State of Michigan Retirement System Buys 1,100 Shares of Rexford Industrial Realty, Inc. (NYSE:REXR)

State of Michigan Retirement System raised its stake in shares of Rexford Industrial Realty, Inc. (NYSE:REXR) by 2.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 51,782 shares of the real estate investment trust’s stock after purchasing an additional 1,100 shares during the period. State of Michigan Retirement System’s holdings in Rexford Industrial Realty were worth $2,605,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of REXR. Norges Bank acquired a new position in shares of Rexford Industrial Realty in the 4th quarter valued at about $157,685,000. Capital International Investors acquired a new position in shares of Rexford Industrial Realty in the 4th quarter valued at about $139,522,000. Vanguard Group Inc. lifted its stake in shares of Rexford Industrial Realty by 4.5% in the 4th quarter. Vanguard Group Inc. now owns 28,981,854 shares of the real estate investment trust’s stock valued at $1,625,882,000 after purchasing an additional 1,235,894 shares during the period. Boston Partners lifted its stake in shares of Rexford Industrial Realty by 63.3% in the 4th quarter. Boston Partners now owns 2,772,565 shares of the real estate investment trust’s stock valued at $155,536,000 after purchasing an additional 1,075,005 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new position in shares of Rexford Industrial Realty in the 4th quarter valued at about $35,903,000. 99.52% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on REXR shares. Wedbush initiated coverage on Rexford Industrial Realty in a research note on Monday, April 22nd. They issued a “neutral” rating and a $45.00 price objective on the stock. Truist Financial dropped their price target on Rexford Industrial Realty from $53.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. Robert W. Baird dropped their price target on Rexford Industrial Realty from $57.00 to $49.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Scotiabank dropped their price target on Rexford Industrial Realty from $55.00 to $51.00 and set a “sector outperform” rating on the stock in a research note on Thursday, May 16th. Finally, Mizuho dropped their price target on Rexford Industrial Realty from $52.00 to $50.00 and set a “neutral” rating on the stock in a research note on Friday, May 31st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $52.44.

Rexford Industrial Realty Stock Performance

REXR stock opened at $45.23 on Thursday. The firm has a market cap of $9.85 billion, a PE ratio of 41.50, a P/E/G ratio of 1.81 and a beta of 0.92. The company has a quick ratio of 3.21, a current ratio of 3.21 and a debt-to-equity ratio of 0.41. The business has a 50 day moving average of $44.56 and a 200-day moving average of $49.39. Rexford Industrial Realty, Inc. has a 12-month low of $41.56 and a 12-month high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last released its earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.30). The business had revenue of $214.10 million during the quarter, compared to the consensus estimate of $207.39 million. Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.04%. The business’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.52 earnings per share. As a group, sell-side analysts expect that Rexford Industrial Realty, Inc. will post 2.34 earnings per share for the current year.

Rexford Industrial Realty Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.417 dividend. This represents a $1.67 annualized dividend and a dividend yield of 3.69%. The ex-dividend date is Friday, June 28th. Rexford Industrial Realty’s dividend payout ratio is presently 153.21%.

About Rexford Industrial Realty

Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities.