First Horizon Corp Makes New $4.27 Million Investment in Rayonier Inc. $RYN

First Horizon Corp purchased a new position in shares of Rayonier Inc. (NYSE:RYN) in the first quarter, HoldingsChannel reports. The institutional investor purchased 207,070 shares of the real estate investment trust’s stock, valued at approximately $4,270,000.

Several other hedge funds also recently modified their holdings of RYN. Kestra Advisory Services LLC grew its stake in shares of Rayonier by 83.3% in the first quarter. Kestra Advisory Services LLC now owns 16,165 shares of the real estate investment trust’s stock worth $333,000 after acquiring an additional 7,344 shares during the last quarter. Oregon Public Employees Retirement Fund increased its position in Rayonier by 92.4% during the first quarter. Oregon Public Employees Retirement Fund now owns 57,057 shares of the real estate investment trust’s stock worth $1,177,000 after acquiring an additional 27,400 shares during the period. Swedbank AB acquired a new position in Rayonier during the 1st quarter valued at $8,457,000. Abel Hall LLC acquired a new position in Rayonier during the 1st quarter valued at $516,000. Finally, Whittier Trust Co. boosted its holdings in Rayonier by 74.0% in the 1st quarter. Whittier Trust Co. now owns 2,279 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 969 shares during the period. 89.12% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Rayonier news, CFO Wayne Wasechek sold 2,920 shares of the firm’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $21.17, for a total transaction of $61,816.40. Following the completion of the transaction, the chief financial officer owned 115,530 shares in the company, valued at $2,445,770.10. This trade represents a 2.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.85% of the stock is currently owned by corporate insiders.

Rayonier Trading Up 1.9%

Shares of Rayonier stock opened at $21.30 on Friday. Rayonier Inc. has a 52-week low of $19.49 and a 52-week high of $27.33. The firm has a market capitalization of $6.40 billion, a PE ratio of 7.05 and a beta of 0.88. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.53 and a quick ratio of 2.21. The company’s fifty day moving average price is $20.92 and its two-hundred day moving average price is $21.53.

Rayonier (NYSE:RYN) last released its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.07 EPS for the quarter, topping 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 company had revenue of $276.79 million during the quarter, compared to the consensus estimate of $280.92 million. During the same period last year, the firm earned ($0.02) EPS. The firm’s revenue for the quarter was up 233.9% compared to the same quarter last year. On average, analysts expect that Rayonier Inc. will post 0.36 EPS for the current year.

Rayonier Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend was Tuesday, June 16th. Rayonier’s dividend payout ratio is 34.44%.

Analyst Ratings Changes

Several analysts have issued reports on RYN shares. Weiss Ratings lowered shares of Rayonier from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, May 12th. Truist Financial upped their price objective on shares of Rayonier from $24.00 to $25.00 and gave the company a “hold” rating in a research report on Monday, May 11th. Royal Bank Of Canada set a $24.00 target price on shares of Rayonier in a research note on Thursday, April 16th. BMO Capital Markets reduced their target price 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, Wall Street Zen raised Rayonier from a “sell” rating to a “hold” rating in a research report on Saturday, April 18th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average 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.