Rexford Industrial Realty (NYSE:REXR) Downgraded to Hold at Zacks Investment Research

Rexford Industrial Realty (NYSE:REXR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “Rexford Industrial Realty, Inc. is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. Rexford Industrial Realty, Inc. is based in Los Angeles, California. “

Several other research firms have also weighed in on REXR. Wells Fargo & Company raised shares of Rexford Industrial Realty from an “equal weight” rating to an “overweight” rating and set a $83.00 price objective for the company in a report on Tuesday, December 14th. Robert W. Baird reaffirmed an “outperform” rating and set a $82.00 price objective (up previously from $74.00) on shares of Rexford Industrial Realty in a report on Monday, October 25th. Finally, JPMorgan Chase & Co. raised shares of Rexford Industrial Realty from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $78.00 to $84.00 in a report on Monday, December 20th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rexford Industrial Realty presently has a consensus rating of “Buy” and an average price target of $75.80.

NYSE:REXR opened at $74.04 on Thursday. Rexford Industrial Realty has a 12-month low of $45.90 and a 12-month high of $81.68. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.32. The firm has a market capitalization of $11.22 billion, a PE ratio of 110.51, a price-to-earnings-growth ratio of 2.96 and a beta of 0.70. The firm has a 50-day moving average price of $74.25 and a 200 day moving average price of $65.60.

Rexford Industrial Realty (NYSE:REXR) last posted its quarterly earnings data on Tuesday, October 19th. The real estate investment trust reported $0.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.11. The company had revenue of $115.40 million during the quarter, compared to analyst estimates of $111.08 million. Rexford Industrial Realty had a net margin of 26.46% and a return on equity of 2.97%. The company’s revenue was up 37.6% on a year-over-year basis. During the same quarter last year, the business posted $0.33 earnings per share. On average, research analysts expect that Rexford Industrial Realty will post 1.62 EPS for the current year.

In related news, CEO Michael S. Frankel sold 115,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 10th. The shares were sold at an average price of $69.66, for a total value of $8,010,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.50% of the company’s stock.

Institutional investors have recently modified their holdings of the stock. Louisiana State Employees Retirement System boosted its stake in Rexford Industrial Realty by 10.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 38,900 shares of the real estate investment trust’s stock valued at $3,155,000 after acquiring an additional 3,800 shares during the last quarter. Exchange Traded Concepts LLC bought a new position in Rexford Industrial Realty in the fourth quarter valued at approximately $128,000. First Hawaiian Bank bought a new position in Rexford Industrial Realty in the fourth quarter valued at approximately $248,000. State of Alaska Department of Revenue boosted its stake in Rexford Industrial Realty by 7.7% in the fourth quarter. State of Alaska Department of Revenue now owns 99,501 shares of the real estate investment trust’s stock valued at $8,068,000 after acquiring an additional 7,108 shares during the last quarter. Finally, Crossmark Global Holdings Inc. boosted its stake in Rexford Industrial Realty by 20.4% in the fourth quarter. Crossmark Global Holdings Inc. now owns 12,890 shares of the real estate investment trust’s stock valued at $1,046,000 after acquiring an additional 2,180 shares during the last quarter. 99.76% of the stock is owned by institutional investors and hedge funds.

Rexford Industrial Realty Company Profile

Rexford Industrial Realty, Inc is a self-administered and self-managed real estate investment trust, which engages in owning, operating, and acquiring industrial properties. The company was founded on January 18, 2013 and is headquartered in Los Angeles, CA.

Read More: What is a resistance level?

Get a free copy of the Zacks research report on Rexford Industrial Realty (REXR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Rexford Industrial Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rexford Industrial Realty and related companies with MarketBeat.com's FREE daily email newsletter.