Rexford Industrial Realty (NYSE:REXR) Reaches New 52-Week Low on Analyst Downgrade

Rexford Industrial Realty, Inc. (NYSE:REXR)’s stock price reached a new 52-week low during trading on Tuesday after Truist Financial lowered their price target on the stock from $54.00 to $50.00. Truist Financial currently has a buy rating on the stock. Rexford Industrial Realty traded as low as $41.83 and last traded at $41.86, with a volume of 100772 shares changing hands. The stock had previously closed at $42.76.

Other equities analysts have also recently issued reports about the company. Evercore ISI reiterated an “outperform” rating on shares of Rexford Industrial Realty in a report on Friday, October 18th. Wells Fargo & Company lowered their target price on shares of 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. Scotiabank lowered shares of Rexford Industrial Realty from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $55.00 to $48.00 in a report on Friday, October 25th. StockNews.com cut Rexford Industrial Realty from a “hold” rating to a “sell” rating in a research note on Monday, October 21st. Finally, Industrial Alliance Securities set a $55.00 target price on Rexford Industrial Realty in a report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $51.09.

Insider Activity

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

Institutional Investors Weigh In On Rexford Industrial Realty

A number of hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its position in shares of Rexford Industrial Realty by 5.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 175,658 shares of the real estate investment trust’s stock worth $8,837,000 after purchasing an additional 9,093 shares in the last quarter. FMR LLC grew its position in Rexford Industrial Realty by 243.8% during the third quarter. FMR LLC now owns 275,669 shares of the real estate investment trust’s stock worth $13,869,000 after buying an additional 195,496 shares during the period. Bank of Montreal Can increased its holdings in Rexford Industrial Realty by 5.2% in the third quarter. Bank of Montreal Can now owns 72,416 shares of the real estate investment trust’s stock valued at $3,658,000 after buying an additional 3,604 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Rexford Industrial Realty by 9.2% during the 3rd quarter. Fisher Asset Management LLC now owns 66,766 shares of the real estate investment trust’s stock valued at $3,359,000 after acquiring an additional 5,604 shares during the period. Finally, Daiwa Securities Group Inc. grew its holdings in shares of Rexford Industrial Realty by 19.6% in the 3rd quarter. Daiwa Securities Group Inc. now owns 1,448,419 shares of the real estate investment trust’s stock worth $72,870,000 after acquiring an additional 237,624 shares during the period. Institutional investors and hedge funds own 99.52% of the company’s stock.

Rexford Industrial Realty Stock Performance

The firm has a fifty day moving average of $47.24 and a 200-day moving average of $47.07. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $9.30 billion, a price-to-earnings ratio of 34.01, a PEG ratio of 1.98 and a beta of 0.94.

Rexford Industrial Realty (NYSE:REXR) last posted its 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). The company had revenue of $241.84 million during the quarter, compared to analysts’ expectations of $235.81 million. Rexford Industrial Realty had a net margin of 30.40% and a return on equity of 3.35%. Rexford Industrial Realty’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.56 EPS. As a group, sell-side analysts anticipate that Rexford Industrial Realty, Inc. will post 2.34 EPS for the current year.

Rexford Industrial Realty Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 3.99%. The ex-dividend date is Tuesday, December 31st. Rexford Industrial Realty’s dividend payout ratio (DPR) is 135.77%.

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.