Zacks Investment Research cut shares of Rexford Industrial Realty Inc (NASDAQ:REXR) from a buy rating to a hold rating in a research note released on Wednesday.
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 have also recently issued reports about the company. DA Davidson reaffirmed a buy rating and issued a $27.00 price objective on shares of Rexford Industrial Realty in a report on Wednesday, November 9th. Jefferies Group reaffirmed a buy rating on shares of Rexford Industrial Realty in a report on Thursday, August 18th. Finally, National Securities reaffirmed a hold rating and issued a $22.00 price objective (up from $20.00) on shares of Rexford Industrial Realty in a report on Thursday, August 4th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. Rexford Industrial Realty currently has an average rating of Buy and a consensus target price of $24.00.
Rexford Industrial Realty (NASDAQ:REXR) opened at 22.22 on Wednesday. The company has a 50-day moving average price of $21.43 and a 200 day moving average price of $21.45. The company has a market cap of $1.46 billion and a PE ratio of 79.07. Rexford Industrial Realty has a 12-month low of $15.14 and a 12-month high of $23.38.
Rexford Industrial Realty (NASDAQ:REXR) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported $0.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.01. The company earned $32.94 million during the quarter, compared to analyst estimates of $27.68 million. Rexford Industrial Realty’s revenue was up 41.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.20 earnings per share. On average, analysts forecast that Rexford Industrial Realty will post $0.87 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 17th. Stockholders of record on Friday, December 30th will be issued 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%.
Several institutional investors have recently bought and sold shares of the company. Covington Capital Management acquired a new position in Rexford Industrial Realty during the third quarter worth approximately $597,000. Credit Suisse AG boosted its position in 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 position in 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 raised 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 in the last quarter. Finally, Jane Street Group LLC purchased a new stake in shares of Rexford Industrial Realty during the third quarter worth $447,000.
About Rexford Industrial Realty
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.