Scotiabank Issues Positive Forecast for Rexford Industrial Realty (NYSE:REXR) Stock Price

Rexford Industrial Realty (NYSE:REXR) had its price target increased by Scotiabank from $40.00 to $42.00 in a report released on Friday,Benzinga reports. They currently have a sector outperform rating on the real estate investment trust’s stock.

A number of other brokerages also recently commented on REXR. BNP Paribas Exane boosted their price objective on shares of Rexford Industrial Realty from $38.00 to $41.00 and gave the stock a “hold” rating in a research note on Monday, October 26th. Truist Financial upped their price target on shares of Rexford Industrial Realty from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Monday, October 12th. Barclays reduced their price objective on Rexford Industrial Realty from $40.00 to $36.00 and set an “underweight” rating for the company in a research note on Thursday, July 16th. Wells Fargo & Company cut their price objective on shares of Rexford Industrial Realty from $44.00 to $43.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 1st. Finally, Wall Street Zen upgraded shares of Rexford Industrial Realty from a “strong sell” rating to a “sell” rating in a research report on Saturday, September 19th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $40.87.

Rexford Industrial Realty Stock Down 0.5%

NYSE:REXR opened at $38.16 on Friday. Rexford Industrial Realty has a twelve month low of $32.14 and a twelve month high of $42.41. The company has a market cap of $8.10 billion, a price-to-earnings ratio of -18.09 and a beta of 1.18. The stock has a fifty day simple moving average of $37.41 and a 200-day simple moving average of $36.46. The company has a current ratio of 4.08, a quick ratio of 1.70 and a debt-to-equity ratio of 0.38.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings data on Thursday, October 22nd. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.53). The firm had revenue of $239.10 million during the quarter, compared to the consensus estimate of $232.95 million. Rexford Industrial Realty had a negative return on equity of 5.72% and a negative net margin of 47.15%. The firm’s revenue for the quarter was down 5.6% compared to the same quarter last year. During the same period last year, the company earned $0.60 EPS. Analysts anticipate that Rexford Industrial Realty will post 2.42 EPS for the current year.

Rexford Industrial Realty Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be given a dividend of $0.4350 per share. The ex-dividend date is Thursday, December 31st. This represents a $1.74 dividend on an annualized basis and a dividend yield of 4.6%. Rexford Industrial Realty’s dividend payout ratio (DPR) is -82.46%.

Institutional Investors Weigh In On Rexford Industrial Realty

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Rexford Industrial Realty in the second quarter worth approximately $1,293,168,000. Dimensional Fund Advisors LP raised its position in Rexford Industrial Realty by 2.4% in the first quarter. Dimensional Fund Advisors LP now owns 3,581,987 shares of the real estate investment trust’s stock valued at $117,239,000 after purchasing an additional 85,135 shares during the period. Legal & General Group Plc acquired a new position in shares of Rexford Industrial Realty in the 2nd quarter worth approximately $86,861,000. Bank of America Corp DE acquired a new position in Rexford Industrial Realty during the 2nd quarter worth about $79,547,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Rexford Industrial Realty by 41,558.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,654,665 shares of the real estate investment trust’s stock worth $55,431,000 after buying an additional 1,650,693 shares during the period. Institutional investors and hedge funds own 99.52% of the company’s stock.

Rexford Industrial Realty Company Profile

Rexford Industrial Realty, Inc (NYSE: REXR) is a publicly traded real estate investment trust focused on owning, operating and acquiring industrial properties. Its portfolio primarily consists of infill logistics, warehouse, distribution and manufacturing facilities that support supply-chain and business operations.

The company concentrates exclusively on Southern California, including the Los Angeles, Orange County, San Diego and Inland Empire industrial markets. Rexford seeks to benefit from the region’s established transportation infrastructure, large consumer base and constrained supply of well-located industrial real estate.

Rexford Industrial Realty became a publicly traded company in 2013.