Bank of Nova Scotia Takes $708,000 Position in Rayonier Inc. (NYSE:RYN)

Bank of Nova Scotia purchased a new stake in Rayonier Inc. (NYSE:RYNGet Rating) in the second quarter, Holdings Channel.com reports. The fund purchased 18,938 shares of the real estate investment trust’s stock, valued at approximately $708,000.

Other large investors have also made changes to their positions in the company. Prospera Financial Services Inc purchased a new position in shares of Rayonier in the 1st quarter valued at about $32,000. Pinebridge Investments L.P. grew its stake in Rayonier by 300.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 1,200 shares of the real estate investment trust’s stock valued at $45,000 after acquiring an additional 900 shares during the last quarter. Castle Wealth Management LLC acquired a new stake in Rayonier in the 2nd quarter valued at about $52,000. Van ECK Associates Corp grew its stake in Rayonier by 75.0% in the 1st quarter. Van ECK Associates Corp now owns 4,523 shares of the real estate investment trust’s stock valued at $186,000 after acquiring an additional 1,938 shares during the last quarter. Finally, Financial Management Professionals Inc. grew its stake in Rayonier by 16.7% in the 2nd quarter. Financial Management Professionals Inc. now owns 4,566 shares of the real estate investment trust’s stock valued at $171,000 after acquiring an additional 654 shares during the last quarter. Hedge funds and other institutional investors own 87.15% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com began coverage on shares of Rayonier in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock.

Rayonier Price Performance

Shares of NYSE RYN opened at $35.51 on Friday. The stock has a market cap of $5.20 billion, a price-to-earnings ratio of 63.41 and a beta of 0.88. Rayonier Inc. has a 52 week low of $29.51 and a 52 week high of $45.87. The company’s 50-day moving average price is $32.97 and its 200 day moving average price is $35.96. The company has a current ratio of 3.16, a quick ratio of 2.88 and a debt-to-equity ratio of 0.69.

Rayonier Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Friday, December 16th will be paid a $0.285 dividend. The ex-dividend date of this dividend is Thursday, December 15th. This represents a $1.14 dividend on an annualized basis and a yield of 3.21%. Rayonier’s payout ratio is 203.57%.

Rayonier Company Profile

(Get Rating)

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, 2020, Rayonier owned or leased under long-term agreements approximately 2.7 million acres of timberlands located in the U.S.

Further Reading

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Institutional Ownership by Quarter for Rayonier (NYSE:RYN)

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