Rexford Industrial Realty Inc (REXR) Rating Increased to Buy at National Securities
Rexford Industrial Realty Inc (NASDAQ:REXR) was upgraded by analysts at National Securities from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $32.00 price objective on the stock, up from their prior price objective of $23.00. National Securities’ price target would suggest a potential upside of 7.85% from the stock’s previous close.
The analysts wrote, “REXR Rating Upgrade to BUY and 2Q17 Recap. Southern California remains one of the tightest industrial markets in the country, with occupancy rates approaching 100% in several core sub-markets and it’s already highest asking rents in the nation only expected to increase further. The Port of Los Angeles and Port of Long Beach are the two BUSIEST ports in the US, with recently annualized July TEU volume slated to be up 8.7% and 28%, Y/Y, respectively. Despite the unique high demand/low supply dynamic that exists in REXR’s backyard which is unlike any other in the country, its current portfolio occupancy does not reflect as such, even when adjusted for repositioning assets. Despite this, REXR has increased its FFO 7.15% in 2016 and 8.7% in the last quarter, meaning higher occupancy rates will further increase owned asset yields, FFO, and subsequently, dividends. In the trailing twelve month period, REXR has acquired some $587mln in assets, which will grow its portfolio 37.3% Y/Y. We are fundamentally positive on the industrial REIT sector as a whole and recognize the unique environment REXR operates in, and thus despite the premium that the shares trade relative to peers, those premiums are warranted. As such, we are upgrading our Neutral rating to BUY and adjusting our $23.00 price target to $32.00. “
A number of other brokerages also recently commented on REXR. Jefferies Group LLC restated a “buy” rating and issued a $34.00 target price (up from $32.00) on shares of Rexford Industrial Realty in a research note on Thursday, August 24th. Zacks Investment Research upgraded Rexford Industrial Realty from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research note on Tuesday, August 22nd. FBR & Co lifted their target price on Rexford Industrial Realty from $26.00 to $27.00 and gave the company a “mkt perform” rating in a research note on Tuesday, August 8th. Stifel Nicolaus reaffirmed a “buy” rating and set a $30.00 price target on shares of Rexford Industrial Realty in a report on Friday, July 14th. Finally, Wunderlich reaffirmed a “hold” rating and set a $24.00 price target (up previously from $22.00) on shares of Rexford Industrial Realty in a report on Tuesday, May 9th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $30.43.
Shares of Rexford Industrial Realty (NASDAQ:REXR) opened at 29.67 on Tuesday. Rexford Industrial Realty has a 12-month low of $20.05 and a 12-month high of $29.79. The company’s 50-day moving average price is $28.13 and its 200 day moving average price is $25.60. The firm has a market capitalization of $2.10 billion and a price-to-earnings ratio of 63.53.
Rexford Industrial Realty (NASDAQ:REXR) last issued its earnings results on Tuesday, August 1st. The company reported $0.23 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.23. Rexford Industrial Realty had a return on equity of 7.84% and a net margin of 53.98%. The company had revenue of $36.78 million during the quarter, compared to the consensus estimate of $36.75 million. During the same period in the previous year, the firm posted $0.22 earnings per share. Rexford Industrial Realty’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities research analysts forecast that Rexford Industrial Realty will post $0.39 EPS for the current fiscal year.
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Several large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted 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 boosted 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. acquired a new stake in Rexford Industrial Realty during the first quarter worth $1,029,000. Daiwa Securities Group Inc. boosted 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 boosted 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.
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. Rexford Industrial Realty, L.P. is the operating partnership of the Company.
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