Rexford Industrial Realty (NYSE:REXR) Price Target Raised to $42.00

Rexford Industrial Realty (NYSE:REXR) had its target price hoisted by Truist Financial from $39.00 to $42.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

A number of other equities analysts have also recently issued reports on REXR. BNP Paribas Exane increased their price objective on shares of Rexford Industrial Realty from $38.00 to $41.00 and gave the company a “hold” rating in a research note on Monday, October 26th. Barclays decreased their target price on shares of Rexford Industrial Realty from $40.00 to $36.00 and set an “underweight” rating on the stock in a research report on Thursday, July 16th. Wall Street Zen raised shares of Rexford Industrial Realty from a “sell” rating to a “hold” rating in a research note on Saturday, October 31st. Wells Fargo & Company upped their target price on shares of Rexford Industrial Realty from $43.00 to $47.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Citigroup dropped their price target on shares of Rexford Industrial Realty from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, October 29th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $41.33.

Rexford Industrial Realty Price Performance

Shares of NYSE:REXR opened at $38.15 on Tuesday. Rexford Industrial Realty has a 1-year low of $32.14 and a 1-year high of $42.41. The firm has a market capitalization of $8.09 billion, a PE ratio of 16.15 and a beta of 1.11. The business’s 50 day moving average is $37.49 and its 200-day moving average is $36.41. The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 0.38.

Rexford Industrial Realty (NYSE:REXR) last released its quarterly earnings data on Thursday, October 22nd. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.53). The firm had revenue of $239.10 million for the quarter, compared to the consensus estimate of $232.95 million. Rexford Industrial Realty had a negative net margin of 47.15% and a negative return on equity of 5.72%. The business’s revenue for the quarter was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.60 earnings per share. Sell-side analysts predict that Rexford Industrial Realty will post 2.42 earnings per share for the current year.

Rexford Industrial Realty Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be paid a $0.4350 dividend. The ex-dividend date is Thursday, December 31st. This represents a $1.74 dividend on an annualized basis and a dividend yield of 4.6%. Rexford Industrial Realty’s payout ratio is -82.46%.

Institutional Investors Weigh In On Rexford Industrial Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in Rexford Industrial Realty in the 2nd quarter valued at approximately $1,293,168,000. GSA Capital Partners LLP bought a new position in Rexford Industrial Realty during the second quarter worth about $2,864,000. Bank of America Corp DE acquired a new position in shares of Rexford Industrial Realty during the 2nd quarter worth approximately $79,547,000. Hsbc Holdings PLC raised its position in shares of Rexford Industrial Realty by 17.7% in the fourth quarter. Hsbc Holdings PLC now owns 387,836 shares of the real estate investment trust’s stock valued at $15,017,000 after purchasing an additional 58,270 shares during the period. Finally, Westpac Banking Corp bought a new position in Rexford Industrial Realty in the 2nd quarter valued at about $2,520,000. 99.52% of the stock is owned by institutional investors and hedge funds.

Rexford Industrial Realty Company Profile

Rexford Industrial Realty, Inc (NYSE: REXR) is a publicly traded real estate investment trust focused on owning, operating and acquiring industrial properties. Its portfolio primarily consists of infill logistics, warehouse, distribution and manufacturing facilities that support supply-chain and business operations.

The company concentrates exclusively on Southern California, including the Los Angeles, Orange County, San Diego and Inland Empire industrial markets. Rexford seeks to benefit from the region’s established transportation infrastructure, large consumer base and constrained supply of well-located industrial real estate.

Rexford Industrial Realty became a publicly traded company in 2013.