Texas Permanent School Fund Corp Cuts Stake in Rexford Industrial Realty, Inc. (NYSE:REXR)

Texas Permanent School Fund Corp lowered its position in shares of Rexford Industrial Realty, Inc. (NYSE:REXR) by 10.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 165,100 shares of the real estate investment trust’s stock after selling 19,344 shares during the period. Texas Permanent School Fund Corp owned about 0.08% of Rexford Industrial Realty worth $7,362,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in REXR. Victory Capital Management Inc. grew its stake in Rexford Industrial Realty by 19.7% in the fourth quarter. Victory Capital Management Inc. now owns 45,851 shares of the real estate investment trust’s stock valued at $2,572,000 after purchasing an additional 7,533 shares during the last quarter. Principal Securities Inc. purchased a new position in Rexford Industrial Realty in the fourth quarter valued at about $96,000. BNP Paribas Financial Markets grew its stake in Rexford Industrial Realty by 467.7% in the fourth quarter. BNP Paribas Financial Markets now owns 148,491 shares of the real estate investment trust’s stock valued at $8,330,000 after purchasing an additional 122,336 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Rexford Industrial Realty by 2.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,077,816 shares of the real estate investment trust’s stock valued at $172,670,000 after purchasing an additional 73,701 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in Rexford Industrial Realty in the fourth quarter valued at about $238,000. Hedge funds and other institutional investors own 99.52% of the company’s stock.

Rexford Industrial Realty Trading Up 1.5 %

Rexford Industrial Realty stock opened at $50.59 on Wednesday. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.41. Rexford Industrial Realty, Inc. has a 52 week low of $41.56 and a 52 week high of $58.02. The company has a market capitalization of $11.11 billion, a price-to-earnings ratio of 46.41, a price-to-earnings-growth ratio of 2.02 and a beta of 0.93. The stock has a 50-day moving average price of $49.32 and a 200 day moving average price of $47.69.

Rexford Industrial Realty (NYSE:REXR) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.21). Rexford Industrial Realty had a return on equity of 3.31% and a net margin of 30.71%. The firm had revenue of $237.60 million for the quarter, compared to analyst estimates of $227.70 million. During the same period last year, the firm earned $0.54 EPS. The company’s revenue for the quarter was up 21.3% compared to the same quarter last year. Sell-side analysts anticipate that Rexford Industrial Realty, Inc. will post 2.35 EPS for the current year.

Rexford Industrial Realty Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.4175 per share. This is a boost from Rexford Industrial Realty’s previous quarterly dividend of $0.42. This represents a $1.67 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Monday, September 30th. Rexford Industrial Realty’s dividend payout ratio (DPR) is currently 153.21%.

Analyst Upgrades and Downgrades

REXR has been the topic of several analyst reports. StockNews.com upgraded Rexford Industrial Realty from a “sell” rating to a “hold” rating in a research note on Monday, July 22nd. Mizuho lowered their price target on Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Truist Financial raised their price target on Rexford Industrial Realty from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Scotiabank raised their price target on Rexford Industrial Realty from $51.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Monday, August 26th. Finally, Evercore ISI raised their price target on Rexford Industrial Realty from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $54.00.

Insider Activity at Rexford Industrial Realty

In related news, CEO Howard Schwimmer sold 30,358 shares of Rexford Industrial Realty stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $48.86, for a total transaction of $1,483,291.88. Following the completion of the transaction, the chief executive officer now directly owns 50,673 shares in the company, valued at $2,475,882.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.20% of the stock is owned by company insiders.

Rexford Industrial Realty Company Profile

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.