Rexford Industrial Realty (NYSE:REXR) Cut to “Sector Perform” at Scotiabank

Scotiabank downgraded shares of Rexford Industrial Realty (NYSE:REXR) from a sector outperform rating to a sector perform rating in a report published on Friday, MarketBeat Ratings reports. The firm currently has $48.00 price target on the real estate investment trust’s stock, down from their prior price target of $55.00.

Other analysts have also issued research reports about the company. Wells Fargo & Company dropped their price target on Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating for the company in a research note on Wednesday, August 28th. Industrial Alliance Securities set a $55.00 target price on shares of Rexford Industrial Realty in a research report on Friday, October 18th. Bank of America cut shares of Rexford Industrial Realty from a “buy” rating to a “neutral” rating and reduced their price target for the company from $66.00 to $49.00 in a research report on Monday, October 21st. JPMorgan Chase & Co. raised their price objective on shares of Rexford Industrial Realty from $47.00 to $52.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Finally, Mizuho reduced their target price on Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Rexford Industrial Realty has an average rating of “Hold” and an average price target of $51.45.

Rexford Industrial Realty Price Performance

REXR stock opened at $43.35 on Friday. The stock has a market capitalization of $9.44 billion, a price-to-earnings ratio of 39.77, a PEG ratio of 2.13 and a beta of 0.93. The firm’s 50-day moving average price is $49.36 and its two-hundred day moving average price is $47.18. The company has a current ratio of 1.20, a quick ratio of 1.73 and a debt-to-equity ratio of 0.40. Rexford Industrial Realty has a 12-month low of $41.56 and a 12-month high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.28). Rexford Industrial Realty had a net margin of 30.40% and a return on equity of 3.35%. The business had revenue of $241.84 million for the quarter, compared to analysts’ expectations of $235.81 million. During the same quarter in the prior year, the firm earned $0.56 EPS. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, equities analysts predict that Rexford Industrial Realty will post 2.34 earnings per share for the current year.

Rexford Industrial Realty Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend is Tuesday, December 31st. Rexford Industrial Realty’s dividend payout ratio (DPR) is presently 153.21%.

Insiders Place Their Bets

In other news, CFO Laura E. Clark sold 14,185 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $50.15, for a total transaction of $711,377.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.20% of the company’s stock.

Institutional Investors Weigh In On Rexford Industrial Realty

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Rexford Industrial Realty by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 29,734,952 shares of the real estate investment trust’s stock worth $1,495,668,000 after acquiring an additional 753,098 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Rexford Industrial Realty by 26.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 19,933,431 shares of the real estate investment trust’s stock worth $1,002,654,000 after purchasing an additional 4,197,907 shares during the last quarter. Capital International Investors lifted its holdings in shares of Rexford Industrial Realty by 687.7% during the first quarter. Capital International Investors now owns 19,590,676 shares of the real estate investment trust’s stock valued at $985,411,000 after purchasing an additional 17,103,653 shares in the last quarter. Centersquare Investment Management LLC boosted its position in shares of Rexford Industrial Realty by 1.1% during the first quarter. Centersquare Investment Management LLC now owns 3,938,026 shares of the real estate investment trust’s stock valued at $198,083,000 after buying an additional 42,632 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Rexford Industrial Realty by 6.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,326,694 shares of the real estate investment trust’s stock worth $148,337,000 after buying an additional 200,027 shares in the last quarter. Hedge funds and other institutional investors own 99.52% of the company’s stock.

Rexford Industrial Realty Company Profile

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.