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

Bank of America downgraded shares of Rexford Industrial Realty (NYSE:REXR) from a buy rating to a neutral rating in a research report sent to investors on Monday, Marketbeat.com reports. Bank of America currently has $49.00 target price on the real estate investment trust’s stock, down from their previous target price of $66.00.

Several other research firms have also weighed in on REXR. StockNews.com upgraded shares of Rexford Industrial Realty from a “sell” rating to a “hold” rating in a report on Monday, July 22nd. Mizuho reduced their target price on shares of Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Evercore ISI restated an “outperform” rating on shares of Rexford Industrial Realty in a report on Friday, October 18th. Wells Fargo & Company reduced their target price 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, Scotiabank lifted their target price on shares of Rexford Industrial Realty from $51.00 to $55.00 and gave the company a “sector outperform” rating in a report on Monday, August 26th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Rexford Industrial Realty presently has a consensus rating of “Hold” and a consensus price target of $52.09.

Rexford Industrial Realty Stock Up 1.0 %

Shares of REXR opened at $45.09 on Monday. The firm has a market cap of $9.90 billion, a PE ratio of 36.66, a price-to-earnings-growth ratio of 1.89 and a beta of 0.93. The company’s fifty day moving average is $49.61 and its two-hundred day moving average is $47.25. Rexford Industrial Realty has a fifty-two week low of $41.56 and a fifty-two 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.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.28). The company had revenue of $241.84 million during the quarter, compared to analyst estimates of $235.81 million. Rexford Industrial Realty had a net margin of 30.40% and a return on equity of 3.35%. The firm’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.56 EPS. Analysts forecast that Rexford Industrial Realty will post 2.35 earnings per share for the current year.

Rexford Industrial Realty Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $0.4175 dividend. This represents a $1.67 annualized dividend and a dividend yield of 3.70%. The ex-dividend date of this dividend is Tuesday, December 31st. Rexford Industrial Realty’s payout ratio is currently 135.77%.

Insider Transactions at Rexford Industrial Realty

In other news, CFO Laura E. Clark sold 14,185 shares of the business’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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Laura E. Clark sold 14,185 shares of the business’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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Howard Schwimmer sold 30,358 shares of Rexford Industrial Realty stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $48.86, for a total transaction of $1,483,291.88. Following the completion of the transaction, the chief executive officer now directly owns 50,673 shares of the company’s stock, valued at $2,475,882.78. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of REXR. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Rexford Industrial Realty by 169.4% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 555 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 349 shares during the period. V Square Quantitative Management LLC acquired a new position in Rexford Industrial Realty during the 2nd quarter valued at about $26,000. UMB Bank n.a. boosted its stake in Rexford Industrial Realty by 164.3% during the 3rd quarter. UMB Bank n.a. now owns 719 shares of the real estate investment trust’s stock valued at $36,000 after purchasing an additional 447 shares during the period. Headlands Technologies LLC acquired a new position in Rexford Industrial Realty during the 2nd quarter valued at about $41,000. Finally, EverSource Wealth Advisors LLC boosted its stake in Rexford Industrial Realty by 1,252.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 933 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 864 shares during the period. 99.52% of the stock is owned by institutional investors and hedge funds.

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.