Zacks Investment Research Upgrades Rexford Industrial Realty (REXR) to “Hold”
Zacks Investment Research upgraded shares of Rexford Industrial Realty (NYSE:REXR) from a sell rating to a hold rating in a research report released on Friday morning.
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 the company. National Securities restated a buy rating and set a $34.00 price objective on shares of Rexford Industrial Realty in a report on Tuesday. B. Riley set a $30.00 price objective on Rexford Industrial Realty and gave the stock a hold rating in a report on Tuesday, February 20th. DA Davidson restated a buy rating on shares of Rexford Industrial Realty in a report on Wednesday, February 14th. Capital One Financial cut Rexford Industrial Realty from an overweight rating to an equal weight rating in a report on Wednesday, February 14th. Finally, JPMorgan Chase & Co. cut Rexford Industrial Realty from a neutral rating to an underweight rating and set a $29.00 price objective on the stock. in a report on Friday, December 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $30.70.
Rexford Industrial Realty (NYSE:REXR) last posted its quarterly earnings data on Tuesday, February 13th. The real estate investment trust reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.10). Rexford Industrial Realty had a return on equity of 4.07% and a net margin of 30.77%. The business had revenue of $45.88 million for the quarter, compared to analyst estimates of $45.29 million. sell-side analysts forecast that Rexford Industrial Realty will post 1.04 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Friday, March 30th will be given a $0.16 dividend. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Wednesday, March 28th. Rexford Industrial Realty’s dividend payout ratio (DPR) is 120.83%.
Several institutional investors and hedge funds have recently modified their holdings of REXR. Advisor Group Inc. raised its position in shares of Rexford Industrial Realty by 87.0% in the 3rd quarter. Advisor Group Inc. now owns 7,083 shares of the real estate investment trust’s stock worth $203,000 after buying an additional 3,296 shares during the period. Jefferies Group LLC purchased a new position in shares of Rexford Industrial Realty in the 4th quarter worth $222,000. Eaton Vance Management purchased a new position in shares of Rexford Industrial Realty in the 4th quarter worth $229,000. BB&T Securities LLC purchased a new position in shares of Rexford Industrial Realty in the 3rd quarter worth $231,000. Finally, Newport Wealth Strategies Inc. purchased a new position in shares of Rexford Industrial Realty in the 4th quarter worth $299,000.
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.
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