Magnetar Financial LLC Invests $1.67 Million in Rexford Industrial Realty, Inc. (NYSE:REXR)

Magnetar Financial LLC purchased a new position in shares of Rexford Industrial Realty, Inc. (NYSE:REXR) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 33,222 shares of the real estate investment trust’s stock, valued at approximately $1,671,000.

A number of other hedge funds have also made changes to their positions in the stock. Los Angeles Capital Management LLC grew its position in shares of Rexford Industrial Realty by 2.3% during the first quarter. Los Angeles Capital Management LLC now owns 9,165 shares of the real estate investment trust’s stock worth $461,000 after buying an additional 210 shares in the last quarter. Lindbrook Capital LLC grew its position in shares of Rexford Industrial Realty by 4.9% during the fourth quarter. Lindbrook Capital LLC now owns 5,554 shares of the real estate investment trust’s stock worth $312,000 after buying an additional 259 shares in the last quarter. Securian Asset Management Inc. grew its position in shares of Rexford Industrial Realty by 1.9% during the fourth quarter. Securian Asset Management Inc. now owns 17,815 shares of the real estate investment trust’s stock worth $999,000 after buying an additional 330 shares in the last quarter. Inspire Investing LLC lifted its stake in Rexford Industrial Realty by 4.9% during the first quarter. Inspire Investing LLC now owns 7,126 shares of the real estate investment trust’s stock worth $358,000 after purchasing an additional 331 shares during the last quarter. Finally, Arizona State Retirement System lifted its stake in Rexford Industrial Realty by 0.7% during the fourth quarter. Arizona State Retirement System now owns 57,624 shares of the real estate investment trust’s stock worth $3,233,000 after purchasing an additional 407 shares during the last quarter. Institutional investors and hedge funds own 99.52% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on REXR shares. Mizuho reduced their price objective on Rexford Industrial Realty from $52.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday, May 31st. Robert W. Baird reduced their price objective on Rexford Industrial Realty from $57.00 to $49.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. StockNews.com upgraded Rexford Industrial Realty from a “sell” rating to a “hold” rating in a research note on Monday, July 22nd. Wedbush started coverage on Rexford Industrial Realty in a research note on Monday, April 22nd. They set a “neutral” rating and a $45.00 price objective on the stock. Finally, Truist Financial reduced their price objective on Rexford Industrial Realty from $53.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $52.30.

Insider Activity at Rexford Industrial Realty

In related news, CEO Howard Schwimmer sold 30,358 shares of Rexford Industrial Realty stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $48.86, for a total transaction of $1,483,291.88. Following the transaction, the chief executive officer now directly owns 50,673 shares of the company’s stock, valued at $2,475,882.78. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 1.20% of the company’s stock.

Rexford Industrial Realty Stock Performance

REXR stock traded up $0.88 during mid-day trading on Friday, reaching $49.05. The company had a trading volume of 1,097,416 shares, compared to its average volume of 1,806,579. The company has a quick ratio of 3.21, a current ratio of 1.73 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $10.77 billion, a P/E ratio of 45.00, a P/E/G ratio of 2.02 and a beta of 0.92. Rexford Industrial Realty, Inc. has a one year low of $41.56 and a one year high of $58.02. The stock’s 50-day simple moving average is $45.82 and its two-hundred day simple moving average is $48.45.

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 3.31%. The company had revenue of $237.60 million for the quarter, compared to the consensus estimate of $227.70 million. During the same quarter in the prior year, the firm earned $0.54 earnings per share. Rexford Industrial Realty’s revenue for the quarter was up 21.3% compared to the same quarter last year. Research analysts anticipate that Rexford Industrial Realty, Inc. will post 2.34 EPS for the current year.

Rexford Industrial Realty Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a dividend of $0.4175 per share. This is a boost from Rexford Industrial Realty’s previous quarterly dividend of $0.42. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Monday, September 30th. Rexford Industrial Realty’s payout ratio is currently 153.21%.

Rexford Industrial Realty 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.