Sun Life Financial Inc. Decreases Stock Position in Rexford Industrial Realty, Inc. (NYSE:REXR)

Sun Life Financial Inc. trimmed its holdings in Rexford Industrial Realty, Inc. (NYSE:REXR) by 40.1% during the third quarter, Holdings Channel.com reports. The fund owned 149,578 shares of the real estate investment trust’s stock after selling 100,276 shares during the period. Rexford Industrial Realty accounts for 0.4% of Sun Life Financial Inc.’s investment portfolio, making the stock its 26th largest holding. Sun Life Financial Inc.’s holdings in Rexford Industrial Realty were worth $7,525,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. State of Michigan Retirement System raised its holdings in shares of Rexford Industrial Realty by 2.2% in the first quarter. State of Michigan Retirement System now owns 51,782 shares of the real estate investment trust’s stock worth $2,605,000 after acquiring an additional 1,100 shares during the last quarter. Naviter Wealth LLC raised its stake in Rexford Industrial Realty by 53.9% in the 1st quarter. Naviter Wealth LLC now owns 13,932 shares of the real estate investment trust’s stock valued at $707,000 after purchasing an additional 4,879 shares during the last quarter. Azzad Asset Management Inc. ADV lifted its holdings in Rexford Industrial Realty by 5.3% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 13,727 shares of the real estate investment trust’s stock valued at $690,000 after purchasing an additional 685 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Rexford Industrial Realty by 0.3% during the 1st quarter. State of Alaska Department of Revenue now owns 123,265 shares of the real estate investment trust’s stock worth $6,199,000 after purchasing an additional 420 shares during the last quarter. Finally, Legacy Wealth Asset Management LLC acquired a new stake in shares of Rexford Industrial Realty during the 1st quarter worth about $284,000. 99.52% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on REXR. Wells Fargo & Company reduced their price objective on shares of Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 28th. Truist Financial boosted their price target on Rexford Industrial Realty from $50.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Scotiabank cut Rexford Industrial Realty from a “sector outperform” rating to a “sector perform” rating and decreased their price objective for the stock from $55.00 to $48.00 in a report on Friday. Evercore ISI reiterated an “outperform” rating on shares of Rexford Industrial Realty in a research note on Friday, October 18th. Finally, Industrial Alliance Securities set a $55.00 price target on Rexford Industrial Realty in a research note on Friday, October 18th. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $51.45.

Rexford Industrial Realty Stock Performance

Rexford Industrial Realty stock opened at $43.81 on Monday. The company has a market cap of $9.74 billion, a price-to-earnings ratio of 35.62, a price-to-earnings-growth ratio of 2.07 and a beta of 0.93. Rexford Industrial Realty, Inc. has a 12 month low of $41.68 and a 12 month high of $58.02. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.20 and a quick ratio of 1.20. The stock’s 50-day moving average is $49.36 and its 200-day moving average is $47.18.

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

Rexford Industrial Realty Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $0.4175 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.67 annualized dividend and a dividend yield of 3.81%. Rexford Industrial Realty’s payout ratio is 135.77%.

Insider Buying and Selling

In other news, CFO Laura E. Clark sold 14,185 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $50.15, for a total value of $711,377.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is owned by corporate insiders.

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.