Wedbush Initiates Coverage on Rexford Industrial Realty (NYSE:REXR)

Wedbush started coverage on shares of Rexford Industrial Realty (NYSE:REXR) in a report released on Monday, MarketBeat.com reports. The brokerage issued a neutral rating and a $45.00 price target on the real estate investment trust’s stock. Wedbush also issued estimates for Rexford Industrial Realty’s Q2 2024 earnings at $0.57 EPS, Q3 2024 earnings at $0.58 EPS, Q4 2024 earnings at $0.59 EPS, FY2024 earnings at $2.32 EPS, Q1 2025 earnings at $0.61 EPS, Q2 2025 earnings at $0.63 EPS, Q3 2025 earnings at $0.64 EPS, Q4 2025 earnings at $0.65 EPS and FY2025 earnings at $2.54 EPS.

REXR has been the topic of a number of other reports. Truist Financial reduced their price objective on shares of Rexford Industrial Realty from $57.00 to $53.00 and set a buy rating on the stock in a research report on Tuesday, April 16th. Mizuho reaffirmed a neutral rating and set a $52.00 target price on shares of Rexford Industrial Realty in a research report on Tuesday, April 2nd. TheStreet raised shares of Rexford Industrial Realty from a c+ rating to a b- rating in a research report on Thursday, February 1st. Robert W. Baird reaffirmed a neutral rating and set a $61.00 target price (up from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. Finally, Barclays started coverage on shares of Rexford Industrial Realty in a research report on Wednesday, March 27th. They set an underweight rating and a $45.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $54.73.

Rexford Industrial Realty Stock Performance

Rexford Industrial Realty stock opened at $42.54 on Monday. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.21 and a quick ratio of 1.35. Rexford Industrial Realty has a 1-year low of $41.56 and a 1-year high of $58.02. The firm has a market capitalization of $9.27 billion, a P/E ratio of 39.03, a price-to-earnings-growth ratio of 1.90 and a beta of 0.86. The company’s 50-day moving average is $49.70 and its 200 day moving average is $50.51.

Rexford Industrial Realty (NYSE:REXR) last posted its quarterly earnings data 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 3.04% and a net margin of 28.84%. The firm had revenue of $214.10 million during the quarter, compared to analysts’ expectations of $207.39 million. During the same period last year, the company earned $0.52 earnings per share. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. Research analysts forecast that Rexford Industrial Realty will post 2.33 EPS for the current year.

Rexford Industrial Realty Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.417 per share. This represents a $1.67 annualized dividend and a yield of 3.92%. The ex-dividend date is Friday, June 28th. Rexford Industrial Realty’s payout ratio is 153.21%.

Insider Activity at Rexford Industrial Realty

In related news, General Counsel David E. Lanzer sold 18,113 shares of Rexford Industrial Realty stock in a transaction that occurred on Monday, February 12th. The shares were 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 can be accessed through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rexford Industrial Realty

Institutional investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its stake in Rexford Industrial Realty by 139.5% in the third quarter. Envestnet Asset Management Inc. now owns 232,848 shares of the real estate investment trust’s stock valued at $11,491,000 after acquiring an additional 135,627 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Rexford Industrial Realty by 12.8% in the fourth quarter. Pacer Advisors Inc. now owns 207,609 shares of the real estate investment trust’s stock valued at $11,647,000 after acquiring an additional 23,510 shares in the last quarter. Louisiana State Employees Retirement System acquired a new stake in Rexford Industrial Realty in the fourth quarter valued at approximately $3,327,000. Daiwa Securities Group Inc. boosted its stake in Rexford Industrial Realty by 1.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 79,851 shares of the real estate investment trust’s stock valued at $4,480,000 after acquiring an additional 1,171 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Rexford Industrial Realty by 6.8% in the third quarter. The Manufacturers Life Insurance Company now owns 314,170 shares of the real estate investment trust’s stock valued at $15,506,000 after acquiring an additional 19,981 shares in the last quarter. 99.52% of the stock is currently owned by institutional investors and hedge funds.

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.