State of Michigan Retirement System Has $2.02 Million Stock Holdings in Rexford Industrial Realty, Inc. $REXR

State of Michigan Retirement System increased its holdings in shares of Rexford Industrial Realty, Inc. (NYSE:REXR) by 4.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 56,782 shares of the real estate investment trust’s stock after purchasing an additional 2,300 shares during the period. State of Michigan Retirement System’s holdings in Rexford Industrial Realty were worth $2,020,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in REXR. Versor Investments LP acquired a new position in Rexford Industrial Realty in the second quarter valued at approximately $289,000. Wolverine Asset Management LLC lifted its position in shares of Rexford Industrial Realty by 291.4% during the 2nd quarter. Wolverine Asset Management LLC now owns 24,233 shares of the real estate investment trust’s stock valued at $862,000 after acquiring an additional 18,042 shares during the period. Amalgamated Bank boosted its stake in Rexford Industrial Realty by 3.4% during the second quarter. Amalgamated Bank now owns 107,315 shares of the real estate investment trust’s stock worth $3,817,000 after acquiring an additional 3,530 shares in the last quarter. Atria Investments Inc grew its holdings in Rexford Industrial Realty by 131.3% in the second quarter. Atria Investments Inc now owns 15,761 shares of the real estate investment trust’s stock worth $561,000 after purchasing an additional 8,946 shares during the period. Finally, Retirement Systems of Alabama increased its stake in Rexford Industrial Realty by 2.0% in the second quarter. Retirement Systems of Alabama now owns 607,199 shares of the real estate investment trust’s stock valued at $21,598,000 after purchasing an additional 11,647 shares in the last quarter. 99.52% of the stock is currently owned by institutional investors.

Rexford Industrial Realty Price Performance

REXR stock opened at $40.86 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.95 and a current ratio of 2.95. The business has a 50-day simple moving average of $41.99 and a two-hundred day simple moving average of $38.25. The company has a market capitalization of $9.51 billion, a P/E ratio of 28.77, a price-to-earnings-growth ratio of 3.05 and a beta of 1.15. Rexford Industrial Realty, Inc. has a 52-week low of $29.68 and a 52-week high of $44.38.

Rexford Industrial Realty (NYSE:REXR) last posted its earnings results on Wednesday, October 15th. The real estate investment trust reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. The company had revenue of $246.76 million for the quarter, compared to analyst estimates of $253.46 million. Rexford Industrial Realty had a return on equity of 3.81% and a net margin of 33.88%.The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the company earned $0.59 earnings per share. Rexford Industrial Realty has set its FY 2025 guidance at 2.390-2.410 EPS. Research analysts expect that Rexford Industrial Realty, Inc. will post 2.38 EPS for the current fiscal year.

Rexford Industrial Realty Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $0.43 per share. The ex-dividend date is Wednesday, December 31st. This represents a $1.72 annualized dividend and a yield of 4.2%. Rexford Industrial Realty’s dividend payout ratio (DPR) is 121.13%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Cantor Fitzgerald initiated coverage on shares of Rexford Industrial Realty in a research report on Wednesday, October 1st. They set an “overweight” rating and a $50.00 price objective on the stock. Mizuho upped their price target on Rexford Industrial Realty from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Monday, September 8th. Truist Financial raised their price objective on Rexford Industrial Realty from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday. Evercore ISI upped their target price on Rexford Industrial Realty from $39.00 to $40.00 and gave the stock an “in-line” rating in a research report on Monday, September 15th. Finally, Industrial Alliance Securities set a $40.00 target price on Rexford Industrial Realty in a report on Monday, September 15th. Three research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell 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 $42.58.

About Rexford Industrial Realty

Rexford Industrial Realty, Inc is a self-administered and self-managed real estate investment trust, which engages in owning and operating industrial properties in infill markets. The company was founded by Richard S. Ziman on January 18, 2013 and is headquartered in Los Angeles, CA.