Truist Financial Cuts Rexford Industrial Realty (NYSE:REXR) Price Target to $50.00

Rexford Industrial Realty (NYSE:REXR) had its price target lowered by Truist Financial from $53.00 to $50.00 in a report released on Thursday, Benzinga reports. Truist Financial currently has a buy rating on the real estate investment trust’s stock.

Other equities research analysts have also recently issued research reports about the stock. Mizuho restated a neutral rating and set a $52.00 target price on shares of Rexford Industrial Realty in a research note on Tuesday, April 2nd. Barclays raised their price objective on shares of Rexford Industrial Realty from $45.00 to $46.00 and gave the company an underweight rating in a research report on Tuesday, April 23rd. Wedbush initiated coverage on shares of Rexford Industrial Realty in a report on Monday, April 22nd. They issued a neutral rating and a $45.00 target price for the company. JPMorgan Chase & Co. cut Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 price target on the stock. in a report on Wednesday, February 7th. Finally, Robert W. Baird dropped their price objective on Rexford Industrial Realty from $57.00 to $49.00 and set a neutral rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $53.36.

Rexford Industrial Realty Stock Performance

Shares of REXR stock opened at $44.40 on Thursday. The company has a quick ratio of 3.21, a current ratio of 3.21 and a debt-to-equity ratio of 0.41. The company has a 50 day moving average price of $48.38 and a 200-day moving average price of $50.23. Rexford Industrial Realty has a 52 week low of $41.56 and a 52 week high of $58.02. The firm has a market capitalization of $9.67 billion, a PE ratio of 40.73, a P/E/G ratio of 1.94 and a beta of 0.89.

Rexford Industrial Realty (NYSE:REXR) last posted its quarterly earnings data on Thursday, April 18th. The real estate investment trust reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30). The firm had revenue of $214.10 million for the quarter, compared to analysts’ expectations of $207.39 million. Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.04%. The firm’s revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.52 EPS. As a group, equities research analysts expect that Rexford Industrial Realty will post 2.34 earnings per share for the current year.

Rexford Industrial Realty Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.417 dividend. This represents a $1.67 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date of this dividend is Friday, June 28th. Rexford Industrial Realty’s dividend payout ratio is currently 153.21%.

Insiders Place Their Bets

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.69, for a total value of $954,373.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.10% of the stock is currently owned by insiders.

Institutional Trading of Rexford Industrial Realty

Several large investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Rexford Industrial Realty during the fourth quarter worth about $157,685,000. Capital International Investors acquired a new position in shares of Rexford Industrial Realty in the 4th quarter valued at $139,522,000. Vanguard Group Inc. increased its stake in Rexford Industrial Realty by 4.5% in the 4th quarter. Vanguard Group Inc. now owns 28,981,854 shares of the real estate investment trust’s stock worth $1,625,882,000 after purchasing an additional 1,235,894 shares in the last quarter. Boston Partners raised its holdings in Rexford Industrial Realty by 63.3% during the 4th quarter. Boston Partners now owns 2,772,565 shares of the real estate investment trust’s stock worth $155,536,000 after buying an additional 1,075,005 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its stake in Rexford Industrial Realty by 103.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,591,399 shares of the real estate investment trust’s stock valued at $78,536,000 after buying an additional 808,134 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.