Rexford Industrial Realty, Inc. (REXR) To Go Ex-Dividend on June 28th

Rexford Industrial Realty, Inc. (NYSE:REXR) declared a quarterly dividend on Wednesday, April 17th, Zacks reports. Stockholders of record on Friday, June 28th will be paid a dividend of 0.417 per share by the real estate investment trust on Monday, July 15th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date is Friday, June 28th.

Rexford Industrial Realty has raised its dividend payment by an average of 20.9% annually over the last three years and has raised its dividend annually for the last 8 consecutive years. Rexford Industrial Realty has a payout ratio of 122.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Rexford Industrial Realty to earn $2.67 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 56.9%.

Rexford Industrial Realty Stock Performance

REXR opened at $43.03 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.35 and a quick ratio of 1.35. The business has a fifty day simple moving average of $50.62 and a 200 day simple moving average of $50.68. Rexford Industrial Realty has a 1 year low of $41.56 and a 1 year high of $58.02. The company has a market capitalization of $9.37 billion, a PE ratio of 39.62, a price-to-earnings-growth ratio of 1.85 and a beta of 0.86.

Rexford Industrial Realty (NYSE:REXR) last posted its earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30). Rexford Industrial Realty had a return on equity of 3.10% and a net margin of 28.84%. The firm had revenue of $214.10 million for the quarter, compared to analyst estimates of $207.39 million. During the same period in the prior year, the business posted $0.52 EPS. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. Research analysts expect that Rexford Industrial Realty will post 2.35 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel David E. Lanzer sold 18,113 shares of Rexford Industrial Realty stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $52.69, for a total transaction of $954,373.97. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Rexford Industrial Realty

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in Rexford Industrial Realty in the second quarter valued at $28,000. Belpointe Asset Management LLC increased its stake in shares of Rexford Industrial Realty by 112.7% in the first quarter. Belpointe Asset Management LLC now owns 1,176 shares of the real estate investment trust’s stock valued at $70,000 after buying an additional 623 shares during the period. Ossiam raised its position in shares of Rexford Industrial Realty by 21.3% during the first quarter. Ossiam now owns 2,096 shares of the real estate investment trust’s stock worth $125,000 after acquiring an additional 368 shares during the last quarter. First Manhattan Co. acquired a new position in shares of Rexford Industrial Realty in the first quarter worth approximately $151,000. Finally, International Assets Investment Management LLC boosted its holdings in Rexford Industrial Realty by 5,510.9% in the fourth quarter. International Assets Investment Management LLC now owns 3,086 shares of the real estate investment trust’s stock valued at $173,000 after acquiring an additional 3,031 shares during the last quarter. 99.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Robert W. Baird restated a “neutral” rating and set a $61.00 target price (up previously from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. TheStreet raised Rexford Industrial Realty from a “c+” rating to a “b-” rating in a report on Thursday, February 1st. Barclays began coverage on Rexford Industrial Realty in a research report on Wednesday, March 27th. They set an “underweight” rating and a $45.00 target price for the company. JPMorgan Chase & Co. cut Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research report on Wednesday, February 7th. Finally, Mizuho reaffirmed a “neutral” rating and set a $52.00 price objective on shares of Rexford Industrial Realty in a research report on Tuesday, April 2nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $55.60.

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.