Evercore ISI Boosts Rexford Industrial Realty (NYSE:REXR) Price Target to $58.00

Rexford Industrial Realty (NYSE:REXR) had its target price boosted by Evercore ISI from $57.00 to $58.00 in a research note released on Monday morning, Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust’s stock.

A number of other research analysts also recently weighed in on REXR. Scotiabank raised their price target on Rexford Industrial Realty from $51.00 to $55.00 and gave the company a sector outperform rating in a research note on Monday, August 26th. Mizuho decreased their target price on shares of Rexford Industrial Realty from $50.00 to $49.00 and set a neutral rating for the company in a research note on Thursday, September 5th. Truist Financial upped their price target on shares of Rexford Industrial Realty from $50.00 to $54.00 and gave the stock a buy rating in a research report on Tuesday, July 30th. StockNews.com raised shares of Rexford Industrial Realty from a sell rating to a hold rating in a research report on Monday, July 22nd. Finally, JPMorgan Chase & Co. upped their target price on shares of Rexford Industrial Realty from $47.00 to $52.00 and gave the company a neutral rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $54.09.

Rexford Industrial Realty Stock Performance

Shares of REXR stock opened at $51.02 on Monday. Rexford Industrial Realty has a 12 month low of $41.56 and a 12 month high of $58.02. The company’s fifty day simple moving average is $50.04 and its 200-day simple moving average is $47.68. The firm has a market cap of $11.11 billion, a PE ratio of 46.81, a P/E/G ratio of 2.03 and a beta of 0.93. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.41.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.37 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.21). The business had revenue of $237.60 million for the quarter, compared to the consensus estimate of $227.70 million. Rexford Industrial Realty had a return on equity of 3.31% and a net margin of 30.71%. The company’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same period last year, the firm earned $0.54 earnings per share. Equities research analysts expect that Rexford Industrial Realty will post 2.35 EPS for the current fiscal year.

Rexford Industrial Realty Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Monday, September 30th. This is a boost from Rexford Industrial Realty’s previous quarterly dividend of $0.42. Rexford Industrial Realty’s payout ratio is currently 153.21%.

Insider Activity

In related news, CFO Laura E. Clark sold 14,185 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $50.15, for a total value of $711,377.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Rexford Industrial Realty news, CFO Laura E. Clark sold 14,185 shares of Rexford Industrial Realty stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total value of $711,377.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Howard Schwimmer sold 30,358 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $48.86, for a total transaction of $1,483,291.88. Following the completion of the sale, the chief executive officer now directly owns 50,673 shares of the company’s stock, valued at approximately $2,475,882.78. The disclosure for this sale can be found here. 1.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rexford Industrial Realty

Hedge funds have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC grew its stake in Rexford Industrial Realty by 2.3% during the first quarter. Los Angeles Capital Management LLC now owns 9,165 shares of the real estate investment trust’s stock worth $461,000 after buying an additional 210 shares in the last quarter. Securian Asset Management Inc. boosted its position in shares of Rexford Industrial Realty by 1.9% during the 4th quarter. Securian Asset Management Inc. now owns 17,815 shares of the real estate investment trust’s stock worth $999,000 after acquiring an additional 330 shares in the last quarter. Inspire Investing LLC increased its stake in Rexford Industrial Realty by 4.9% in the first quarter. Inspire Investing LLC now owns 7,126 shares of the real estate investment trust’s stock valued at $358,000 after acquiring an additional 331 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its position in Rexford Industrial Realty by 2.4% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 14,641 shares of the real estate investment trust’s stock valued at $653,000 after purchasing an additional 337 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Rexford Industrial Realty by 0.8% during the second quarter. Victory Capital Management Inc. now owns 46,066 shares of the real estate investment trust’s stock worth $2,054,000 after purchasing an additional 345 shares during the last quarter. Institutional investors own 99.52% of the company’s stock.

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.