Rexford Industrial Realty (NYSE:REXR) Shares Up 3.7% After Dividend Announcement

Rexford Industrial Realty, Inc. (NYSE:REXR)’s stock price shot up 3.7% during mid-day trading on Wednesday after the company announced a dividend. The company traded as high as $51.64 and last traded at $51.55. 860,902 shares were traded during trading, a decline of 51% from the average session volume of 1,747,358 shares. The stock had previously closed at $49.69.

The newly announced dividend which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.40%. This is an increase from Rexford Industrial Realty’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, September 30th. Rexford Industrial Realty’s dividend payout ratio (DPR) is 153.21%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on REXR. Evercore ISI began coverage on Rexford Industrial Realty in a report on Wednesday, July 10th. They issued an “outperform” rating and a $54.00 price objective on the stock. Barclays raised their price objective on Rexford Industrial Realty from $45.00 to $46.00 and gave the stock an “underweight” rating in a report on Tuesday, April 23rd. Robert W. Baird cut their price objective on Rexford Industrial Realty from $57.00 to $49.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Truist Financial cut their price objective on Rexford Industrial Realty from $53.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Finally, Scotiabank dropped their target price on Rexford Industrial Realty from $55.00 to $51.00 and set a “sector outperform” rating on the stock in a report on Thursday, May 16th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $52.60.

Rexford Industrial Realty Trading Up 0.5 %

The business has a 50 day simple moving average of $45.35 and a two-hundred day simple moving average of $48.79. The company has a current ratio of 3.21, a quick ratio of 3.21 and a debt-to-equity ratio of 0.41. The stock has a market cap of $10.70 billion, a price-to-earnings ratio of 44.95, a price-to-earnings-growth ratio of 2.01 and a beta of 0.92.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.21). Rexford Industrial Realty had a net margin of 30.71% and a return on equity of 3.34%. The business had revenue of $237.60 million for the quarter, compared to analyst estimates of $227.70 million. During the same quarter last year, the business earned $0.54 EPS. Rexford Industrial Realty’s revenue for the quarter was up 21.3% compared to the same quarter last year. As a group, equities analysts anticipate that Rexford Industrial Realty, Inc. will post 2.34 EPS for the current year.

Institutional Investors Weigh In On Rexford Industrial Realty

Hedge funds have recently bought and sold shares of the business. Raymond James & Associates grew its position in shares of Rexford Industrial Realty by 264.5% in the 2nd quarter. Raymond James & Associates now owns 361,672 shares of the real estate investment trust’s stock worth $16,127,000 after acquiring an additional 262,435 shares in the last quarter. Reinhart Partners LLC. grew its position in shares of Rexford Industrial Realty by 36.8% in the 2nd quarter. Reinhart Partners LLC. now owns 247,678 shares of the real estate investment trust’s stock worth $11,044,000 after acquiring an additional 66,579 shares in the last quarter. Cordatus Wealth Management LLC grew its position in shares of Rexford Industrial Realty by 18.0% in the 2nd quarter. Cordatus Wealth Management LLC now owns 5,475 shares of the real estate investment trust’s stock worth $244,000 after acquiring an additional 834 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of Rexford Industrial Realty by 28.2% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 5,380 shares of the real estate investment trust’s stock worth $240,000 after acquiring an additional 1,185 shares in the last quarter. Finally, PGGM Investments grew its position in shares of Rexford Industrial Realty by 16.5% in the 2nd quarter. PGGM Investments now owns 2,833,520 shares of the real estate investment trust’s stock worth $126,347,000 after acquiring an additional 401,593 shares in the last quarter. Institutional investors and hedge funds own 99.52% of the company’s stock.

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.