Bank of New York Mellon Corp Purchases 1,356,361 Shares of Rayonier Inc. $RYN

Bank of New York Mellon Corp boosted its position in shares of Rayonier Inc. (NYSE:RYN) by 111.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 2,573,559 shares of the real estate investment trust’s stock after purchasing an additional 1,356,361 shares during the quarter. Bank of New York Mellon Corp’s holdings in Rayonier were worth $53,067,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of RYN. Northwestern Mutual Wealth Management Co. grew its holdings in shares of 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 buying an additional 627 shares during the last quarter. Eurizon Capital SGR S.p.A. bought a new position in Rayonier in the 4th quarter valued at approximately $34,000. Bayban bought a new position in Rayonier in the 1st quarter valued at approximately $36,000. Hartford Financial Management Inc. lifted its position in Rayonier by 49.7% in the 4th 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 in the last quarter. Finally, Whittier Trust Co. boosted its stake in Rayonier by 74.0% during 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 last quarter. 89.12% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on RYN shares. Royal Bank Of Canada set a $24.00 target price on Rayonier in a report on Thursday, April 16th. Wall Street Zen upgraded Rayonier from a “sell” rating to a “hold” rating in a report on Saturday, April 18th. BMO Capital Markets decreased their target price 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 lowered their target price on shares of 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 dropped their price target on shares of Rayonier from $24.00 to $22.00 and set a “neutral” rating on the stock in a report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $24.60.

Rayonier Trading Down 0.9%

NYSE:RYN opened at $21.34 on Friday. The company has a market cap of $6.42 billion, a PE ratio of 7.07 and a beta of 0.88. The company has a current ratio of 2.53, a quick ratio of 2.21 and a debt-to-equity ratio of 0.35. The company has a 50 day simple moving average of $21.10 and a two-hundred day simple moving average of $21.52. Rayonier Inc. has a 12 month low of $19.49 and a 12 month high of $27.33.

Rayonier (NYSE:RYN) last released its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.01. The firm had revenue of $276.79 million for the quarter, compared to analysts’ expectations of $280.92 million. Rayonier had a return on equity of 3.61% and a net margin of 68.61%.The company’s revenue was up 233.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.02) EPS. Research analysts forecast that Rayonier Inc. will post 0.36 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. Shareholders of record on Wednesday, September 16th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $1.04 dividend on an annualized basis and a yield of 4.9%. Rayonier’s dividend payout ratio is currently 34.44%.

Rayonier 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.