Rexford Industrial Realty (NYSE:REXR) Price Target Cut to $61.00

Rexford Industrial Realty (NYSE:REXR) had its target price trimmed by Wells Fargo & Company from $66.00 to $61.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

A number of other equities analysts also recently issued reports on REXR. Truist Financial increased their price target on Rexford Industrial Realty from $50.00 to $54.00 and gave the stock a buy rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. raised their target price on Rexford Industrial Realty from $47.00 to $52.00 and gave the company a neutral rating in a research report on Thursday, July 25th. Robert W. Baird decreased their target price on Rexford Industrial Realty from $57.00 to $49.00 and set a neutral rating on the stock in a research report on Wednesday, May 1st. Mizuho decreased their target price on Rexford Industrial Realty from $52.00 to $50.00 and set a neutral rating on the stock in a research report on Friday, May 31st. Finally, Scotiabank raised their target price on Rexford Industrial Realty from $51.00 to $55.00 and gave the company a sector outperform rating in a research report on Monday, August 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Rexford Industrial Realty presently has an average rating of Hold and a consensus target price of $54.09.

Rexford Industrial Realty Stock Up 1.5 %

Shares of REXR opened at $50.92 on Wednesday. Rexford Industrial Realty has a 52 week low of $41.56 and a 52 week high of $58.02. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $11.09 billion, a price-to-earnings ratio of 46.72, a PEG ratio of 2.06 and a beta of 0.92. The stock’s 50-day moving average price is $48.62 and its 200-day moving average price is $47.83.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.37 earnings per share (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 analysts’ expectations of $227.70 million. Rexford Industrial Realty had a return on equity of 3.31% and a net margin of 30.71%. The business’s revenue for the quarter was up 21.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.54 EPS. On average, sell-side analysts predict that Rexford Industrial Realty will post 2.35 EPS for the current year.

Rexford Industrial Realty Increases Dividend

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

Insiders Place Their Bets

In other Rexford Industrial Realty news, CEO Howard Schwimmer sold 30,358 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $48.86, for a total transaction of $1,483,291.88. Following the completion of the sale, the chief executive officer now owns 50,673 shares of the company’s stock, valued at $2,475,882.78. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Los Angeles Capital Management LLC boosted its holdings in Rexford Industrial Realty by 2.3% in the first quarter. Los Angeles Capital Management LLC now owns 9,165 shares of the real estate investment trust’s stock valued at $461,000 after purchasing an additional 210 shares during the period. Securian Asset Management Inc. boosted its holdings in Rexford Industrial Realty by 1.9% in the fourth quarter. Securian Asset Management Inc. now owns 17,815 shares of the real estate investment trust’s stock valued at $999,000 after purchasing an additional 330 shares during the period. Inspire Investing LLC boosted its holdings in Rexford Industrial Realty by 4.9% in the first quarter. Inspire Investing LLC now owns 7,126 shares of the real estate investment trust’s stock valued at $358,000 after purchasing an additional 331 shares during the period. Hennion & Walsh Asset Management Inc. boosted its holdings in Rexford Industrial Realty by 2.4% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 14,641 shares of the real estate investment trust’s stock valued at $653,000 after purchasing an additional 337 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in Rexford Industrial Realty by 0.8% in the second quarter. Victory Capital Management Inc. now owns 46,066 shares of the real estate investment trust’s stock valued at $2,054,000 after purchasing an additional 345 shares during the period. 99.52% of the stock is currently owned by hedge funds and other institutional investors.

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.