Rexford Industrial Realty, Inc. (NYSE:REXR – Get Free Report) saw unusually-high trading volume on Monday . Approximately 466,132 shares traded hands during mid-day trading, a decline of 44% from the previous session’s volume of 827,593 shares.The stock last traded at $39.34 and had previously closed at $39.02.
Wall Street Analyst Weigh In
REXR has been the topic of several research analyst reports. Evercore ISI restated an “outperform” rating on shares of Rexford Industrial Realty in a research report on Friday, October 18th. Scotiabank downgraded Rexford Industrial Realty from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the stock from $55.00 to $48.00 in a research note on Friday, October 25th. Mizuho cut their price objective on shares of Rexford Industrial Realty from $46.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday. Industrial Alliance Securities set a $55.00 target price on shares of Rexford Industrial Realty in a research report on Friday, October 18th. Finally, Bank of America cut shares of Rexford Industrial Realty from a “buy” rating to a “neutral” rating and cut their target price for the company from $66.00 to $49.00 in a research note on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Rexford Industrial Realty presently has a consensus rating of “Hold” and an average target price of $50.73.
Read Our Latest Analysis on REXR
Rexford Industrial Realty Stock Performance
Rexford Industrial Realty (NYSE:REXR – Get Free Report) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.28). The company had revenue of $241.84 million for the quarter, compared to the consensus estimate of $235.81 million. Rexford Industrial Realty had a return on equity of 3.35% and a net margin of 30.40%. The company’s revenue was up 17.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.56 earnings per share. As a group, sell-side analysts forecast that Rexford Industrial Realty, Inc. will post 2.34 earnings per share for the current year.
Rexford Industrial Realty Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a dividend of $0.4175 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 4.37%. Rexford Industrial Realty’s dividend payout ratio is presently 135.77%.
Hedge Funds Weigh In On Rexford Industrial Realty
Several hedge funds have recently bought and sold shares of REXR. UMB Bank n.a. boosted its stake in shares of Rexford Industrial Realty by 164.3% during the third quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 447 shares during the period. Headlands Technologies LLC bought a new stake in Rexford Industrial Realty during the 2nd quarter valued at about $41,000. GAMMA Investing LLC boosted its position in Rexford Industrial Realty by 111.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,850 shares of the real estate investment trust’s stock valued at $93,000 after buying an additional 976 shares during the period. Archer Investment Corp grew its stake in Rexford Industrial Realty by 61.5% in the 3rd quarter. Archer Investment Corp now owns 2,100 shares of the real estate investment trust’s stock worth $106,000 after acquiring an additional 800 shares in the last quarter. Finally, Catalyst Capital Advisors LLC purchased a new position in shares of Rexford Industrial Realty during the third quarter worth approximately $129,000. Institutional investors own 99.52% of the company’s stock.
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.
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