Rexford Industrial Realty Inc (NASDAQ:REXR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $25.00 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 12.66% from the stock’s current price.
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. “
Other equities analysts also recently issued research reports about the company. DA Davidson reiterated a “buy” rating and issued a $27.00 price objective on shares of Rexford Industrial Realty in a research report on Wednesday, November 9th. Jefferies Group restated a “buy” rating on shares of Rexford Industrial Realty in a research report on Thursday, August 18th. Finally, National Securities restated a “hold” rating and set a $22.00 target price (up previously from $20.00) on shares of Rexford Industrial Realty in a research report on Thursday, August 4th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $24.00.
Shares of Rexford Industrial Realty (NASDAQ:REXR) traded up 0.72% during midday trading on Friday, reaching $22.35. The company had a trading volume of 36,930 shares. Rexford Industrial Realty has a 52-week low of $15.14 and a 52-week high of $23.38. The firm has a market cap of $1.47 billion and a P/E ratio of 79.54. The company’s 50-day moving average is $21.41 and its 200-day moving average is $21.44.
Rexford Industrial Realty (NASDAQ:REXR) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.01. The business earned $32.94 million during the quarter, compared to the consensus estimate of $27.68 million. During the same quarter in the previous year, the firm posted $0.20 EPS. The company’s revenue for the quarter was up 41.2% compared to the same quarter last year. Equities research analysts expect that Rexford Industrial Realty will post $0.87 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th will be given a dividend of $0.135 per share. The ex-dividend date of this dividend is Wednesday, December 28th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.43%.
Large investors have recently added to or reduced their stakes in the company. Covington Capital Management purchased a new stake in Rexford Industrial Realty during the third quarter worth $597,000. Credit Suisse AG boosted its stake in shares of Rexford Industrial Realty by 3.6% in the third quarter. Credit Suisse AG now owns 262,210 shares of the company’s stock worth $6,002,000 after buying an additional 9,132 shares during the period. Phocas Financial Corp. boosted its stake in shares of Rexford Industrial Realty by 8.0% in the third quarter. Phocas Financial Corp. now owns 530,901 shares of the company’s stock worth $12,152,000 after buying an additional 39,197 shares during the period. Bamco Inc. NY boosted its stake in shares of Rexford Industrial Realty by 5,446.6% in the third quarter. Bamco Inc. NY now owns 277,330 shares of the company’s stock worth $6,348,000 after buying an additional 272,330 shares during the period. Finally, Jane Street Group LLC bought a new stake in shares of Rexford Industrial Realty during the third quarter worth approximately $447,000.
Rexford Industrial Realty Company Profile
Rexford Industrial Realty, Inc is a self-administered and self-managed full-service real estate investment trust (REIT). The Company is focused on owning, operating and acquiring industrial properties in Southern California infill markets. The Company’s consolidated portfolio consisted of approximately 119 properties with over 12.0 million rentable square feet.