PNC Financial Services Group Inc. Sells 830 Shares of Rayonier Inc. (NYSE:RYN)

PNC Financial Services Group Inc. cut its holdings in Rayonier Inc. (NYSE:RYN) by 3.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,981 shares of the real estate investment trust’s stock after selling 830 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Rayonier were worth $600,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. State Street Corp lifted its holdings in shares of Rayonier by 2.5% during the 3rd quarter. State Street Corp now owns 4,279,512 shares of the real estate investment trust’s stock valued at $137,715,000 after buying an additional 104,464 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Rayonier by 26.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,352,691 shares of the real estate investment trust’s stock valued at $107,890,000 after buying an additional 695,810 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rayonier by 1.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,488,802 shares of the real estate investment trust’s stock valued at $64,958,000 after buying an additional 46,956 shares during the period. Global Alpha Capital Management Ltd. lifted its holdings in shares of Rayonier by 11.3% during the 4th quarter. Global Alpha Capital Management Ltd. now owns 1,150,927 shares of the real estate investment trust’s stock valued at $30,039,000 after buying an additional 116,800 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Rayonier by 119.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 457,370 shares of the real estate investment trust’s stock valued at $14,718,000 after buying an additional 249,173 shares during the period. 89.12% of the stock is owned by institutional investors.

Rayonier Price Performance

Shares of Rayonier stock opened at $28.04 on Wednesday. Rayonier Inc. has a one year low of $24.88 and a one year high of $32.05. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.85 and a current ratio of 1.12. The stock has a market cap of $4.38 billion, a P/E ratio of 11.88 and a beta of 1.00. The stock’s fifty day moving average is $26.32 and its 200 day moving average is $28.95.

Rayonier (NYSE:RYN) last issued its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $0.27 earnings per share (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%. Sell-side analysts anticipate that Rayonier Inc. will post 0.55 earnings per share for the current year.

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

Rayonier Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a $0.2725 dividend. The ex-dividend date is Monday, March 17th. This represents a $1.09 dividend on an annualized basis and a yield of 3.89%. Rayonier’s payout ratio is presently 46.19%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Truist Financial lowered their price target on Rayonier from $32.00 to $30.00 and set a “hold” rating on the stock in a report on Monday, January 6th. Citigroup lowered 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. Royal Bank of Canada decreased their target price on Rayonier from $33.00 to $30.00 and set a “sector perform” rating on the stock in a report on Friday, February 7th. StockNews.com raised Rayonier from a “hold” rating to a “buy” rating in a report on Monday, February 24th. Finally, Raymond James raised Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 target price on the stock in a report on Wednesday, March 12th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $29.00.

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.