Zacks Investment Research downgraded shares of Rexford Industrial Realty Inc (NASDAQ:REXR) from a buy rating to a hold rating in a report published on Wednesday.

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 brokerages have also recently issued reports on REXR. Jefferies Group LLC restated a buy rating and set a $34.00 target price (up from $32.00) on shares of Rexford Industrial Realty in a research report on Thursday, August 24th. National Securities upgraded shares of Rexford Industrial Realty from a hold rating to a buy rating and upped their target price for the company from $23.00 to $32.00 in a research report on Tuesday. Stifel Nicolaus restated a buy rating and set a $30.00 target price (up from $27.50) on shares of Rexford Industrial Realty in a research report on Wednesday, June 14th. FBR & Co upped their target price on shares of Rexford Industrial Realty from $26.00 to $27.00 and gave the company a mkt perform rating in a research report on Tuesday, August 8th. Finally, DA Davidson restated a buy rating and set a $33.00 target price (up from $30.00) on shares of Rexford Industrial Realty in a research report on Thursday, July 13th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Rexford Industrial Realty currently has an average rating of Buy and a consensus price target of $30.43.

Rexford Industrial Realty (NASDAQ REXR) opened at 29.67 on Wednesday. Rexford Industrial Realty has a 12-month low of $20.05 and a 12-month high of $29.79. The firm has a market cap of $2.10 billion and a PE ratio of 63.53. The stock’s 50 day moving average price is $28.13 and its 200-day moving average price is $25.60.

Rexford Industrial Realty (NASDAQ:REXR) last announced its earnings results on Tuesday, August 1st. The company reported $0.23 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.23. The firm had revenue of $36.78 million for the quarter, compared to analysts’ expectations of $36.75 million. Rexford Industrial Realty had a net margin of 53.98% and a return on equity of 7.84%. The business’s revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.22 EPS. Equities research analysts anticipate that Rexford Industrial Realty will post $0.39 earnings per share for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be given a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a dividend yield of 1.95%. The ex-dividend date of this dividend is Thursday, September 28th.

Hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its stake in Rexford Industrial Realty by 5.3% in the first quarter. Bank of New York Mellon Corp now owns 454,521 shares of the company’s stock worth $10,236,000 after buying an additional 22,890 shares during the period. New Mexico Educational Retirement Board raised its stake in Rexford Industrial Realty by 38.7% in the first quarter. New Mexico Educational Retirement Board now owns 8,600 shares of the company’s stock worth $194,000 after buying an additional 2,400 shares during the period. Capital Fund Management S.A. purchased a new stake in Rexford Industrial Realty during the first quarter worth $1,029,000. Daiwa Securities Group Inc. raised its stake in Rexford Industrial Realty by 51.4% in the first quarter. Daiwa Securities Group Inc. now owns 5,300 shares of the company’s stock worth $119,000 after buying an additional 1,800 shares during the period. Finally, IndexIQ Advisors LLC raised its stake in Rexford Industrial Realty by 13.5% in the first quarter. IndexIQ Advisors LLC now owns 71,749 shares of the company’s stock worth $1,616,000 after buying an additional 8,536 shares during the period.

About Rexford Industrial Realty

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. Rexford Industrial Realty, L.P. is the operating partnership of the Company.

Analyst Recommendations for Rexford Industrial Realty (NASDAQ:REXR)

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