Rexford Industrial Realty (NYSE:REXR) Price Target Lowered to $53.00 at Truist Financial

Rexford Industrial Realty (NYSE:REXR) had its target price reduced by Truist Financial from $57.00 to $53.00 in a report issued on Tuesday, Benzinga reports. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

A number of other research analysts have also weighed in on REXR. Barclays assumed coverage on Rexford Industrial Realty in a report on Wednesday, March 27th. They issued an underweight rating and a $45.00 price objective on the stock. Mizuho restated a neutral rating and issued a $52.00 price objective on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. TheStreet upgraded Rexford Industrial Realty from a c+ rating to a b- rating in a report on Thursday, February 1st. JPMorgan Chase & Co. lowered Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 price target on the stock. in a report on Wednesday, February 7th. Finally, Robert W. Baird reiterated a neutral rating and set a $61.00 price target (up previously from $53.00) on shares of Rexford Industrial Realty in a report on Friday, January 5th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Rexford Industrial Realty presently has a consensus rating of Hold and a consensus price target of $55.60.

Rexford Industrial Realty Price Performance

Rexford Industrial Realty stock opened at $42.74 on Tuesday. The company’s fifty day moving average price is $50.42 and its 200 day moving average price is $50.63. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.35 and a current ratio of 3.21. The stock has a market capitalization of $9.31 billion, a P/E ratio of 39.21, a P/E/G ratio of 1.91 and a beta of 0.86. Rexford Industrial Realty has a 1 year low of $41.56 and a 1 year high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings data on Thursday, April 18th. The real estate investment trust reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30). The firm had revenue of $214.10 million during the quarter, compared to analysts’ expectations of $207.39 million. Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.04%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.52 EPS. As a group, equities research analysts anticipate that Rexford Industrial Realty will post 2.33 earnings per share for the current fiscal year.

Rexford Industrial Realty Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.417 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.67 annualized dividend and a yield of 3.90%. Rexford Industrial Realty’s dividend payout ratio (DPR) is currently 153.21%.

Insider Activity at Rexford Industrial Realty

In related news, General Counsel David E. Lanzer sold 18,113 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.69, for a total value of $954,373.97. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Rexford Industrial Realty

Several institutional investors have recently bought and sold shares of REXR. Raymond James Financial Services Advisors Inc. grew its position in Rexford Industrial Realty by 139.7% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 7,339 shares of the real estate investment trust’s stock valued at $547,000 after acquiring an additional 4,277 shares in the last quarter. Natixis Advisors L.P. acquired a new position in Rexford Industrial Realty in the 1st quarter valued at about $882,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in Rexford Industrial Realty by 37.5% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,575 shares of the real estate investment trust’s stock valued at $1,087,000 after acquiring an additional 3,978 shares in the last quarter. Vanguard Group Inc. grew its position in Rexford Industrial Realty by 7.5% in the 1st quarter. Vanguard Group Inc. now owns 22,698,814 shares of the real estate investment trust’s stock valued at $1,693,104,000 after acquiring an additional 1,587,612 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new position in Rexford Industrial Realty in the 1st quarter valued at about $1,157,000. 99.52% of the stock is owned by institutional investors and hedge funds.

About Rexford Industrial Realty

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.