JPMorgan Chase & Co. Cuts Rexford Industrial Realty (NYSE:REXR) Price Target to $44.00

Rexford Industrial Realty (NYSE:REXR) had its price target lowered by JPMorgan Chase & Co. from $45.00 to $44.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

REXR has been the subject of several other reports. Deutsche Bank Aktiengesellschaft began coverage on Rexford Industrial Realty in a research note on Tuesday, January 14th. They set a “hold” rating and a $40.00 price objective for the company. Bank of America cut shares of Rexford Industrial Realty from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $66.00 to $49.00 in a research report on Monday, October 21st. Industrial Alliance Securities set a $55.00 price target on shares of Rexford Industrial Realty in a research report on Friday, October 18th. Barclays dropped their price objective on shares of Rexford Industrial Realty from $44.00 to $41.00 and set an “underweight” rating for the company in a report on Monday, January 13th. Finally, StockNews.com cut shares of Rexford Industrial Realty from a “hold” rating to a “sell” rating in a research note on Monday, October 21st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $48.75.

Rexford Industrial Realty Stock Performance

NYSE REXR opened at $40.58 on Thursday. Rexford Industrial Realty has a twelve month low of $36.92 and a twelve month high of $53.88. The company has a quick ratio of 1.20, a current ratio of 1.30 and a debt-to-equity ratio of 0.39. The stock has a market cap of $9.02 billion, a P/E ratio of 33.54, a PEG ratio of 2.28 and a beta of 0.95. The company’s 50-day simple moving average is $39.60 and its 200 day simple moving average is $44.64.

Rexford Industrial Realty (NYSE:REXR) last released its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.31. Rexford Industrial Realty had a return on equity of 3.26% and a net margin of 29.10%. As a group, research analysts forecast that Rexford Industrial Realty will post 2.39 earnings per share for the current fiscal year.

Rexford Industrial Realty Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.43 per share. This is an increase from Rexford Industrial Realty’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, March 31st. This represents a $1.72 annualized dividend and a yield of 4.24%. Rexford Industrial Realty’s dividend payout ratio is currently 138.02%.

Institutional Investors Weigh In On Rexford Industrial Realty

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in Rexford Industrial Realty in the fourth quarter valued at about $104,685,000. Long Pond Capital LP acquired a new position in Rexford Industrial Realty during the 4th quarter valued at about $58,595,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Rexford Industrial Realty by 338.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,930,706 shares of the real estate investment trust’s stock valued at $97,134,000 after purchasing an additional 1,489,876 shares during the last quarter. Centersquare Investment Management LLC grew its position in shares of Rexford Industrial Realty by 32.3% during the 4th quarter. Centersquare Investment Management LLC now owns 4,492,166 shares of the real estate investment trust’s stock worth $173,667,000 after buying an additional 1,097,349 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Rexford Industrial Realty by 26.9% during the third quarter. JPMorgan Chase & Co. now owns 4,503,571 shares of the real estate investment trust’s stock worth $226,575,000 after buying an additional 954,202 shares during the last quarter. 99.52% of the stock is owned by institutional investors and hedge funds.

Rexford Industrial Realty Company Profile

Rexford Industrial Realty, Inc is a self-administered and self-managed real estate investment trust, which engages in owning and operating industrial properties in infill markets. The company was founded by Richard S. Ziman on January 18, 2013 and is headquartered in Los Angeles, CA.