Scotiabank Lowers Rexford Industrial Realty (NYSE:REXR) to Sector Perform

Rexford Industrial Realty (NYSE:REXR) was downgraded by analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research report issued on Friday, Briefing.com reports. They presently have a $48.00 price target on the real estate investment trust’s stock, down from their previous price target of $55.00. Scotiabank’s target price suggests a potential upside of 7.67% from the company’s previous close.

A number of other equities research analysts have also commented on REXR. Wells Fargo & Company lowered their price target on shares of Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating for the company in a report on Wednesday, August 28th. Evercore ISI reiterated an “outperform” rating on shares of Rexford Industrial Realty in a report on Friday, October 18th. Industrial Alliance Securities set a $55.00 price target on Rexford Industrial Realty in a research report on Friday, October 18th. Truist Financial lifted their price objective on Rexford Industrial Realty from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Finally, Mizuho decreased their target price on Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $51.45.

Rexford Industrial Realty Stock Performance

NYSE REXR opened at $44.58 on Friday. The company has a 50-day simple moving average of $49.50 and a two-hundred day simple moving average of $47.24. Rexford Industrial Realty has a 12-month low of $41.56 and a 12-month high of $58.02. The firm has a market cap of $9.71 billion, a price-to-earnings ratio of 40.90, a PEG ratio of 2.13 and a beta of 0.93. The company has a quick ratio of 1.73, a current ratio of 1.20 and a debt-to-equity ratio of 0.40.

Rexford Industrial Realty (NYSE:REXR) last issued its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.28). The company had revenue of $241.84 million for 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%. The company’s revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.56 earnings per share. On average, equities analysts forecast that Rexford Industrial Realty will post 2.34 EPS for the current year.

Insider Transactions at Rexford Industrial Realty

In related news, CFO Laura E. Clark sold 14,185 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total value of $711,377.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Rexford Industrial Realty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Massmutual Trust Co. FSB ADV increased its holdings in Rexford Industrial Realty by 169.4% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 555 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 349 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Rexford Industrial Realty during the second quarter valued at approximately $26,000. UMB Bank n.a. lifted its position in Rexford Industrial Realty by 164.3% during the third quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 447 shares during the period. Headlands Technologies LLC bought a new position in Rexford Industrial Realty during the second quarter valued at approximately $41,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Rexford Industrial Realty by 1,252.2% in the first quarter. EverSource Wealth Advisors LLC now owns 933 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 864 shares during the last quarter. 99.52% of the stock is owned by institutional investors.

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.