Evercore ISI Raises Rexford Industrial Realty (NYSE:REXR) Price Target to $58.00

Rexford Industrial Realty (NYSE:REXR) had its price target raised by Evercore ISI from $57.00 to $58.00 in a report released on Monday, Benzinga reports. Evercore ISI currently has an outperform rating on the real estate investment trust’s stock.

A number of other analysts have also recently weighed in on REXR. Wells Fargo & Company lowered their price target on Rexford Industrial Realty from $66.00 to $61.00 and set an overweight rating on the stock in a research report on Wednesday, August 28th. StockNews.com raised shares of Rexford Industrial Realty from a sell rating to a hold rating in a report on Monday, July 22nd. Scotiabank lifted their price target on shares of Rexford Industrial Realty from $51.00 to $55.00 and gave the company a sector outperform rating in a report on Monday, August 26th. Truist Financial upped their price objective on shares of Rexford Industrial Realty from $50.00 to $54.00 and gave the stock a buy rating in a research note on Tuesday, July 30th. Finally, Mizuho cut their target price on shares of Rexford Industrial Realty from $50.00 to $49.00 and set a neutral rating for the company in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $54.09.

Rexford Industrial Realty Stock Down 0.5 %

Shares of REXR stock opened at $51.02 on Monday. Rexford Industrial Realty has a one year low of $41.56 and a one year high of $58.02. The stock has a market cap of $11.11 billion, a P/E ratio of 46.81, a price-to-earnings-growth ratio of 2.03 and a beta of 0.93. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.73 and a quick ratio of 1.73. The stock has a fifty day moving average price of $50.04 and a 200 day moving average price of $47.68.

Rexford Industrial Realty (NYSE:REXR) last posted its earnings results 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). The business had revenue of $237.60 million during the quarter, compared to the consensus estimate of $227.70 million. Rexford Industrial Realty had a net margin of 30.71% and a return on equity of 3.31%. The business’s revenue was up 21.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.54 EPS. Analysts predict that Rexford Industrial Realty will post 2.35 earnings per share for the current year.

Rexford Industrial Realty Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be given a dividend of $0.4175 per share. The ex-dividend date of this dividend 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 yield of 3.27%. Rexford Industrial Realty’s dividend payout ratio is presently 153.21%.

Insider Buying and Selling

In other Rexford Industrial Realty news, CFO Laura E. Clark sold 14,185 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total transaction of $711,377.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Laura E. Clark sold 14,185 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $50.15, for a total value of $711,377.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Howard Schwimmer sold 30,358 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $48.86, for a total transaction of $1,483,291.88. Following the completion of the sale, the chief executive officer now directly owns 50,673 shares of the company’s stock, valued at approximately $2,475,882.78. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rexford Industrial Realty

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Rexford Industrial Realty by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 29,734,952 shares of the real estate investment trust’s stock worth $1,495,668,000 after purchasing an additional 753,098 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Rexford Industrial Realty by 26.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 19,933,431 shares of the real estate investment trust’s stock worth $1,002,654,000 after acquiring an additional 4,197,907 shares in the last quarter. Capital International Investors raised its holdings in shares of Rexford Industrial Realty by 687.7% during the first quarter. Capital International Investors now owns 19,590,676 shares of the real estate investment trust’s stock worth $985,411,000 after acquiring an additional 17,103,653 shares during the period. Centersquare Investment Management LLC lifted its position in Rexford Industrial Realty by 1.1% in the 1st quarter. Centersquare Investment Management LLC now owns 3,938,026 shares of the real estate investment trust’s stock valued at $198,083,000 after acquiring an additional 42,632 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Rexford Industrial Realty by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,326,694 shares of the real estate investment trust’s stock worth $148,337,000 after purchasing an additional 200,027 shares during the period. Institutional investors own 99.52% of the company’s stock.

About Rexford Industrial Realty

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.