Zacks Investment Research Downgrades Rexford Industrial Realty Inc (REXR) to Hold
Rexford Industrial Realty Inc (NASDAQ:REXR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.
According to Zacks, “Rexford Industrial Realty, Inc. is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. Rexford Industrial Realty, Inc. is based in Los Angeles, California. “
Several other equities research analysts have also recently issued reports on REXR. National Securities reiterated a “neutral” rating and issued a $22.00 price target on shares of Rexford Industrial Realty in a research note on Friday, November 18th. DA Davidson reiterated a “buy” rating and issued a $27.00 price target on shares of Rexford Industrial Realty in a research note on Wednesday, November 9th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $24.25.
Rexford Industrial Realty (NASDAQ:REXR) opened at 23.49 on Friday. The company has a market capitalization of $1.54 billion and a price-to-earnings ratio of 83.59. The firm has a 50-day moving average price of $22.99 and a 200-day moving average price of $22.13. Rexford Industrial Realty has a 12 month low of $15.14 and a 12 month high of $24.39.
Rexford Industrial Realty (NASDAQ:REXR) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The firm had revenue of $32.94 million for the quarter, compared to the consensus estimate of $27.68 million. During the same quarter in the prior year, the firm earned $0.20 EPS. The company’s revenue was up 41.2% on a year-over-year basis. On average, equities analysts anticipate that Rexford Industrial Realty will post $0.26 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th will be given a dividend of $0.135 per share. The ex-dividend date of this dividend is Wednesday, December 28th. This represents a $0.54 annualized dividend and a yield of 2.30%.
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In other news, CFO Adeel Khan acquired 5,360 shares of the stock in a transaction on Wednesday, November 9th. The stock was acquired at an average cost of $24.65 per share, for a total transaction of $132,124.00. Following the completion of the transaction, the chief financial officer now directly owns 100 shares in the company, valued at $2,465. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link.
A number of hedge funds and other institutional investors have recently made changes to their positions in REXR. BNP Paribas Arbitrage SA increased its position in shares of Rexford Industrial Realty by 75.6% in the third quarter. BNP Paribas Arbitrage SA now owns 5,060 shares of the company’s stock valued at $116,000 after buying an additional 2,178 shares in the last quarter. Panagora Asset Management Inc. purchased a new position in shares of Rexford Industrial Realty during the second quarter valued at approximately $131,000. SG Americas Securities LLC purchased a new position in shares of Rexford Industrial Realty during the third quarter valued at approximately $188,000. Neuberger Berman Group LLC purchased a new position in shares of Rexford Industrial Realty during the third quarter valued at approximately $204,000. Finally, Teacher Retirement System of Texas increased its position in shares of Rexford Industrial Realty by 33.2% in the second quarter. Teacher Retirement System of Texas now owns 9,102 shares of the company’s stock valued at $192,000 after buying an additional 2,271 shares in the last quarter.
Rexford Industrial Realty Company Profile
Rexford Industrial Realty, Inc is a self-administered and self-managed full-service real estate investment trust (REIT). The Company is focused on owning, operating and acquiring industrial properties in Southern California infill markets. The Company’s consolidated portfolio consisted of approximately 119 properties with over 12.0 million rentable square feet.
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