Rexford Industrial Realty (NYSE:REXR) Downgraded by Scotiabank to Sector Perform

Rexford Industrial Realty (NYSE:REXR) was downgraded by equities research analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a report issued on Friday, Briefing.com reports. They currently have a $48.00 price objective on the real estate investment trust’s stock, down from their previous price objective of $55.00. Scotiabank’s price target indicates a potential upside of 7.67% from the company’s previous close.

A number of other equities analysts have also commented on REXR. Industrial Alliance Securities set a $55.00 price objective on Rexford Industrial Realty in a research note on Friday, October 18th. Evercore ISI reiterated an “outperform” rating on shares of Rexford Industrial Realty in a report on Friday, October 18th. StockNews.com downgraded Rexford Industrial Realty from a “hold” rating to a “sell” rating in a research note on Monday. Bank of America downgraded shares of Rexford Industrial Realty from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $66.00 to $49.00 in a research report on Monday. Finally, JPMorgan Chase & Co. increased their target price on shares of Rexford Industrial Realty from $47.00 to $52.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Rexford Industrial Realty presently has an average rating of “Hold” and an average target price of $51.45.

Rexford Industrial Realty Price Performance

REXR stock opened at $44.58 on Friday. The company has a market capitalization of $9.71 billion, a P/E ratio of 40.90, a PEG ratio of 2.13 and a beta of 0.93. The company has a fifty day moving average price of $49.50 and a 200-day moving average price of $47.24. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.73 and a current ratio of 1.20. Rexford Industrial Realty has a 52-week low of $41.56 and a 52-week high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.28). The company had revenue of $241.84 million for the quarter, compared to the consensus estimate of $235.81 million. Rexford Industrial Realty had a return on equity of 3.35% and a net margin of 30.40%. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.56 earnings per share. As a group, equities analysts expect that Rexford Industrial Realty will post 2.34 EPS for the current year.

Insider Buying and Selling

In related news, CFO Laura E. Clark sold 14,185 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total transaction of $711,377.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in REXR. Vanguard Group Inc. lifted its holdings in Rexford Industrial Realty by 2.6% during the first quarter. Vanguard Group Inc. now owns 29,734,952 shares of the real estate investment trust’s stock valued at $1,495,668,000 after purchasing an additional 753,098 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Rexford Industrial Realty by 26.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 19,933,431 shares of the real estate investment trust’s stock valued at $1,002,654,000 after purchasing an additional 4,197,907 shares during the period. Capital International Investors lifted its stake in shares of Rexford Industrial Realty by 687.7% during the 1st quarter. Capital International Investors now owns 19,590,676 shares of the real estate investment trust’s stock valued at $985,411,000 after buying an additional 17,103,653 shares in the last quarter. Centersquare Investment Management LLC raised its holdings in Rexford Industrial Realty by 1.1% during the 1st quarter. Centersquare Investment Management LLC now owns 3,938,026 shares of the real estate investment trust’s stock valued at $198,083,000 after acquiring an additional 42,632 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Rexford Industrial Realty by 6.4% during the second quarter. Dimensional Fund Advisors LP now owns 3,326,694 shares of the real estate investment trust’s stock worth $148,337,000 after purchasing an additional 200,027 shares in the last quarter. Hedge funds and other institutional investors own 99.52% of the company’s stock.

Rexford Industrial Realty Company Profile

Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities.