Bank of America Lowers Rexford Industrial Realty (NYSE:REXR) to Neutral

Bank of America lowered shares of Rexford Industrial Realty (NYSE:REXR) from a buy rating to a neutral rating in a report issued on Monday, Marketbeat.com reports. The brokerage currently has $49.00 target price on the real estate investment trust’s stock, down from their previous target price of $66.00.

Several other equities research analysts have also issued reports on REXR. Mizuho dropped their price objective on shares of 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. Truist Financial increased their price objective on shares of Rexford Industrial Realty from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Scotiabank increased their price objective on shares of Rexford Industrial Realty from $51.00 to $55.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 26th. Evercore ISI reissued an “outperform” rating on shares of Rexford Industrial Realty in a research report on Friday, October 18th. Finally, Industrial Alliance Securities set a $55.00 price objective on shares of Rexford Industrial Realty in a research report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Rexford Industrial Realty currently has an average rating of “Hold” and a consensus price target of $52.09.

Rexford Industrial Realty Stock Performance

Shares of REXR stock opened at $44.58 on Monday. Rexford Industrial Realty has a one year low of $41.56 and a one year high of $58.02. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.73 and a current ratio of 1.20. The company has a 50 day moving average price of $49.50 and a 200 day moving average price of $47.24. The firm has a market capitalization of $9.71 billion, a price-to-earnings ratio of 40.90, a price-to-earnings-growth ratio of 2.13 and a beta of 0.93.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.28). Rexford Industrial Realty had a return on equity of 3.35% and a net margin of 30.40%. The company had revenue of $241.84 million for the quarter, compared to analyst estimates of $235.81 million. During the same period last year, the company posted $0.56 EPS. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. Sell-side analysts anticipate that Rexford Industrial Realty will post 2.34 EPS for the current year.

Rexford Industrial Realty Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 dividend yield of 3.75%. Rexford Industrial Realty’s dividend payout ratio (DPR) is presently 153.21%.

Insider Activity

In other news, CFO Laura E. Clark sold 14,185 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total value of $711,377.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Graham Capital Wealth Management LLC bought a new position in Rexford Industrial Realty during the 3rd quarter valued at $2,215,000. State of Alaska Department of Revenue boosted its stake in Rexford Industrial Realty by 1.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 130,309 shares of the real estate investment trust’s stock valued at $6,554,000 after acquiring an additional 2,421 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Rexford Industrial Realty by 34.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,455 shares of the real estate investment trust’s stock valued at $427,000 after acquiring an additional 2,182 shares during the last quarter. Legacy Wealth Asset Management LLC boosted its stake in Rexford Industrial Realty by 29.5% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 11,994 shares of the real estate investment trust’s stock valued at $603,000 after acquiring an additional 2,731 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its stake in Rexford Industrial Realty by 4,835.8% during the 3rd quarter. International Assets Investment Management LLC now owns 2,616 shares of the real estate investment trust’s stock valued at $132,000 after acquiring an additional 2,563 shares during the last quarter. 99.52% of the stock is currently owned by institutional investors.

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.