PNC Financial Services Group Inc. Acquires 4,954 Shares of Rexford Industrial Realty, Inc. (NYSE:REXR)

PNC Financial Services Group Inc. lifted its stake in Rexford Industrial Realty, Inc. (NYSE:REXR) by 63.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,797 shares of the real estate investment trust’s stock after purchasing an additional 4,954 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Rexford Industrial Realty were worth $718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. GAMMA Investing LLC purchased a new position in shares of Rexford Industrial Realty in the 4th quarter worth about $41,000. Quarry LP increased its holdings in Rexford Industrial Realty by 195.8% in the 4th quarter. Quarry LP now owns 1,118 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 740 shares in the last quarter. Principal Securities Inc. bought a new stake in Rexford Industrial Realty in the 4th quarter worth about $96,000. International Assets Investment Management LLC increased its holdings in Rexford Industrial Realty by 5,510.9% in the 4th quarter. International Assets Investment Management LLC now owns 3,086 shares of the real estate investment trust’s stock worth $173,000 after buying an additional 3,031 shares in the last quarter. Finally, Cetera Trust Company N.A bought a new stake in Rexford Industrial Realty in the 4th quarter worth about $189,000. Hedge funds and other institutional investors own 99.52% of the company’s stock.

Rexford Industrial Realty Stock Down 1.1 %

REXR stock opened at $44.43 on Wednesday. Rexford Industrial Realty, Inc. has a twelve month low of $41.56 and a twelve month high of $58.02. 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 stock has a market cap of $9.68 billion, a P/E ratio of 40.76, a PEG ratio of 1.79 and a beta of 0.93. The business’s 50-day moving average price is $44.36 and its 200-day moving average price is $49.80.

Rexford Industrial Realty (NYSE:REXR) last posted its quarterly earnings results 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). Rexford Industrial Realty had a return on equity of 3.04% and a net margin of 28.84%. The business had revenue of $214.10 million during the quarter, compared to analysts’ expectations of $207.39 million. During the same period in the prior year, the firm posted $0.52 earnings per share. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities research analysts forecast that Rexford Industrial Realty, Inc. will post 2.34 EPS for the current year.

Rexford Industrial Realty Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.417 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.67 dividend on an annualized basis and a yield of 3.75%. Rexford Industrial Realty’s dividend payout ratio is presently 153.21%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Scotiabank reduced their price objective on Rexford Industrial Realty from $55.00 to $51.00 and set a “sector outperform” rating for the company in a report on Thursday, May 16th. Truist Financial cut their price target on Rexford Industrial Realty from $53.00 to $50.00 and set a “buy” rating for the company in a research note on Thursday, May 2nd. Mizuho cut their price target on Rexford Industrial Realty from $52.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. Barclays boosted their price target on Rexford Industrial Realty from $45.00 to $46.00 and gave the company an “underweight” rating in a research note on Tuesday, April 23rd. Finally, Wedbush started coverage on Rexford Industrial Realty in a research note on Monday, April 22nd. They set a “neutral” rating and a $45.00 price target for the company. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $52.44.

Rexford Industrial Realty Profile

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.