Rexford Industrial Realty (NYSE:REXR) Coverage Initiated by Analysts at Evercore ISI

Evercore ISI assumed coverage on shares of Rexford Industrial Realty (NYSE:REXR) in a report released on Wednesday, MarketBeat.com reports. The brokerage issued an outperform rating and a $54.00 target price on the real estate investment trust’s stock.

Several other brokerages have also recently issued reports on REXR. Truist Financial reduced their price objective on Rexford Industrial Realty from $53.00 to $50.00 and set a buy rating for the company in a report on Thursday, May 2nd. Scotiabank dropped their price target on Rexford Industrial Realty from $55.00 to $51.00 and set a sector outperform rating for the company in a research report on Thursday, May 16th. Robert W. Baird dropped their price target on Rexford Industrial Realty from $57.00 to $49.00 and set a neutral rating for the company in a research report on Wednesday, May 1st. Barclays raised their price target on Rexford Industrial Realty from $45.00 to $46.00 and gave the stock an underweight rating in a research report on Tuesday, April 23rd. Finally, Wedbush began coverage on Rexford Industrial Realty in a research report 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 five have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $52.60.

Rexford Industrial Realty Stock Performance

Shares of REXR stock opened at $46.82 on Wednesday. The stock has a fifty day moving average price of $44.84 and a 200 day moving average price of $49.04. The stock has a market cap of $10.20 billion, a PE ratio of 42.95, a P/E/G ratio of 1.84 and a beta of 0.92. Rexford Industrial Realty has a 1 year low of $41.56 and a 1 year high of $58.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.21 and a current ratio of 3.21.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings data on Thursday, April 18th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.30). The firm had revenue of $214.10 million for the quarter, compared to analyst estimates of $207.39 million. Rexford Industrial Realty had a return on equity of 3.04% and a net margin of 28.84%. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 earnings per share. Sell-side analysts forecast that Rexford Industrial Realty will post 2.34 earnings per share for the current fiscal year.

Rexford Industrial Realty Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be given a $0.417 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date of this dividend is Friday, June 28th. Rexford Industrial Realty’s dividend payout ratio is currently 153.21%.

Institutional Investors Weigh In On Rexford Industrial Realty

A number of hedge funds and other institutional investors have recently made changes to their positions in REXR. Capital International Investors grew its position in Rexford Industrial Realty by 687.7% during the first quarter. Capital International Investors now owns 19,590,676 shares of the real estate investment trust’s stock valued at $985,411,000 after acquiring an additional 17,103,653 shares during the period. Price T Rowe Associates Inc. MD grew its position in Rexford Industrial Realty by 26.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 19,933,431 shares of the real estate investment trust’s stock valued at $1,002,654,000 after acquiring an additional 4,197,907 shares during the period. Norges Bank purchased a new stake in Rexford Industrial Realty during the fourth quarter valued at about $157,685,000. Canada Pension Plan Investment Board grew its position in Rexford Industrial Realty by 262.7% during the first quarter. Canada Pension Plan Investment Board now owns 2,237,288 shares of the real estate investment trust’s stock valued at $112,536,000 after acquiring an additional 1,620,378 shares during the period. Finally, Vanguard Group Inc. grew its position in Rexford Industrial Realty by 4.5% during the fourth quarter. Vanguard Group Inc. now owns 28,981,854 shares of the real estate investment trust’s stock valued at $1,625,882,000 after acquiring an additional 1,235,894 shares during the period. 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.