Rexford Industrial Realty (NYSE:REXR) Shares Gap Down to $50.57

Shares of Rexford Industrial Realty, Inc. (NYSE:REXR) gapped down prior to trading on Tuesday . The stock had previously closed at $50.57, but opened at $49.00. Rexford Industrial Realty shares last traded at $48.67, with a volume of 514,929 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on REXR. JPMorgan Chase & Co. lowered shares of Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a report on Wednesday, February 7th. Barclays began coverage on shares of Rexford Industrial Realty in a report on Wednesday. They set an “underweight” rating and a $45.00 price objective on the stock. Robert W. Baird reiterated a “neutral” rating and set a $61.00 price objective (up previously from $53.00) on shares of Rexford Industrial Realty in a report on Friday, January 5th. Truist Financial lowered their target price on shares of Rexford Industrial Realty from $61.00 to $57.00 and set a “buy” rating on the stock in a report on Thursday, February 15th. Finally, TheStreet upgraded shares of Rexford Industrial Realty from a “c+” rating to a “b-” rating in a report on Thursday, February 1st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Rexford Industrial Realty has a consensus rating of “Hold” and an average target price of $56.00.

Rexford Industrial Realty Stock Performance

The company’s fifty day moving average is $52.42 and its 200 day moving average is $51.04. The company has a market capitalization of $10.73 billion, a P/E ratio of 44.54, a P/E/G ratio of 2.26 and a beta of 0.87. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.28.

Rexford Industrial Realty Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Thursday, March 28th will be paid a $0.4175 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This is a boost from Rexford Industrial Realty’s previous quarterly dividend of $0.38. This represents a $1.67 annualized dividend and a yield of 3.35%. Rexford Industrial Realty’s dividend payout ratio is currently 135.71%.

Insiders Place Their Bets

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $52.69, for a total value of $954,373.97. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of Rexford Industrial Realty

Institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Rexford Industrial Realty during the 4th quarter valued at $283,319,000. Price T Rowe Associates Inc. MD raised its position in shares of Rexford Industrial Realty by 64.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,432,222 shares of the real estate investment trust’s stock valued at $570,016,000 after buying an additional 4,107,405 shares in the last quarter. Capital International Investors purchased a new stake in shares of Rexford Industrial Realty during the 4th quarter valued at $139,522,000. Centersquare Investment Management LLC raised its position in shares of Rexford Industrial Realty by 105.1% during the 2nd quarter. Centersquare Investment Management LLC now owns 3,724,708 shares of the real estate investment trust’s stock valued at $194,504,000 after buying an additional 1,908,770 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Rexford Industrial Realty by 7.5% during the 1st quarter. Vanguard Group Inc. now owns 22,698,814 shares of the real estate investment trust’s stock valued at $1,693,104,000 after buying an additional 1,587,612 shares in the last quarter. 99.52% of the stock is currently owned by hedge funds and other institutional investors.

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.