Truist Financial Has Lowered Expectations for Rexford Industrial Realty (NYSE:REXR) Stock Price

Rexford Industrial Realty (NYSE:REXR) had its price target reduced by Truist Financial from $54.00 to $50.00 in a research note published on Tuesday,Benzinga reports. They currently have a buy rating on the real estate investment trust’s stock.

Other analysts have also issued reports about the stock. Industrial Alliance Securities set a $55.00 target price on shares of Rexford Industrial Realty in a research note on Friday, October 18th. Bank of America downgraded Rexford Industrial Realty from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $66.00 to $49.00 in a report on Monday, October 21st. Wells Fargo & Company dropped their price objective on Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating on the stock in a report on Wednesday, August 28th. JPMorgan Chase & Co. boosted their target price on Rexford Industrial Realty from $47.00 to $52.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Finally, Evercore ISI reiterated an “outperform” rating on shares of Rexford Industrial Realty in a research note on Friday, October 18th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $51.09.

Rexford Industrial Realty Price Performance

NYSE:REXR opened at $42.01 on Tuesday. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.40. Rexford Industrial Realty has a 12 month low of $41.16 and a 12 month high of $58.02. The firm has a market cap of $9.34 billion, a P/E ratio of 34.15, a price-to-earnings-growth ratio of 2.00 and a beta of 0.94. The stock has a 50 day moving average of $46.92 and a two-hundred day moving average of $47.02.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.28). The business had revenue of $241.84 million during the quarter, compared to analysts’ expectations of $235.81 million. Rexford Industrial Realty had a return on equity of 3.35% and a net margin of 30.40%. The company’s revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.56 earnings per share. On average, analysts expect that Rexford Industrial Realty will post 2.34 earnings per share for the current fiscal year.

Rexford Industrial Realty Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend is Tuesday, December 31st. Rexford Industrial Realty’s payout ratio is presently 135.77%.

Insider Transactions at Rexford Industrial Realty

In other news, CFO Laura E. Clark sold 14,185 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total transaction of $711,377.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of REXR. Vestcor Inc bought a new stake in Rexford Industrial Realty in the third quarter valued at about $3,953,000. M&T Bank Corp lifted its position in shares of Rexford Industrial Realty by 1.5% during the third quarter. M&T Bank Corp now owns 29,225 shares of the real estate investment trust’s stock worth $1,470,000 after purchasing an additional 442 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Rexford Industrial Realty by 0.9% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 282,401 shares of the real estate investment trust’s stock valued at $14,208,000 after buying an additional 2,592 shares during the last quarter. Anson Funds Management LP boosted its holdings in Rexford Industrial Realty by 11.0% in the third quarter. Anson Funds Management LP now owns 55,206 shares of the real estate investment trust’s stock valued at $2,777,000 after acquiring an additional 5,473 shares during the last quarter. Finally, Orion Portfolio Solutions LLC acquired a new stake in shares of Rexford Industrial Realty during the 3rd quarter worth approximately $229,000. 99.52% of the stock is currently owned by institutional investors and hedge funds.

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.