Rexford Industrial Realty (NYSE:REXR) PT Raised to $58.00

Rexford Industrial Realty (NYSE:REXR) had its target price boosted by Wells Fargo & Company from $51.00 to $58.00 in a report published on Monday, The Fly reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

A number of other equities analysts also recently commented on REXR. TheStreet upgraded shares of Rexford Industrial Realty from a c+ rating to a b- rating in a research report on Friday, March 26th. Zacks Investment Research raised shares of Rexford Industrial Realty from a hold rating to a buy rating and set a $62.00 price target on the stock in a research note on Thursday, May 6th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $56.50.

Shares of Rexford Industrial Realty stock opened at $59.08 on Monday. The stock has a market cap of $7.92 billion, a P/E ratio of 98.47, a P/E/G ratio of 4.63 and a beta of 0.61. The company has a debt-to-equity ratio of 0.36, a quick ratio of 3.15 and a current ratio of 3.15. Rexford Industrial Realty has a one year low of $38.61 and a one year high of $59.28. The stock’s fifty day moving average price is $54.86.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings data on Tuesday, April 20th. The real estate investment trust reported $0.12 EPS for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.03. The company had revenue of $99.80 million during the quarter, compared to the consensus estimate of $99.71 million. Rexford Industrial Realty had a net margin of 25.70% and a return on equity of 2.96%. Rexford Industrial Realty’s quarterly revenue was up 28.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.33 EPS. As a group, equities analysts anticipate that Rexford Industrial Realty will post 1.45 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 15th. Stockholders of record on Wednesday, June 30th will be paid a dividend of $0.24 per share. The ex-dividend date is Tuesday, June 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.62%. Rexford Industrial Realty’s dividend payout ratio (DPR) is presently 72.73%.

In related news, CEO Michael S. Frankel sold 6,195 shares of the stock in a transaction dated Wednesday, April 28th. The shares were sold at an average price of $55.54, for a total value of $344,070.30. Following the sale, the chief executive officer now directly owns 55,170 shares of the company’s stock, valued at approximately $3,064,141.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel David E. Lanzer sold 2,810 shares of the stock in a transaction dated Monday, April 26th. The shares were sold at an average price of $55.34, for a total transaction of $155,505.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 86,675 shares of company stock worth $4,791,620. 1.50% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of REXR. First Trust Advisors LP grew its stake in Rexford Industrial Realty by 419.1% in the 1st quarter. First Trust Advisors LP now owns 90,000 shares of the real estate investment trust’s stock valued at $3,223,000 after acquiring an additional 72,663 shares during the last quarter. Perigon Wealth Management LLC acquired a new stake in shares of Rexford Industrial Realty during the 4th quarter worth about $36,000. Comerica Bank boosted its stake in shares of Rexford Industrial Realty by 1.4% during the 4th quarter. Comerica Bank now owns 126,322 shares of the real estate investment trust’s stock worth $6,276,000 after purchasing an additional 1,791 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Rexford Industrial Realty by 6.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,102 shares of the real estate investment trust’s stock worth $2,019,000 after purchasing an additional 2,437 shares during the last quarter. Finally, State of Michigan Retirement System boosted its stake in shares of Rexford Industrial Realty by 5.5% during the 4th quarter. State of Michigan Retirement System now owns 47,600 shares of the real estate investment trust’s stock worth $2,338,000 after purchasing an additional 2,500 shares during the last quarter. 99.48% of the stock is currently owned by hedge funds and other institutional investors.

Rexford Industrial Realty Company Profile

Rexford Industrial, a real estate investment trust focused on owning and operating industrial properties throughout Southern California infill markets, owns 232 properties with approximately 27.9 million rentable square feet and manages an additional 20 properties with approximately 1.0 million rentable square feet.

Further Reading: What is Considered a Good Return on Equity (ROE)?

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