Rexford Industrial Realty (NYSE:REXR) Stock Gets Price Target Reduction from Citigroup

Rexford Industrial Realty (NYSE:REXR) had its price objective lowered by Citigroup from $42.00 to $40.00 in a research report report published on Thursday morning,Benzinga reports. Citigroup currently has a neutral rating on the real estate investment trust’s stock.

Other equities research analysts have also issued research reports about the stock. Weiss Ratings raised shares of Rexford Industrial Realty from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, October 23rd. Wall Street Zen raised shares of Rexford Industrial Realty from a “strong sell” rating to a “sell” rating in a research note on Saturday, September 19th. Scotiabank raised their price objective on shares of Rexford Industrial Realty from $38.00 to $40.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 31st. Mizuho raised Rexford Industrial Realty from a “neutral” rating to an “outperform” rating and upped their price target for the company from $38.00 to $41.00 in a research note on Tuesday, October 13th. Finally, Evercore reaffirmed an “outperform” rating on shares of Rexford Industrial Realty in a research note on Monday, July 27th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $40.87.

Rexford Industrial Realty Stock Down 0.5%

Shares of REXR stock opened at $38.16 on Thursday. The stock’s fifty day moving average price is $37.41 and its 200 day moving average price is $36.46. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.08 and a quick ratio of 1.70. Rexford Industrial Realty has a 1-year low of $32.14 and a 1-year high of $42.41. The company has a market cap of $8.10 billion, a price-to-earnings ratio of -18.09 and a beta of 1.18.

Rexford Industrial Realty (NYSE:REXR) last posted its quarterly earnings results on Thursday, October 22nd. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.53). The company had revenue of $239.10 million during the quarter, compared to analysts’ expectations of $232.95 million. Rexford Industrial Realty had a negative return on equity of 5.72% and a negative net margin of 47.15%. The company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.60 EPS. On average, research analysts expect that Rexford Industrial Realty will post 2.42 earnings per share for the current fiscal year.

Rexford Industrial Realty Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be given a dividend of $0.4350 per share. The ex-dividend date is Thursday, December 31st. This represents a $1.74 dividend on an annualized basis and a dividend yield of 4.6%. Rexford Industrial Realty’s dividend payout ratio (DPR) is -82.46%.

Institutional Investors Weigh In On Rexford Industrial Realty

Several hedge funds have recently modified their holdings of REXR. BlackRock Inc. bought a new position in shares of Rexford Industrial Realty in the second quarter worth about $1,293,168,000. Dimensional Fund Advisors LP grew its holdings in Rexford Industrial Realty by 2.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,581,987 shares of the real estate investment trust’s stock worth $117,239,000 after acquiring an additional 85,135 shares during the period. Legal & General Group Plc acquired a new position in shares of Rexford Industrial Realty in the 2nd quarter valued at $86,861,000. Bank of America Corp DE acquired a new position in shares of Rexford Industrial Realty in the 2nd quarter valued at $79,547,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Rexford Industrial Realty by 41,558.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,654,665 shares of the real estate investment trust’s stock worth $55,431,000 after purchasing an additional 1,650,693 shares during the last quarter. 99.52% of the stock is owned by institutional investors and hedge funds.

About Rexford Industrial Realty

Rexford Industrial Realty, Inc (NYSE: REXR) is a publicly traded real estate investment trust focused on owning, operating and acquiring industrial properties. Its portfolio primarily consists of infill logistics, warehouse, distribution and manufacturing facilities that support supply-chain and business operations.

The company concentrates exclusively on Southern California, including the Los Angeles, Orange County, San Diego and Inland Empire industrial markets. Rexford seeks to benefit from the region’s established transportation infrastructure, large consumer base and constrained supply of well-located industrial real estate.

Rexford Industrial Realty became a publicly traded company in 2013.