Westfield Capital Management Co. LP Purchases Shares of 639,984 Rexford Industrial Realty, Inc. (NYSE:REXR)

Westfield Capital Management Co. LP acquired a new stake in Rexford Industrial Realty, Inc. (NYSE:REXR) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 639,984 shares of the real estate investment trust’s stock, valued at approximately $35,903,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Principal Financial Group Inc. grew its stake in shares of Rexford Industrial Realty by 1.3% in the fourth quarter. Principal Financial Group Inc. now owns 13,760,865 shares of the real estate investment trust’s stock worth $771,985,000 after purchasing an additional 181,552 shares during the last quarter. Invesco Ltd. increased its stake in shares of Rexford Industrial Realty by 1.9% during the third quarter. Invesco Ltd. now owns 6,484,017 shares of the real estate investment trust’s stock valued at $319,986,000 after buying an additional 120,596 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Rexford Industrial Realty by 2.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,077,816 shares of the real estate investment trust’s stock valued at $172,670,000 after acquiring an additional 73,701 shares in the last quarter. Norges Bank purchased a new stake in Rexford Industrial Realty in the fourth quarter worth $157,685,000. Finally, Boston Partners boosted its holdings in Rexford Industrial Realty by 63.3% in the fourth quarter. Boston Partners now owns 2,772,565 shares of the real estate investment trust’s stock valued at $155,536,000 after acquiring an additional 1,075,005 shares in the last quarter. 99.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. TheStreet raised shares of Rexford Industrial Realty from a “c+” rating to a “b-” rating in a research report on Thursday, February 1st. Barclays lifted their price objective on Rexford Industrial Realty from $45.00 to $46.00 and gave the company an “underweight” rating in a research report on Tuesday, April 23rd. Mizuho reissued a “neutral” rating and issued a $52.00 target price on shares of Rexford Industrial Realty in a research report on Tuesday, April 2nd. Truist Financial dropped their price target on Rexford Industrial Realty from $53.00 to $50.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. Finally, Wedbush began coverage on Rexford Industrial Realty in a report on Monday, April 22nd. They issued a “neutral” rating and a $45.00 price objective for the company. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rexford Industrial Realty has an average rating of “Hold” and a consensus price target of $53.00.

Rexford Industrial Realty Stock Down 0.8 %

Shares of REXR traded down $0.37 during trading hours on Friday, hitting $43.68. The company had a trading volume of 883,729 shares, compared to its average volume of 1,343,992. The stock has a market capitalization of $9.51 billion, a price-to-earnings ratio of 40.07, a P/E/G ratio of 1.76 and a beta of 0.89. The firm has a fifty day moving average price of $46.34 and a 200-day moving average price of $50.37. Rexford Industrial Realty, Inc. has a 52-week low of $41.56 and a 52-week high of $58.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.21 and a current ratio of 3.21.

Rexford Industrial Realty (NYSE:REXR) last posted its quarterly earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.30). The business had revenue of $214.10 million during the quarter, compared to analysts’ expectations of $207.39 million. Rexford Industrial Realty had a return on equity of 3.04% and a net margin of 28.84%. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.52 EPS. On average, equities research analysts forecast that Rexford Industrial Realty, Inc. will post 2.34 EPS 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. Stockholders of record on Friday, June 28th will be issued a dividend of $0.417 per share. The ex-dividend date is Friday, June 28th. This represents a $1.67 annualized dividend and a dividend yield of 3.82%. Rexford Industrial Realty’s payout ratio is 153.21%.

Rexford Industrial Realty Company Profile

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.