Rexford Industrial Realty (NYSE:REXR) Price Target Raised to $47.00

Rexford Industrial Realty (NYSE:REXR) had its price objective increased by Wells Fargo & Company from $43.00 to $47.00 in a research note published on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the real estate investment trust’s stock.

REXR has been the topic of a number of other reports. Jefferies Financial Group lowered shares of Rexford Industrial Realty from a “buy” rating to a “hold” rating and set a $40.00 target price on the stock. in a research note on Thursday, August 6th. Scotiabank lifted their price objective on Rexford Industrial Realty from $40.00 to $42.00 and gave the company a “sector outperform” rating in a research note on Friday, October 30th. JPMorgan Chase & Co. increased their target price on shares of Rexford Industrial Realty from $36.00 to $39.00 and gave the stock an “underweight” rating in a report on Monday, August 3rd. BNP Paribas Exane lifted their price objective on Rexford Industrial Realty from $38.00 to $41.00 and gave the company a “hold” rating in a research note on Monday, October 26th. Finally, Truist Financial lifted their price target on Rexford Industrial Realty from $38.00 to $39.00 and gave the stock a “buy” rating in a report on Monday, October 12th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $41.33.

Rexford Industrial Realty Stock Performance

NYSE REXR opened at $39.23 on Monday. The stock has a market capitalization of $8.32 billion, a price-to-earnings ratio of 15.75 and a beta of 1.11. Rexford Industrial Realty has a twelve month low of $32.14 and a twelve month high of $42.41. The stock has a 50-day moving average of $37.48 and a 200 day moving average of $36.42. The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 0.38.

Rexford Industrial Realty (NYSE:REXR) last announced its earnings results on Thursday, October 22nd. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.53). The business had revenue of $239.10 million for the quarter, compared to analysts’ expectations of $232.95 million. Rexford Industrial Realty had a negative net margin of 47.15% and a negative return on equity of 5.72%. The company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter last year, the business earned $0.60 EPS. Sell-side analysts anticipate that Rexford Industrial Realty will post 2.42 EPS for the current fiscal year.

Rexford Industrial Realty Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be given a dividend of $0.4350 per share. The ex-dividend date is Thursday, December 31st. This represents a $1.74 dividend on an annualized basis and a yield of 4.4%. Rexford Industrial Realty’s dividend payout ratio is presently -82.46%.

Hedge Funds Weigh In On Rexford Industrial Realty

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Rexford Industrial Realty in the second quarter worth $1,293,168,000. Dimensional Fund Advisors LP increased its holdings in shares of Rexford Industrial Realty by 2.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,581,987 shares of the real estate investment trust’s stock worth $117,239,000 after buying an additional 85,135 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of Rexford Industrial Realty during the 2nd quarter worth $86,861,000. Bank of America Corp DE purchased a new position in shares of Rexford Industrial Realty in the 2nd quarter worth $79,547,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Rexford Industrial Realty by 41,558.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,654,665 shares of the real estate investment trust’s stock worth $55,431,000 after buying an additional 1,650,693 shares during the period. Hedge funds and other institutional investors own 99.52% of the company’s stock.

About Rexford Industrial Realty

Rexford Industrial Realty, Inc (NYSE: REXR) is a publicly traded real estate investment trust focused on owning, operating and acquiring industrial properties. Its portfolio primarily consists of infill logistics, warehouse, distribution and manufacturing facilities that support supply-chain and business operations.

The company concentrates exclusively on Southern California, including the Los Angeles, Orange County, San Diego and Inland Empire industrial markets. Rexford seeks to benefit from the region’s established transportation infrastructure, large consumer base and constrained supply of well-located industrial real estate.

Rexford Industrial Realty became a publicly traded company in 2013.