The board of directors said the quarterly dividend is payable on Sept. 30 to the holders of record at the close of business on Sept. 16.
Noting Rayonier's operations continue to provide steady and growing returns for its shareholders, Chairman, President, and CEO Paul G. Boynton said, "This significant dividend increase reflects the successful start-up of our cellulose specialties expansion project, strengthening timber and real estate markets and our confidence regarding future cash flows."
The regular dividend payment equates to a $1.96-per-share annual dividend, yielding 3.4% based on the closing price of Rayonier's stock on July 19.
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