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

Rexford Industrial Realty (NYSE:REXR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors 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. “

A number of other brokerages also recently issued reports on REXR. Capital One Financial upgraded Rexford Industrial Realty from an “equal weight” rating to an “overweight” rating and set a $66.00 price target on the stock in a report on Monday, July 19th. Wells Fargo & Company boosted their price target on Rexford Industrial Realty from $58.00 to $65.00 and gave the company an “equal weight” rating in a report on Tuesday, August 10th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $63.00.

REXR opened at $60.16 on Thursday. The company has a market cap of $8.29 billion, a P/E ratio of 92.56, a P/E/G ratio of 3.76 and a beta of 0.60. The business’s 50-day moving average price is $61.11 and its 200-day moving average price is $56.96. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.34. Rexford Industrial Realty has a 12 month low of $43.61 and a 12 month high of $63.55.

Rexford Industrial Realty (NYSE:REXR) last released its quarterly earnings data on Tuesday, July 20th. The real estate investment trust reported $0.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.06. Rexford Industrial Realty had a return on equity of 3.06% and a net margin of 26.46%. The firm had revenue of $104.24 million for the quarter, compared to the consensus estimate of $103.03 million. During the same quarter in the previous year, the business earned $0.32 earnings per share. The company’s quarterly revenue was up 30.7% on a year-over-year basis. Equities research analysts forecast that Rexford Industrial Realty will post 1.55 earnings per share for the current fiscal year.

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 14,000 shares of the company’s stock in a transaction that occurred on Thursday, August 5th. The stock was sold at an average price of $62.11, for a total transaction of $869,540.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.50% of the stock is currently owned by corporate insiders.

Hedge funds have recently bought and sold shares of the business. Sowell Financial Services LLC grew its holdings in shares of Rexford Industrial Realty by 729.9% during the 1st quarter. Sowell Financial Services LLC now owns 639 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 562 shares during the period. Advisory Services Network LLC bought a new stake in shares of Rexford Industrial Realty in the 2nd quarter worth approximately $56,000. Assetmark Inc. boosted its position in shares of Rexford Industrial Realty by 9.3% in the 2nd quarter. Assetmark Inc. now owns 2,378 shares of the real estate investment trust’s stock worth $135,000 after purchasing an additional 202 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Rexford Industrial Realty by 32.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 2,428 shares of the real estate investment trust’s stock worth $138,000 after purchasing an additional 588 shares in the last quarter. Finally, FORA Capital LLC bought a new stake in shares of Rexford Industrial Realty in the 2nd quarter worth approximately $154,000.

About Rexford Industrial Realty

Rexford Industrial Realty, Inc is a self-administered and self-managed real estate investment trust, which engages in owning, operating, and acquiring industrial properties. The company was founded on January 18, 2013 and is headquartered in Los Angeles, CA.

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