WILDLIGHT, Fla. - Rayonier Inc . (NYSE:RYN), a timberland real estate investment trust, has declared a quarterly cash dividend of $0.285 per common share. This dividend is scheduled for payment on March 28, 2024, to shareholders who are on record as of March 14, 2024.
In a concurrent move, the board of directors for Rayonier, acting as the board for the general partner of Rayonier, L.P., has also declared a cash distribution of $0.285 per operating partnership unit. This distribution will follow the same payment and record date as the dividend for common shareholders.
Rayonier specializes in the ownership and lease of timberlands and is recognized for its holdings in prolific softwood timber growing regions in the United States and New Zealand. As of the end of the previous year, the company reported ownership or long-term lease agreements covering approximately 2.7 million acres. These timberlands are distributed across the U.S. South (1.85 million acres), U.S. Pacific Northwest (418,000 acres), and New Zealand (421,000 acres).
The information disclosed in this article is based on a press release statement from Rayonier Inc.
InvestingPro Insights
Rayonier Inc. (NYSE:RYN) has shown a steadfast commitment to its shareholders, as evidenced by its recent dividend announcement. This is further supported by the company's impressive track record of maintaining dividend payments for 30 consecutive years, a testament to its financial resilience and investor-friendly approach. The commitment to shareholder returns aligns with an InvestingPro Tip highlighting Rayonier's consistent dividend history.
On the financial front, Rayonier exhibits a strong balance sheet, with liquid assets that comfortably cover short-term obligations. This is a reassuring sign for investors concerned about the company's financial health in the near term. Moreover, the company's moderate level of debt, as noted in another InvestingPro Tip, suggests a prudent approach to leveraging, which can protect shareholder value during economic downturns.
From a valuation standpoint, Rayonier's market capitalization stands at approximately $5.04 billion, with a P/E ratio of 28.3. This P/E ratio is particularly noteworthy when paired with a PEG ratio of 0.47 for the last twelve months as of Q4 2023, which may indicate the stock is trading at a low P/E relative to near-term earnings growth. Additionally, the company's revenue for the same period was reported at $1.0569 billion, showcasing a healthy growth of 16.26%.
For investors looking to delve deeper into Rayonier's financials and future outlook, InvestingPro offers additional insights. There are currently 7 more InvestingPro Tips available, which can be accessed at: https://www.investing.com/pro/RYN. To enhance your investing strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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