Scotiabank Increases Rexford Industrial Realty (NYSE:REXR) Price Target to $55.00

Rexford Industrial Realty (NYSE:REXR) had its price objective lifted by Scotiabank from $51.00 to $55.00 in a report released on Monday morning, Benzinga reports. They currently have a sector outperform rating on the real estate investment trust’s stock.

Other analysts also recently issued reports about the stock. Truist Financial boosted their price target on shares of Rexford Industrial Realty from $50.00 to $54.00 and gave the stock a buy rating in a research report on Tuesday, July 30th. StockNews.com raised Rexford Industrial Realty from a sell rating to a hold rating in a report on Monday, July 22nd. JPMorgan Chase & Co. increased their price target on Rexford Industrial Realty from $47.00 to $52.00 and gave the company a neutral rating in a research note on Thursday, July 25th. Evercore ISI started coverage on Rexford Industrial Realty in a research note on Wednesday, July 10th. They issued an outperform rating and a $54.00 price objective on the stock. Finally, Robert W. Baird cut their price objective on Rexford Industrial Realty from $57.00 to $49.00 and set a neutral rating for the company in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Rexford Industrial Realty currently has a consensus rating of Hold and an average target price of $54.09.

Rexford Industrial Realty Stock Down 2.5 %

REXR opened at $50.95 on Monday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.73 and a quick ratio of 1.73. Rexford Industrial Realty has a 12 month low of $41.56 and a 12 month high of $58.02. The stock’s 50 day moving average price is $48.38 and its 200 day moving average price is $47.84. The stock has a market cap of $11.10 billion, a P/E ratio of 46.74, a P/E/G ratio of 2.06 and a beta of 0.92.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.21). The business had revenue of $237.60 million for the quarter, compared to analyst estimates of $227.70 million. Rexford Industrial Realty had a net margin of 30.71% and a return on equity of 3.31%. Rexford Industrial Realty’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same period last year, the business posted $0.54 earnings per share. As a group, research analysts predict that Rexford Industrial Realty will post 2.35 earnings per share for the current year.

Rexford Industrial Realty Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.4175 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.67 dividend on an annualized basis and a yield of 3.28%. This is a boost from Rexford Industrial Realty’s previous quarterly dividend of $0.42. Rexford Industrial Realty’s dividend payout ratio (DPR) is currently 153.21%.

Insiders Place Their Bets

In other Rexford Industrial Realty news, CEO Howard Schwimmer sold 30,358 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $48.86, for a total transaction of $1,483,291.88. Following the sale, the chief executive officer now directly owns 50,673 shares of the company’s stock, valued at approximately $2,475,882.78. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of REXR. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Rexford Industrial Realty by 169.4% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 555 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 349 shares during the last quarter. V Square Quantitative Management LLC bought a new stake in Rexford Industrial Realty in the second quarter worth approximately $26,000. GAMMA Investing LLC bought a new stake in Rexford Industrial Realty in the fourth quarter worth approximately $41,000. Headlands Technologies LLC acquired a new position in shares of Rexford Industrial Realty during the 2nd quarter worth $41,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Rexford Industrial Realty by 1,252.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 933 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 864 shares in the last quarter. 99.52% of the stock is owned by institutional investors and hedge funds.

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.