prior year, the business posted ($0.02) EPS. Rayonier’s revenue for the quarter was up 233.9% compared to the same quarter last year. Sell-side analysts forecast that Rayonier Inc. will post 0.4 earnings per share for the current year.

Rayonier Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 4.8%. Rayonier’s payout ratio is 34.44%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RYN. Wall Street Zen raised shares of Rayonier from a “sell” rating to a “hold” rating in a report on Saturday, April 18th. Royal Bank Of Canada set a $24.00 price objective on Rayonier in a report on Thursday, April 16th. BMO Capital Markets lowered 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. Truist Financial dropped their target price on Rayonier from $25.00 to $24.00 and set a “hold” rating on the stock in a research note on Wednesday, July 15th. Finally, Citigroup reduced their target price on Rayonier from $24.00 to $22.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $24.60.

About Rayonier

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.