Wedbush Begins Coverage on Rexford Industrial Realty (NYSE:REXR)

Wedbush initiated coverage on shares of Rexford Industrial Realty (NYSE:REXR) in a report published on Monday, MarketBeat reports. The brokerage issued a neutral rating and a $45.00 price target on the real estate investment trust’s stock. Wedbush also issued estimates for Rexford Industrial Realty’s Q2 2024 earnings at $0.57 EPS, Q3 2024 earnings at $0.58 EPS, Q4 2024 earnings at $0.59 EPS, FY2024 earnings at $2.32 EPS, Q1 2025 earnings at $0.61 EPS, Q2 2025 earnings at $0.63 EPS, Q3 2025 earnings at $0.64 EPS, Q4 2025 earnings at $0.65 EPS and FY2025 earnings at $2.54 EPS.

Several other research analysts have also issued reports on REXR. Robert W. Baird restated a neutral rating and set a $61.00 target price (up previously from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. TheStreet raised Rexford Industrial Realty from a c+ rating to a b- rating in a research report on Thursday, February 1st. Mizuho reiterated a neutral rating and set a $52.00 target price on shares of Rexford Industrial Realty in a research report on Tuesday, April 2nd. Truist Financial cut their price target on shares of Rexford Industrial Realty from $57.00 to $53.00 and set a buy rating on the stock in a report on Tuesday, April 16th. Finally, Barclays began coverage on shares of Rexford Industrial Realty in a report on Wednesday, March 27th. They set an underweight rating and a $45.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $54.73.

Rexford Industrial Realty Stock Performance

Rexford Industrial Realty stock opened at $43.01 on Monday. The company’s 50-day moving average price is $49.50 and its 200-day moving average price is $50.46. The company has a quick ratio of 1.35, a current ratio of 3.21 and a debt-to-equity ratio of 0.41. The company has a market cap of $9.37 billion, a PE ratio of 39.46, a price-to-earnings-growth ratio of 1.92 and a beta of 0.86. Rexford Industrial Realty has a twelve month low of $41.56 and a twelve month high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last released 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). Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.04%. The company had revenue of $214.10 million for the quarter, compared to the consensus estimate of $207.39 million. During the same period in the prior year, the firm posted $0.52 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities research analysts forecast that Rexford Industrial Realty will post 2.33 EPS for the current fiscal year.

Rexford Industrial Realty Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.417 per share. The ex-dividend date is Friday, June 28th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.88%. Rexford Industrial Realty’s dividend payout ratio is presently 153.21%.

Insider Activity at Rexford Industrial Realty

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.69, for a total transaction of $954,373.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Rexford Industrial Realty

Hedge funds have recently modified their holdings of the company. Envestnet Asset Management Inc. grew its stake in Rexford Industrial Realty by 139.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 232,848 shares of the real estate investment trust’s stock worth $11,491,000 after buying an additional 135,627 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Rexford Industrial Realty by 12.8% in the 4th quarter. Pacer Advisors Inc. now owns 207,609 shares of the real estate investment trust’s stock worth $11,647,000 after purchasing an additional 23,510 shares in the last quarter. Louisiana State Employees Retirement System acquired a new position in Rexford Industrial Realty during the 4th quarter valued at approximately $3,327,000. Daiwa Securities Group Inc. grew its holdings in shares of Rexford Industrial Realty by 1.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 79,851 shares of the real estate investment trust’s stock valued at $4,480,000 after buying an additional 1,171 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Rexford Industrial Realty by 6.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 314,170 shares of the real estate investment trust’s stock worth $15,506,000 after acquiring an additional 19,981 shares during the last quarter. 99.52% of the stock is 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.