Corebridge Financial Inc. Has $3.96 Million Position in Rayonier Inc. (NYSE:RYN)

Corebridge Financial Inc. trimmed its position in shares of Rayonier Inc. (NYSE:RYN) by 4.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 151,878 shares of the real estate investment trust’s stock after selling 6,782 shares during the quarter. Corebridge Financial Inc.’s holdings in Rayonier were worth $3,964,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Mountain Hill Investment Partners Corp. acquired a new stake in Rayonier during the 4th quarter worth approximately $261,000. KLP Kapitalforvaltning AS acquired a new position in Rayonier in the 4th quarter valued at approximately $731,000. Virtu Financial LLC bought a new position in shares of Rayonier during the fourth quarter valued at $226,000. Teacher Retirement System of Texas lifted its holdings in shares of Rayonier by 43.8% during the fourth quarter. Teacher Retirement System of Texas now owns 29,283 shares of the real estate investment trust’s stock worth $764,000 after purchasing an additional 8,918 shares during the period. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of Rayonier in the fourth quarter worth $25,000. 89.12% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Truist Financial lowered their target price on Rayonier from $32.00 to $30.00 and set a “hold” rating for the company in a research report on Monday, January 6th. StockNews.com upgraded Rayonier from a “hold” rating to a “buy” rating in a report on Monday, February 24th. Royal Bank of Canada lowered their price target on shares of Rayonier from $33.00 to $30.00 and set a “sector perform” rating for the company in a report on Friday, February 7th. Raymond James upgraded shares of Rayonier from a “market perform” rating to an “outperform” rating and set a $31.00 price target on the stock in a research report on Wednesday, March 12th. Finally, Citigroup lowered their target price on shares of Rayonier from $32.00 to $25.00 and set a “neutral” rating for the company in a research note on Wednesday, January 15th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $29.00.

Rayonier Trading Down 0.1 %

Shares of RYN stock opened at $27.83 on Monday. Rayonier Inc. has a fifty-two week low of $24.88 and a fifty-two week high of $31.62. 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 50 day simple moving average of $26.65 and a two-hundred day simple moving average of $28.79. The company has a market cap of $4.34 billion, a P/E ratio of 11.79 and a beta of 1.00.

Rayonier (NYSE:RYN) last released its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.08. Rayonier had a net margin of 28.44% and a return on equity of 3.86%. Research analysts forecast that Rayonier Inc. will post 0.55 earnings per share for the current year.

Rayonier Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a dividend of $0.2725 per share. The ex-dividend date is Monday, March 17th. This represents a $1.09 dividend on an annualized basis and a dividend yield of 3.92%. Rayonier’s dividend payout ratio (DPR) is presently 46.19%.

Rayonier declared that its board has authorized a share repurchase program on Monday, December 2nd that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the real estate investment trust to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

About Rayonier

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.