Rexford Industrial Realty (NYSE:REXR) Cut to Sector Perform at Scotiabank

Rexford Industrial Realty (NYSE:REXR) was downgraded by Scotiabank from a “sector outperform” rating to a “sector perform” rating in a report released on Friday, MarketBeat reports. They currently have a $48.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $55.00. Scotiabank’s price objective suggests a potential upside of 10.73% from the company’s current price.

Other research analysts have also issued research reports about the stock. Mizuho reduced their target price on shares of Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Evercore ISI restated an “outperform” rating on shares of Rexford Industrial Realty in a report on Friday, October 18th. StockNews.com cut shares of Rexford Industrial Realty from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Truist Financial boosted their target price on shares of Rexford Industrial Realty from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. boosted their price target on Rexford Industrial Realty from $47.00 to $52.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $51.45.

Rexford Industrial Realty Trading Down 2.8 %

Shares of NYSE:REXR opened at $43.35 on Friday. The stock’s 50-day moving average is $49.36 and its 200-day moving average is $47.18. The company has a market cap of $9.44 billion, a P/E ratio of 39.77, a P/E/G ratio of 2.13 and a beta of 0.93. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.73 and a current ratio of 1.20. Rexford Industrial Realty has a 52-week low of $41.56 and a 52-week high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.28). Rexford Industrial Realty had a net margin of 30.40% and a return on equity of 3.35%. The business had revenue of $241.84 million during the quarter, compared to analyst estimates of $235.81 million. During the same quarter in the prior year, the company posted $0.56 EPS. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. Equities research analysts predict that Rexford Industrial Realty will post 2.34 earnings per share for the current year.

Insiders Place Their Bets

In other Rexford Industrial Realty news, CFO Laura E. Clark sold 14,185 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $50.15, for a total transaction of $711,377.75. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. M&G Plc purchased a new stake in shares of Rexford Industrial Realty during the 1st quarter valued at approximately $33,644,000. Magnetar Financial LLC purchased a new stake in Rexford Industrial Realty in the 1st quarter worth approximately $1,671,000. Vanguard Group Inc. lifted its stake in Rexford Industrial Realty by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 29,734,952 shares of the real estate investment trust’s stock worth $1,495,668,000 after purchasing an additional 753,098 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Rexford Industrial Realty by 23.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 62,445 shares of the real estate investment trust’s stock worth $3,089,000 after purchasing an additional 12,006 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Rexford Industrial Realty by 32.8% in the 1st quarter. Russell Investments Group Ltd. now owns 159,845 shares of the real estate investment trust’s stock worth $8,040,000 after buying an additional 39,524 shares during 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.