Rexford Industrial Realty, Inc. $REXR Stock: Sumitomo Mitsui Trust Group Inc. Reduces Stake

Sumitomo Mitsui Trust Group Inc. lessened its position in Rexford Industrial Realty, Inc. (NYSE:REXR) by 23.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,596,353 shares of the real estate investment trust’s stock after selling 494,528 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Rexford Industrial Realty were worth $57,900,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Elevation Wealth Partners LLC raised its holdings in Rexford Industrial Realty by 125.8% in the 3rd quarter. Elevation Wealth Partners LLC now owns 700 shares of the real estate investment trust’s stock worth $25,000 after acquiring an additional 390 shares during the last quarter. Root Financial Partners LLC bought a new position in Rexford Industrial Realty in the 3rd quarter valued at approximately $35,000. Allworth Financial LP purchased a new stake in Rexford Industrial Realty during the 2nd quarter valued at $33,000. Cassaday & Co Wealth Management LLC purchased a new stake in Rexford Industrial Realty during the 1st quarter valued at $33,000. Finally, Caitlin John LLC bought a new stake in shares of Rexford Industrial Realty in the 2nd quarter worth $36,000. Hedge funds and other institutional investors own 99.52% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on REXR. JPMorgan Chase & Co. boosted their price target on Rexford Industrial Realty from $36.00 to $39.00 and gave the stock an “underweight” rating in a research note on Monday, August 3rd. Wall Street Zen raised Rexford Industrial Realty from a “sell” rating to a “hold” rating in a research report on Saturday. Cantor Fitzgerald dropped their price objective on Rexford Industrial Realty from $45.00 to $44.00 and set an “overweight” rating on the stock in a research report on Monday, October 26th. Raymond James Financial upgraded Rexford Industrial Realty from an “underperform” rating to a “market perform” rating in a report on Tuesday, September 15th. Finally, Citigroup decreased their target price on 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 research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $41.33.

Rexford Industrial Realty Trading Down 0.8%

Shares of REXR stock opened at $38.28 on Wednesday. Rexford Industrial Realty, Inc. has a 12-month low of $32.14 and a 12-month high of $42.41. The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 0.38. The firm’s 50 day moving average is $37.45 and its 200 day moving average is $36.43. The stock has a market capitalization of $8.12 billion, a P/E ratio of -18.14 and a beta of 1.11.

Rexford Industrial Realty (NYSE:REXR) last posted its earnings results on Thursday, October 22nd. The real estate investment trust reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.53). Rexford Industrial Realty had a negative return on equity of 5.72% and a negative net margin of 47.15%. The company had revenue of $239.10 million during the quarter, compared to the consensus estimate of $232.95 million. During the same period last year, the firm posted $0.60 EPS. The company’s revenue for the quarter was down 5.6% on a year-over-year basis. Research analysts expect that Rexford Industrial Realty, Inc. 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. Shareholders of record on Thursday, December 31st will be issued a $0.4350 dividend. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $1.74 dividend on an annualized basis and a yield of 4.5%. Rexford Industrial Realty’s dividend payout ratio is currently -82.46%.

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.