Rexford Industrial Realty (NYSE:REXR) Raised to Outperform at Wolfe Research

Rexford Industrial Realty (NYSE:REXR) was upgraded by equities researchers at Wolfe Research from a “peer perform” rating to an “outperform” rating in a report released on Tuesday, MarketBeat reports. The brokerage presently has a $70.00 price target on the real estate investment trust’s stock. Wolfe Research’s price target would indicate a potential upside of 35.82% from the stock’s current price.

Several other equities analysts have also recently weighed in on REXR. Scotiabank began coverage on Rexford Industrial Realty in a report on Tuesday, September 12th. They issued a “sector perform” rating and a $59.00 price objective for the company. Mizuho started coverage on shares of Rexford Industrial Realty in a research note on Wednesday, June 28th. They set a “neutral” rating and a $52.00 price objective on the stock. Citigroup downgraded shares of Rexford Industrial Realty from a “buy” rating to a “neutral” rating and cut their price target for the stock from $66.00 to $53.00 in a report on Monday, June 12th. StockNews.com initiated coverage on shares of Rexford Industrial Realty in a research note on Thursday, August 17th. They issued a “sell” rating on the stock. Finally, BMO Capital Markets cut Rexford Industrial Realty from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $69.00 to $56.00 in a research note on Monday, June 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $61.63.

Rexford Industrial Realty Price Performance

Rexford Industrial Realty stock opened at $51.54 on Tuesday. The company has a market capitalization of $10.64 billion, a price-to-earnings ratio of 52.06, a PEG ratio of 2.08 and a beta of 0.83. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.30. Rexford Industrial Realty has a 12 month low of $48.74 and a 12 month high of $66.71. The stock’s 50 day moving average is $53.37 and its 200-day moving average is $54.57.

Rexford Industrial Realty (NYSE:REXR) last released its quarterly earnings results on Wednesday, July 19th. The real estate investment trust reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.28). Rexford Industrial Realty had a return on equity of 2.82% and a net margin of 27.23%. The business had revenue of $195.80 million for the quarter, compared to the consensus estimate of $196.92 million. During the same period in the prior year, the business posted $0.49 earnings per share. Rexford Industrial Realty’s revenue was up 31.3% compared to the same quarter last year. Equities research analysts expect that Rexford Industrial Realty will post 2.19 EPS for the current year.

Insider Buying and Selling

In other news, CFO Laura E. Clark sold 7,410 shares of Rexford Industrial Realty stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $54.48, for a total transaction of $403,696.80. Following the sale, the chief financial officer now directly owns 2,562 shares of the company’s stock, valued at $139,577.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.10% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rexford Industrial Realty

A number of hedge funds have recently modified their holdings of the business. CI Investments Inc. lifted its holdings in Rexford Industrial Realty by 117.4% during the 4th quarter. CI Investments Inc. now owns 500 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 270 shares during the period. Quarry LP bought a new stake in Rexford Industrial Realty in the second quarter valued at approximately $28,000. Belpointe Asset Management LLC acquired a new stake in Rexford Industrial Realty during the 4th quarter valued at approximately $30,000. CWM LLC raised its holdings in Rexford Industrial Realty by 27.7% during the 1st quarter. CWM LLC now owns 895 shares of the real estate investment trust’s stock worth $53,000 after purchasing an additional 194 shares during the last quarter. Finally, Ellevest Inc. lifted its position in shares of Rexford Industrial Realty by 35.9% in the 1st quarter. Ellevest Inc. now owns 1,583 shares of the real estate investment trust’s stock worth $94,000 after purchasing an additional 418 shares during the period. Institutional investors and hedge funds 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.