Rexford Industrial Realty (NYSE:REXR) Lowered to Hold at Zacks Investment Research

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Zacks Investment Research cut shares of Rexford Industrial Realty (NYSE:REXR) from a buy rating to a hold rating in a research note released on Thursday, Zacks.com reports.

According to Zacks, “Rexford Industrial Realty, Inc. is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. Rexford Industrial Realty, Inc. is based in Los Angeles, California. “

Separately, Wells Fargo & Co reissued a buy rating on shares of Signature Bank in a research report on Thursday, March 14th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $41.00.

NYSE REXR opened at $41.93 on Thursday. The stock has a market cap of $4.36 billion, a price-to-earnings ratio of 37.44, a P/E/G ratio of 4.57 and a beta of 0.84. The company has a fifty day moving average of $39.82. Rexford Industrial Realty has a 12 month low of $28.17 and a 12 month high of $42.34. The company has a debt-to-equity ratio of 0.38, a current ratio of 8.34 and a quick ratio of 8.34.

Rexford Industrial Realty (NYSE:REXR) last released its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.20). The company had revenue of $60.36 million during the quarter, compared to analysts’ expectations of $60.05 million. Rexford Industrial Realty had a net margin of 18.77% and a return on equity of 2.43%. The company’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.27 earnings per share. As a group, research analysts anticipate that Rexford Industrial Realty will post 1.2 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Thursday, June 27th. Rexford Industrial Realty’s payout ratio is currently 66.07%.

In other news, General Counsel David E. Lanzer sold 5,085 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $38.19, for a total transaction of $194,196.15. Following the completion of the sale, the general counsel now directly owns 5,718 shares of the company’s stock, valued at approximately $218,370.42. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Adeel Khan sold 40,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of $38.00, for a total value of $1,520,000.00. Following the sale, the chief financial officer now directly owns 40,000 shares of the company’s stock, valued at $1,520,000. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Several institutional investors have recently made changes to their positions in REXR. PGGM Investments increased its position in shares of Rexford Industrial Realty by 4,193.6% during the 1st quarter. PGGM Investments now owns 4,303,370 shares of the real estate investment trust’s stock valued at $154,104,000 after purchasing an additional 4,203,143 shares during the last quarter. Norges Bank purchased a new stake in shares of Rexford Industrial Realty during the 4th quarter valued at $29,836,000. BlackRock Inc. increased its position in shares of Rexford Industrial Realty by 4.8% during the 4th quarter. BlackRock Inc. now owns 10,579,277 shares of the real estate investment trust’s stock valued at $311,772,000 after purchasing an additional 487,419 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of Rexford Industrial Realty during the 4th quarter valued at $13,279,000. Finally, Deutsche Bank AG increased its position in shares of Rexford Industrial Realty by 7.4% during the 4th quarter. Deutsche Bank AG now owns 4,203,326 shares of the real estate investment trust’s stock valued at $123,868,000 after purchasing an additional 290,492 shares during the last quarter. 98.21% of the stock is owned by hedge funds and other institutional investors.

About Rexford Industrial Realty

Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns 179 properties with approximately 22.1 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet.

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