Bank of America Lowers Rexford Industrial Realty (NYSE:REXR) to Neutral

Bank of America lowered shares of Rexford Industrial Realty (NYSE:REXR) from a buy rating to a neutral rating in a report released on Monday, MarketBeat reports. Bank of America currently has $49.00 price target on the real estate investment trust’s stock, down from their prior price target of $66.00.

A number of other analysts also recently commented on the stock. Industrial Alliance Securities set a $55.00 price objective on shares of Rexford Industrial Realty in a report on Friday, October 18th. Scotiabank boosted their price objective on shares of Rexford Industrial Realty from $51.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Monday, August 26th. Evercore ISI reissued an “outperform” rating on shares of Rexford Industrial Realty in a report on Friday, October 18th. Wells Fargo & Company decreased 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 report on Wednesday, August 28th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Rexford Industrial Realty from $47.00 to $52.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, Rexford Industrial Realty presently has a consensus rating of “Hold” and an average price target of $52.09.

Rexford Industrial Realty Trading Down 1.1 %

Shares of Rexford Industrial Realty stock opened at $44.58 on Monday. Rexford Industrial Realty has a 52-week low of $41.56 and a 52-week high of $58.02. The company has a quick ratio of 1.73, a current ratio of 1.20 and a debt-to-equity ratio of 0.40. The company’s 50-day simple moving average is $49.50 and its 200-day simple moving average is $47.24. The firm has a market cap of $9.71 billion, a price-to-earnings ratio of 40.90, a price-to-earnings-growth ratio of 2.13 and a beta of 0.93.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly 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). Rexford Industrial Realty had a return on equity of 3.35% and a net margin of 30.40%. The firm had revenue of $241.84 million for the quarter, compared to analyst estimates of $235.81 million. During the same quarter last year, the firm earned $0.56 earnings per share. The company’s revenue was up 17.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Rexford Industrial Realty will post 2.34 earnings per share for the current year.

Rexford Industrial Realty Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.4175 dividend. This represents a $1.67 annualized dividend and a dividend yield of 3.75%. The ex-dividend date of this dividend is Tuesday, December 31st. Rexford Industrial Realty’s dividend payout ratio (DPR) is presently 153.21%.

Insider Buying and Selling at Rexford Industrial Realty

In other Rexford Industrial Realty news, CFO Laura E. Clark sold 14,185 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total value of $711,377.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.20% of the company’s stock.

Hedge Funds Weigh In On Rexford Industrial Realty

Several institutional investors and hedge funds have recently modified their holdings of REXR. PNC Financial Services Group Inc. lifted its stake in shares of Rexford Industrial Realty by 63.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 12,797 shares of the real estate investment trust’s stock valued at $718,000 after buying an additional 4,954 shares during the period. Los Angeles Capital Management LLC lifted its stake in shares of Rexford Industrial Realty by 2.3% during the first quarter. Los Angeles Capital Management LLC now owns 9,165 shares of the real estate investment trust’s stock valued at $461,000 after buying an additional 210 shares during the period. Hazelview Securities Inc. lifted its stake in shares of Rexford Industrial Realty by 55.7% during the first quarter. Hazelview Securities Inc. now owns 384,915 shares of the real estate investment trust’s stock valued at $18,799,000 after buying an additional 137,700 shares during the period. Vert Asset Management LLC increased its position in Rexford Industrial Realty by 10.7% during the first quarter. Vert Asset Management LLC now owns 87,783 shares of the real estate investment trust’s stock worth $4,415,000 after purchasing an additional 8,519 shares during the last quarter. Finally, State of Michigan Retirement System increased its position in Rexford Industrial Realty by 2.2% during 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 purchasing an additional 1,100 shares during the last quarter. Hedge funds and other institutional investors own 99.52% of the company’s stock.

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.