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

Rexford Industrial Realty (NYSE:REXR) had its target price cut by Truist Financial from $54.00 to $50.00 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

Several other research analysts have also weighed in on REXR. Mizuho cut their target price on Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Scotiabank cut Rexford Industrial Realty from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $55.00 to $48.00 in a report on Friday, October 25th. Evercore ISI reiterated an “outperform” rating on shares of Rexford Industrial Realty in a research note on Friday, October 18th. Bank of America downgraded shares of Rexford Industrial Realty from a “buy” rating to a “neutral” rating and cut their target price for the company from $66.00 to $49.00 in a research note on Monday, October 21st. Finally, Industrial Alliance Securities set a $55.00 price objective on Rexford Industrial Realty in a research report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $51.09.

Rexford Industrial Realty Stock Performance

Shares of REXR opened at $41.39 on Tuesday. The company’s 50 day simple moving average is $47.41 and its 200 day simple moving average is $47.10. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.20 and a current ratio of 1.20. The company has a market capitalization of $9.20 billion, a price-to-earnings ratio of 33.65, a PEG ratio of 2.04 and a beta of 0.94. Rexford Industrial Realty has a 1 year low of $41.36 and a 1 year high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last posted its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $235.81 million. During the same quarter last year, the firm earned $0.56 EPS. The firm’s quarterly revenue was up 17.7% compared to the same quarter last year. On average, sell-side analysts predict that Rexford Industrial Realty will post 2.34 EPS for the current year.

Rexford Industrial Realty Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 dividend yield of 4.03%. The ex-dividend date is Tuesday, December 31st. Rexford Industrial Realty’s payout ratio is 135.77%.

Insider Activity at Rexford Industrial Realty

In other Rexford Industrial Realty 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Rexford Industrial Realty by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 29,734,952 shares of the real estate investment trust’s stock valued at $1,495,668,000 after buying an additional 753,098 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Rexford Industrial Realty by 26.7% during 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 period. Capital International Investors boosted its stake in shares of Rexford Industrial Realty by 687.7% during the 1st quarter. Capital International Investors now owns 19,590,676 shares of the real estate investment trust’s stock valued at $985,411,000 after buying an additional 17,103,653 shares during the period. Centersquare Investment Management LLC increased its stake in shares of Rexford Industrial Realty by 1.1% in the first quarter. Centersquare Investment Management LLC now owns 3,938,026 shares of the real estate investment trust’s stock worth $198,083,000 after acquiring an additional 42,632 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in Rexford Industrial Realty by 14.8% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,339,219 shares of the real estate investment trust’s stock valued at $167,996,000 after purchasing an additional 431,659 shares during the last quarter. Institutional investors own 99.52% of the company’s stock.

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.