Zacks Investment Research downgraded shares of Rexford Industrial Realty (NYSE:REXR) from a buy rating to a sell rating in a research report sent to investors on Thursday morning.
According to Zacks, “Rexford Industrial Realty, Inc. is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. Rexford Industrial Realty, Inc. is based in Los Angeles, California. “
A number of other analysts also recently weighed in on REXR. BidaskClub raised shares of Rexford Industrial Realty from a hold rating to a buy rating in a research report on Tuesday, October 10th. Citigroup upped their target price on shares of Rexford Industrial Realty from $28.50 to $30.00 and gave the stock a neutral rating in a research report on Tuesday, October 17th. B. Riley reissued a neutral rating on shares of Rexford Industrial Realty in a research report on Tuesday, November 7th. National Securities reissued a buy rating and set a $34.00 price objective on shares of Rexford Industrial Realty in a research report on Monday, November 27th. Finally, JPMorgan Chase & Co. downgraded shares of Rexford Industrial Realty from a neutral rating to an underweight rating and set a $29.00 price objective on the stock. in a research report on Friday, December 15th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. Rexford Industrial Realty currently has an average rating of Hold and a consensus target price of $30.78.
Rexford Industrial Realty (NYSE:REXR) last released its earnings results on Tuesday, October 31st. The real estate investment trust reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.01. The firm had revenue of $43.30 million for the quarter, compared to the consensus estimate of $41.77 million. Rexford Industrial Realty had a net margin of 23.50% and a return on equity of 3.39%. The company’s revenue was up 30.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.22 EPS. research analysts anticipate that Rexford Industrial Realty will post 0.96 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, January 15th. Investors of record on Friday, December 29th were given a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend was Thursday, December 28th. Rexford Industrial Realty’s dividend payout ratio (DPR) is 134.89%.
Hedge funds have recently made changes to their positions in the stock. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Rexford Industrial Realty during the 3rd quarter valued at about $1,105,000. Honeywell International Inc. grew its position in Rexford Industrial Realty by 7.5% during the 3rd quarter. Honeywell International Inc. now owns 53,579 shares of the real estate investment trust’s stock valued at $1,533,000 after purchasing an additional 3,739 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in Rexford Industrial Realty by 8.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 80,133 shares of the real estate investment trust’s stock valued at $2,293,000 after purchasing an additional 6,461 shares during the last quarter. UBS Asset Management Americas Inc. grew its position in Rexford Industrial Realty by 7.8% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 126,770 shares of the real estate investment trust’s stock valued at $3,479,000 after purchasing an additional 9,221 shares during the last quarter. Finally, OxFORD Asset Management LLP purchased a new stake in Rexford Industrial Realty during the 3rd quarter valued at about $931,000. 99.85% of the stock is currently owned by institutional investors.
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About Rexford Industrial Realty
Rexford Industrial Realty, Inc is a self-administered and self-managed full-service real estate investment trust (REIT). The Company is focused on owning, operating and acquiring industrial properties in Southern California infill markets. Rexford Industrial Realty, L.P. is the operating partnership of the Company.
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