Truist Financial Raises Rexford Industrial Realty (NYSE:REXR) Price Target to $54.00

Rexford Industrial Realty (NYSE:REXR) had its price objective lifted by Truist Financial from $50.00 to $54.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

Several other analysts also recently weighed in on the stock. Barclays lifted their price target on shares of Rexford Industrial Realty from $45.00 to $46.00 and gave the company an underweight rating in a research note on Tuesday, April 23rd. Scotiabank reduced their price objective on shares of Rexford Industrial Realty from $55.00 to $51.00 and set a sector outperform rating for the company in a research note on Thursday, May 16th. JPMorgan Chase & Co. boosted their price objective on shares of Rexford Industrial Realty from $47.00 to $52.00 and gave the stock a neutral rating in a research note on Thursday, July 25th. Wedbush started coverage on shares of Rexford Industrial Realty in a research note on Monday, April 22nd. They issued a neutral rating and a $45.00 price objective for the company. Finally, Evercore ISI started coverage on shares of Rexford Industrial Realty in a research note on Wednesday, July 10th. They issued an outperform rating and a $54.00 price objective for the company. 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 stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $52.70.

Rexford Industrial Realty Stock Down 2.6 %

Shares of NYSE:REXR opened at $49.17 on Tuesday. Rexford Industrial Realty has a 1 year low of $41.56 and a 1 year high of $58.02. The business has a 50 day simple moving average of $46.29 and a two-hundred day simple moving average of $48.31. The firm has a market capitalization of $10.79 billion, a PE ratio of 45.11, a price-to-earnings-growth ratio of 2.07 and a beta of 0.92. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.73 and a quick ratio of 1.73.

Rexford Industrial Realty (NYSE:REXR) last announced its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $237.60 million for the quarter, compared to analysts’ expectations of $227.70 million. During the same quarter last year, the firm earned $0.54 EPS. The firm’s quarterly revenue was up 21.3% on a year-over-year basis. On average, equities analysts predict that Rexford Industrial Realty will post 2.35 EPS for the current year.

Rexford Industrial Realty Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.4175 per share. The ex-dividend date is Monday, September 30th. This is an increase 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%. Rexford Industrial Realty’s dividend payout ratio is presently 153.21%.

Insider Transactions at Rexford Industrial Realty

In other news, CEO Howard Schwimmer sold 30,358 shares of the company’s stock in a transaction on 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Rexford Industrial Realty

A number of large investors have recently made changes to their positions in REXR. Raymond James & Associates grew its holdings in shares of Rexford Industrial Realty by 26.8% during the fourth quarter. Raymond James & Associates now owns 96,907 shares of the real estate investment trust’s stock valued at $5,436,000 after buying an additional 20,476 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Rexford Industrial Realty during the fourth quarter valued at $254,000. State of Michigan Retirement System grew its holdings in shares of Rexford Industrial Realty by 2.6% during the fourth quarter. State of Michigan Retirement System now owns 50,682 shares of the real estate investment trust’s stock valued at $2,843,000 after buying an additional 1,300 shares during the last quarter. Vanderbilt University grew its holdings in shares of Rexford Industrial Realty by 58.0% during the fourth quarter. Vanderbilt University now owns 6,429 shares of the real estate investment trust’s stock valued at $361,000 after buying an additional 2,359 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of 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 valued at $3,233,000 after buying an additional 407 shares during the last quarter. 99.52% of the stock is owned by hedge funds and other institutional investors.

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.