The New York State Common Retirement Fund increased its stake in Rexford Industrial Realty, Inc. (NYSE: REXR – Get a rating) by 2.8% in Q1, according to the company in its latest filing with the Securities and Exchange Commission (SEC). The institutional investor held 185,200 shares of the real estate investment trust after acquiring an additional 5,021 shares during the quarter. The New York State Common Retirement Fund held approximately 0.11% of Rexford Industrial Realty worth $13,814,000 when it last filed with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently changed their holdings to REXR. CWM LLC increased its position in Rexford Industrial Realty by 411.2% during the 1st quarter. CWM LLC now owns 455 shares of the real estate investment trust worth $34,000 after purchasing an additional 366 shares in the last quarter. Total Clarity Wealth Management Inc. acquired a new stake in Rexford Industrial Realty during Q4 valued at approximately $41,000. National Bank of Canada FI acquired a new stake in Rexford Industrial Realty during the 4th quarter valued at approximately $43,000. First Horizon Advisors Inc. increased its position in Rexford Industrial Realty by 28.7% during the fourth quarter. First Horizon Advisors Inc. now owns 727 shares of the real estate investment trust worth $59,000 after buying an additional 162 shares in the last quarter. Finally, FourThought Financial LLC increased its position in Rexford Industrial Realty by 11.8% in the 1st quarter. FourThought Financial LLC now owns 1,705 shares of the real estate investment trust worth $127,000 after buying 180 additional shares in the last quarter. 98.53% of the shares are currently held by institutional investors.
Insiders place their bets
In other news from Rexford Industrial Realty, CEO Howard Schwimmer sold 15,350 shares of the company in a transaction that took place on Monday, August 1. The shares were sold at an average price of $65.27, for a total transaction of $1,001,894.50. Following the sale, the CEO now owns 52,720 shares of the company, valued at approximately $3,441,034.40. The transaction was disclosed in an SEC filing, which is available via this hyperlink. In the past 90 days, insiders have sold 48,252 shares of the company worth $3,009,629. Insiders of the company hold 1.50% of the shares of the company.
Analyst upgrades and downgrades
REXR has been the subject of several recent analyst reports. Wells Fargo & Company cut its price target on Rexford Industrial Realty stock from $90.00 to $74.00 and set an “overweight” rating on the stock in a Monday, June 6 research report. Jefferies Financial Group lowered its price target on shares of Rexford Industrial Realty from $89.00 to $73.00 in a Thursday, June 30 report. StockNews.com downgraded shares of Rexford Industrial Realty from a “hold” rating to a “sell” rating in a Thursday, July 21, report. Robert W. Baird raised his price target on shares of Rexford Industrial Realty from $87.00 to $89.00 in a Friday, July 22 report. Finally, Wolfe Research launched a hedge on shares of Rexford Industrial Realty in a report on Tuesday, June 21. They set a “market performance” rating and a price target of $63.00 on the stock. One analyst rated the stock with a sell rating, one issued a hold rating and three issued a buy rating for the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $76.60.
Rexford Industrial Property Price Performance
Shares of NYSE: REXR opened at $64.77 on Friday. The company’s 50-day moving average price is $61.12 and its 200-day moving average price is $68.27. Rexford Industrial Realty, Inc. has a 12-month low of $55.84 and a 12-month high of $84.68. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt ratio of 0.29. The stock has a market capitalization of $11.08 billion, a PE ratio of 68.18, a growth price-earnings ratio of 2.96 and a beta of 0.76.
Rexford Industrial Building (NYSE: REXR – Get a rating) last released its quarterly earnings data on Wednesday, July 20. The real estate investment trust reported earnings per share of $0.22 for the quarter, missing the consensus estimate of $0.24 per ($0.02). Rexford Industrial Realty had a return on equity of 3.17% and a net margin of 29.79%. The company posted revenue of $149.12 million in the quarter, versus a consensus estimate of $149.21 million. In the same quarter last year, the company achieved EPS of $0.39. Rexford Industrial Realty’s revenue for the quarter increased 42.9% year over year. Equity research analysts expect Rexford Industrial Realty, Inc. to post EPS of 1.93 for the current year.
Rexford Industrial Realty Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Saturday, October 15. Shareholders of record on Friday, September 30 will receive a dividend of $0.315. This represents an annualized dividend of $1.26 and a dividend yield of 1.95%. The ex-date of this dividend is Thursday, September 29. Rexford Industrial Realty’s dividend payout ratio (DPR) is currently 132.63%.
About Rexford Industrial Real Estate
Rexford Industrial, a real estate investment trust focused on owning and operating industrial properties in the Southern California infill markets, owns 232 properties totaling approximately 27.9 million leasable square feet and manages 20 additional properties of approximately 1.0 million leasable square feet.
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