Short Interest in Rexford Industrial Realty, Inc. (NYSE:REXR) Drops By 15.7%

Rexford Industrial Realty, Inc. (NYSE:REXR) was the recipient of a significant decrease in short interest during the month of December. As of December 15th, there was short interest totalling 4,930,000 shares, a decrease of 15.7% from the November 30th total of 5,850,000 shares. Based on an average daily trading volume, of 1,940,000 shares, the days-to-cover ratio is currently 2.5 days.

Analysts Set New Price Targets

Several analysts have commented on the company. Truist Financial cut their target price on Rexford Industrial Realty from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Evercore ISI reiterated an “outperform” rating on shares of Rexford Industrial Realty in a report on Friday, October 18th. 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 research report on Thursday, September 5th. Scotiabank cut shares of Rexford Industrial Realty from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $55.00 to $48.00 in a research note on Friday, October 25th. Finally, Industrial Alliance Securities set a $55.00 price target on shares of Rexford Industrial Realty in a research note on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $51.09.

Rexford Industrial Realty Stock Performance

NYSE REXR traded down $0.05 on Tuesday, reaching $38.66. 1,440,631 shares of the stock were exchanged, compared to its average volume of 1,757,747. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.40. Rexford Industrial Realty has a one year low of $37.67 and a one year high of $56.87. The firm has a market capitalization of $8.60 billion, a PE ratio of 31.43, a PEG ratio of 1.94 and a beta of 0.93. The company’s 50-day simple moving average is $41.65 and its two-hundred day simple moving average is $46.18.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings data 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 firm had revenue of $241.84 million during the quarter, compared to analysts’ expectations of $235.81 million. Rexford Industrial Realty had a return on equity of 3.35% and a net margin of 30.40%. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same period last year, the company earned $0.56 earnings per share. Analysts expect that Rexford Industrial Realty will post 2.34 EPS for the current fiscal year.

Rexford Industrial Realty Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $0.4175 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.67 annualized dividend and a yield of 4.32%. Rexford Industrial Realty’s payout ratio is 135.77%.

Institutional Investors Weigh In On Rexford Industrial Realty

A number of institutional investors have recently added to or reduced their stakes in the stock. UMB Bank n.a. boosted its position in shares of 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 worth $36,000 after acquiring an additional 447 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Rexford Industrial Realty in the 2nd quarter worth $41,000. GAMMA Investing LLC boosted its holdings in shares of Rexford Industrial Realty by 111.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,850 shares of the real estate investment trust’s stock valued at $93,000 after purchasing an additional 976 shares during the last quarter. Archer Investment Corp grew its position in shares of Rexford Industrial Realty by 61.5% during the third quarter. Archer Investment Corp now owns 2,100 shares of the real estate investment trust’s stock valued at $106,000 after purchasing an additional 800 shares in the last quarter. Finally, Catalyst Capital Advisors LLC purchased a new position in shares of Rexford Industrial Realty during the third quarter valued at about $129,000. 99.52% of the stock is owned by hedge funds and other 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.