Rexford Industrial Realty (NYSE:REXR) Price Target Cut to $53.00 by Analysts at Truist Financial

Rexford Industrial Realty (NYSE:REXR) had its price target trimmed by Truist Financial from $57.00 to $53.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

A number of other analysts have also commented on the company. Mizuho reaffirmed a neutral rating and set a $52.00 price objective on shares of Rexford Industrial Realty in a research note on Tuesday, April 2nd. Robert W. Baird reaffirmed a neutral rating and set a $61.00 price objective (up previously from $53.00) on shares of Rexford Industrial Realty in a research note on Friday, January 5th. JPMorgan Chase & Co. lowered Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 price objective on the stock. in a research note on Wednesday, February 7th. TheStreet raised Rexford Industrial Realty from a c+ rating to a b- rating in a research note on Thursday, February 1st. Finally, Barclays initiated coverage on Rexford Industrial Realty in a research note on Wednesday, March 27th. They set an underweight rating and a $45.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $55.60.

Rexford Industrial Realty Stock Down 1.0 %

Rexford Industrial Realty stock opened at $42.74 on Tuesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.35 and a current ratio of 3.21. The firm has a market capitalization of $9.31 billion, a price-to-earnings ratio of 39.21, a price-to-earnings-growth ratio of 1.91 and a beta of 0.86. Rexford Industrial Realty has a fifty-two week low of $41.56 and a fifty-two week high of $58.02. The stock’s fifty day moving average is $50.42 and its two-hundred day moving average is $50.63.

Rexford Industrial Realty (NYSE:REXR) last posted its 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 firm had revenue of $214.10 million during the quarter, compared to analyst estimates of $207.39 million. Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.04%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period last year, the company posted $0.52 EPS. Analysts predict that Rexford Industrial Realty will post 2.33 EPS for the current fiscal year.

Rexford Industrial Realty Cuts Dividend

The company 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 $0.417 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.90%. Rexford Industrial Realty’s dividend payout ratio (DPR) is 153.21%.

Insider Transactions at Rexford Industrial Realty

In other news, General Counsel David E. Lanzer sold 18,113 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $52.69, for a total value of $954,373.97. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Rexford Industrial Realty

A number of large investors have recently modified their holdings of REXR. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Rexford Industrial Realty by 139.7% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 7,339 shares of the real estate investment trust’s stock worth $547,000 after purchasing an additional 4,277 shares during the period. Natixis Advisors L.P. acquired a new stake in shares of Rexford Industrial Realty in the first quarter valued at about $882,000. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Rexford Industrial Realty by 37.5% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,575 shares of the real estate investment trust’s stock valued at $1,087,000 after buying an additional 3,978 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Rexford Industrial Realty by 7.5% in the first quarter. Vanguard Group Inc. now owns 22,698,814 shares of the real estate investment trust’s stock valued at $1,693,104,000 after buying an additional 1,587,612 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new stake in shares of Rexford Industrial Realty in the first quarter valued at about $1,157,000. 99.52% of the stock is currently owned by hedge funds and other institutional investors.

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.