Zacks Investment Research Lowers Rexford Industrial Realty (NYSE:REXR) to Hold

Zacks Investment Research lowered shares of Rexford Industrial Realty (NYSE:REXR) from a buy rating to a hold rating in a research note released on Thursday, Zacks.com reports.

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. “

Separately, Wells Fargo & Co reiterated a buy rating on shares of Signature Bank in a report on Thursday, March 14th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $41.00.

Shares of Rexford Industrial Realty stock opened at $41.93 on Thursday. The company has a current ratio of 8.34, a quick ratio of 8.34 and a debt-to-equity ratio of 0.38. Rexford Industrial Realty has a twelve month low of $28.17 and a twelve month high of $42.34. The company has a 50-day simple moving average of $39.82. The stock has a market cap of $4.36 billion, a price-to-earnings ratio of 37.44, a PEG ratio of 4.57 and a beta of 0.84.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings results on Tuesday, April 30th. The real estate investment trust reported $0.08 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by ($0.20). Rexford Industrial Realty had a net margin of 18.77% and a return on equity of 2.43%. The business had revenue of $60.36 million during the quarter, compared to analysts’ expectations of $60.05 million. During the same quarter in the prior year, the firm earned $0.27 EPS. Rexford Industrial Realty’s revenue for the quarter was up 24.4% on a year-over-year basis. Sell-side analysts anticipate that Rexford Industrial Realty will post 1.2 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 1.76%. The ex-dividend date of this dividend is Thursday, June 27th. Rexford Industrial Realty’s payout ratio is 66.07%.

In related news, General Counsel David E. Lanzer sold 5,085 shares of Rexford Industrial Realty stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $38.19, for a total value of $194,196.15. Following the sale, the general counsel now directly owns 5,718 shares in the company, valued at approximately $218,370.42. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Adeel Khan sold 40,000 shares of Rexford Industrial Realty stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $38.00, for a total value of $1,520,000.00. Following the completion of the sale, the chief financial officer now owns 40,000 shares in the company, valued at $1,520,000. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in Rexford Industrial Realty by 4.8% in the fourth quarter. BlackRock Inc. now owns 10,579,277 shares of the real estate investment trust’s stock valued at $311,772,000 after acquiring an additional 487,419 shares during the last quarter. Advisor Group Inc. boosted its holdings in Rexford Industrial Realty by 5.9% in the fourth quarter. Advisor Group Inc. now owns 7,168 shares of the real estate investment trust’s stock valued at $212,000 after acquiring an additional 400 shares during the last quarter. Great West Life Assurance Co. Can boosted its holdings in Rexford Industrial Realty by 25.4% in the fourth quarter. Great West Life Assurance Co. Can now owns 71,330 shares of the real estate investment trust’s stock valued at $1,954,000 after acquiring an additional 14,456 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in Rexford Industrial Realty by 5.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 59,400 shares of the real estate investment trust’s stock valued at $1,751,000 after acquiring an additional 2,850 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in Rexford Industrial Realty by 18.6% in the fourth quarter. Hsbc Holdings PLC now owns 12,014 shares of the real estate investment trust’s stock valued at $354,000 after acquiring an additional 1,882 shares during the last quarter. Institutional investors own 98.21% of the company’s stock.

Rexford Industrial Realty Company Profile

Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns 179 properties with approximately 22.1 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet.

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