Rexford Industrial Realty (NYSE:REXR) Price Target Cut to $50.00 by Analysts at Truist Financial

Rexford Industrial Realty (NYSE:REXR) had its price objective decreased by Truist Financial from $53.00 to $50.00 in a research note released on Thursday, Benzinga reports. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

A number of other equities analysts have also commented on the company. Barclays raised their price objective on Rexford Industrial Realty from $45.00 to $46.00 and gave the stock an underweight rating in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. downgraded Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 price objective on the stock. in a research report on Wednesday, February 7th. Wedbush initiated coverage on shares of Rexford Industrial Realty in a report on Monday, April 22nd. They issued a neutral rating and a $45.00 price objective for the company. Mizuho reissued a neutral rating and issued a $52.00 target price on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. Finally, TheStreet raised shares of Rexford Industrial Realty from a c+ rating to a b- rating in a research report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Rexford Industrial Realty has an average rating of Hold and an average target price of $53.36.

Rexford Industrial Realty Stock Performance

Shares of REXR stock traded down $0.28 during trading on Thursday, reaching $44.12. The company had a trading volume of 391,855 shares, compared to its average volume of 1,946,611. The firm’s 50 day simple moving average is $48.38 and its two-hundred day simple moving average is $50.25. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.21 and a quick ratio of 3.21. The company has a market capitalization of $9.61 billion, a PE ratio of 40.73, a PEG ratio of 1.94 and a beta of 0.89. Rexford Industrial Realty has a one year low of $41.56 and a one year high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last released its quarterly earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30). The business had revenue of $214.10 million for the quarter, compared to the consensus estimate of $207.39 million. Rexford Industrial Realty had a return on equity of 3.04% and a net margin of 28.84%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the company earned $0.52 earnings per share. Sell-side analysts forecast that Rexford Industrial Realty will post 2.34 earnings per share for the current year.

Rexford Industrial Realty Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.417 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.67 dividend on an annualized basis and a yield of 3.78%. Rexford Industrial Realty’s dividend payout ratio is presently 153.21%.

Insiders Place Their Bets

In related news, General Counsel David E. Lanzer sold 18,113 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.69, for a total value of $954,373.97. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Envestnet Asset Management Inc. boosted its position in Rexford Industrial Realty by 139.5% during the third quarter. Envestnet Asset Management Inc. now owns 232,848 shares of the real estate investment trust’s stock worth $11,491,000 after purchasing an additional 135,627 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Rexford Industrial Realty by 12.8% during the 4th quarter. Pacer Advisors Inc. now owns 207,609 shares of the real estate investment trust’s stock worth $11,647,000 after buying an additional 23,510 shares during the last quarter. Louisiana State Employees Retirement System bought a new position in Rexford Industrial Realty during the fourth quarter worth about $3,327,000. Daiwa Securities Group Inc. grew its holdings in Rexford Industrial Realty by 1.5% in the 4th quarter. Daiwa Securities Group Inc. now owns 79,851 shares of the real estate investment trust’s stock valued at $4,480,000 after buying an additional 1,171 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Rexford Industrial Realty by 6.8% during the third quarter. The Manufacturers Life Insurance Company now owns 314,170 shares of the real estate investment trust’s stock worth $15,506,000 after buying an additional 19,981 shares in the last quarter. 99.52% of the stock is currently owned by institutional investors.

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.