Rexford Industrial Realty (NYSE:REXR) Downgraded to “Neutral” at Bank of America

Bank of America downgraded shares of Rexford Industrial Realty (NYSE:REXR) from a buy rating to a neutral rating in a research report report published on Monday, MarketBeat Ratings reports. They currently have $49.00 target price on the real estate investment trust’s stock, down from their prior target price of $66.00.

A number of other brokerages have also weighed in on REXR. JPMorgan Chase & Co. upped their price target 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. Evercore ISI reaffirmed an “outperform” rating on shares of Rexford Industrial Realty in a research note on Friday, October 18th. Truist Financial boosted their target price on shares of Rexford Industrial Realty from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Industrial Alliance Securities set a $55.00 target price on shares of Rexford Industrial Realty in a report on Friday, October 18th. Finally, StockNews.com upgraded shares of Rexford Industrial Realty from a “sell” rating to a “hold” rating in a report on Monday, July 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rexford Industrial Realty currently has an average rating of “Hold” and a consensus target price of $52.09.

Rexford Industrial Realty Trading Up 1.0 %

Shares of NYSE:REXR opened at $45.09 on Monday. The company has a 50 day moving average of $49.61 and a 200-day moving average of $47.25. The firm has a market cap of $9.90 billion, a P/E ratio of 36.66, a P/E/G ratio of 1.89 and a beta of 0.93. Rexford Industrial Realty has a twelve month low of $41.56 and a twelve month high of $58.02. The company has a current ratio of 1.20, a quick ratio of 1.73 and a debt-to-equity ratio of 0.40.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.28). The company had revenue of $241.84 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the company posted $0.56 earnings per share. As a group, analysts anticipate that Rexford Industrial Realty will post 2.35 earnings per share for the current fiscal year.

Rexford Industrial Realty Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued 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 3.70%. Rexford Industrial Realty’s dividend payout ratio is currently 135.77%.

Insider Activity

In other news, CFO Laura E. Clark sold 14,185 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total transaction of $711,377.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Rexford Industrial Realty news, 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 value of $1,483,291.88. Following the transaction, the chief executive officer now owns 50,673 shares in the company, valued at approximately $2,475,882.78. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Laura E. Clark sold 14,185 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total transaction of $711,377.75. The disclosure for this sale can be found here. 1.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its position in Rexford Industrial Realty by 34.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,455 shares of the real estate investment trust’s stock worth $427,000 after acquiring an additional 2,182 shares in the last quarter. Legacy Wealth Asset Management LLC grew its position in Rexford Industrial Realty by 29.5% in the third quarter. Legacy Wealth Asset Management LLC now owns 11,994 shares of the real estate investment trust’s stock worth $603,000 after acquiring an additional 2,731 shares in the last quarter. International Assets Investment Management LLC grew its position in Rexford Industrial Realty by 4,835.8% in the third quarter. International Assets Investment Management LLC now owns 2,616 shares of the real estate investment trust’s stock worth $132,000 after acquiring an additional 2,563 shares in the last quarter. Signaturefd LLC grew its position in Rexford Industrial Realty by 22.2% in the third quarter. Signaturefd LLC now owns 2,637 shares of the real estate investment trust’s stock worth $133,000 after acquiring an additional 479 shares in the last quarter. Finally, Vert Asset Management LLC grew its position in Rexford Industrial Realty by 1.0% in the third quarter. Vert Asset Management LLC now owns 89,579 shares of the real estate investment trust’s stock worth $4,507,000 after acquiring an additional 862 shares in the last quarter. Institutional investors and hedge funds 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.