The Manufacturers Life Insurance Company Takes Position in Rayonier Inc. $RYN

The Manufacturers Life Insurance Company acquired a new stake in shares of Rayonier Inc. (NYSE:RYN) during the second quarter, Holdings Channel reports. The firm acquired 785,541 shares of the real estate investment trust’s stock, valued at approximately $16,716,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE increased its stake in Rayonier by 141.8% during the 1st quarter. Bank of America Corp DE now owns 1,620,769 shares of the real estate investment trust’s stock worth $33,420,000 after buying an additional 950,473 shares in the last quarter. UBS Group AG lifted its position in shares of Rayonier by 882.5% in the fourth quarter. UBS Group AG now owns 496,024 shares of the real estate investment trust’s stock valued at $10,739,000 after acquiring an additional 445,538 shares in the last quarter. Fieldview Capital Management LLC purchased a new position in shares of Rayonier in the fourth quarter valued at approximately $1,936,000. World Investment Advisors acquired a new stake in shares of Rayonier in the first quarter worth approximately $6,980,000. Finally, Vestcor Inc boosted its stake in shares of Rayonier by 3,590.1% in the fourth quarter. Vestcor Inc now owns 128,231 shares of the real estate investment trust’s stock worth $2,776,000 after acquiring an additional 124,756 shares during the last quarter. Institutional investors own 89.12% of the company’s stock.

Rayonier Stock Down 1.1%

Shares of RYN opened at $20.40 on Friday. The firm has a market cap of $6.07 billion, a P/E ratio of 45.33 and a beta of 0.87. Rayonier Inc. has a 12-month low of $19.49 and a 12-month high of $27.06. The company’s 50-day moving average price is $21.47 and its 200 day moving average price is $21.22. The company has a current ratio of 3.56, a quick ratio of 2.91 and a debt-to-equity ratio of 0.36.

Rayonier (NYSE:RYN) last released its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.10 EPS for the quarter, hitting analysts’ consensus estimates of $0.10. Rayonier had a return on equity of 3.49% and a net margin of 7.83%.The company had revenue of $396.51 million for the quarter, compared to analysts’ expectations of $374.28 million. During the same period in the prior year, the firm earned $0.06 earnings per share. The firm’s revenue was up 272.3% compared to the same quarter last year. On average, sell-side analysts forecast that Rayonier Inc. will post 0.44 earnings per share for the current year.

Rayonier Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RYN shares. Weiss Ratings upgraded shares of Rayonier from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Truist Financial lowered their price target on shares of Rayonier from $25.00 to $24.00 and set a “hold” rating on the stock in a research report on Wednesday, July 15th. BMO Capital Markets dropped their price objective on shares of Rayonier from $26.00 to $25.00 and set a “market perform” rating for the company in a research note on Tuesday, May 19th. Finally, Citigroup increased their price objective on shares of Rayonier from $22.00 to $23.00 and gave the company a “neutral” rating in a report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Rayonier has a consensus rating of “Hold” and a consensus price target 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.