Rexford Industrial Realty (NYSE:REXR) Given New $47.00 Price Target at Scotiabank

Rexford Industrial Realty (NYSE:REXR) had its price objective trimmed by Scotiabank from $48.00 to $47.00 in a research report released on Friday morning,Benzinga reports. The firm currently has a sector perform rating on the real estate investment trust’s stock.

A number of other research firms have also recently commented on REXR. JPMorgan Chase & Co. cut their target price on shares of Rexford Industrial Realty from $45.00 to $44.00 and set a “neutral” rating for the company in a research note on Thursday, February 13th. Deutsche Bank Aktiengesellschaft began coverage on shares of Rexford Industrial Realty in a report on Tuesday, January 14th. They issued a “hold” rating and a $40.00 target price on the stock. Truist Financial decreased their target price on shares of Rexford Industrial Realty from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Barclays decreased their target price on shares of Rexford Industrial Realty from $44.00 to $41.00 and set an “underweight” rating on the stock in a report on Monday, January 13th. Finally, Mizuho decreased their target price on shares of Rexford Industrial Realty from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Two equities 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 stock. According to data from MarketBeat, Rexford Industrial Realty presently has a consensus rating of “Hold” and a consensus price target of $48.67.

Rexford Industrial Realty Stock Up 1.4 %

REXR stock opened at $41.38 on Friday. The stock has a market capitalization of $9.43 billion, a P/E ratio of 34.19, a P/E/G ratio of 2.62 and a beta of 0.95. The firm has a 50-day simple moving average of $39.70 and a 200-day simple moving average of $44.01. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.39. Rexford Industrial Realty has a 52 week low of $36.92 and a 52 week high of $53.88.

Rexford Industrial Realty (NYSE:REXR) last released its earnings results on Wednesday, February 5th. The real estate investment trust reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.31. Rexford Industrial Realty had a net margin of 29.10% and a return on equity of 3.26%. Equities analysts forecast that Rexford Industrial Realty will post 2.38 earnings per share for the current fiscal year.

Rexford Industrial Realty Increases Dividend

The firm also recently announced 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. The ex-dividend date is Monday, March 31st. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.42. This represents a $1.72 dividend on an annualized basis and a yield of 4.16%. Rexford Industrial Realty’s dividend payout ratio is 142.15%.

Institutional Investors Weigh In On Rexford Industrial Realty

A number of hedge funds have recently added to or reduced their stakes in REXR. Rush Island Management LP acquired a new stake in Rexford Industrial Realty during the 4th quarter worth approximately $132,701,000. Norges Bank acquired a new stake in Rexford Industrial Realty during the 4th quarter worth approximately $104,685,000. Long Pond Capital LP acquired a new stake in Rexford Industrial Realty during the 4th quarter worth approximately $58,595,000. Northern Trust Corp lifted its holdings in Rexford Industrial Realty by 94.3% during the 4th quarter. Northern Trust Corp now owns 3,104,624 shares of the real estate investment trust’s stock worth $120,025,000 after buying an additional 1,506,779 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Rexford Industrial Realty by 338.0% during 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 worth $97,134,000 after buying an additional 1,489,876 shares in the last quarter. 99.52% of the stock is currently owned by institutional investors and hedge funds.

About Rexford Industrial Realty

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.