Rexford Industrial Realty, Inc. (NYSE:REXR) Shares Sold by Park Avenue Securities LLC

Park Avenue Securities LLC lowered its stake in shares of Rexford Industrial Realty, Inc. (NYSE:REXR) by 5.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,810 shares of the real estate investment trust’s stock after selling 260 shares during the period. Park Avenue Securities LLC’s holdings in Rexford Industrial Realty were worth $242,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of REXR. Capital International Investors grew its holdings in shares of Rexford Industrial Realty by 687.7% in the first quarter. Capital International Investors now owns 19,590,676 shares of the real estate investment trust’s stock valued at $985,411,000 after purchasing an additional 17,103,653 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Rexford Industrial Realty by 26.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,933,431 shares of the real estate investment trust’s stock valued at $1,002,654,000 after buying an additional 4,197,907 shares during the period. Canada Pension Plan Investment Board lifted its position in Rexford Industrial Realty by 262.7% in the first quarter. Canada Pension Plan Investment Board now owns 2,237,288 shares of the real estate investment trust’s stock valued at $112,536,000 after buying an additional 1,620,378 shares during the last quarter. Vanguard Group Inc. boosted its stake in Rexford Industrial Realty by 4.5% during the fourth quarter. Vanguard Group Inc. now owns 28,981,854 shares of the real estate investment trust’s stock worth $1,625,882,000 after buying an additional 1,235,894 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Rexford Industrial Realty by 38.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,907,560 shares of the real estate investment trust’s stock worth $129,648,000 after acquiring an additional 800,137 shares during the last quarter. 99.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

REXR has been the subject of several research reports. Evercore ISI lifted their target price on shares of Rexford Industrial Realty from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Monday, September 16th. Mizuho lowered their target price 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. JPMorgan Chase & Co. boosted their price target on shares of Rexford Industrial Realty from $47.00 to $52.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. Truist Financial raised their price objective on shares of Rexford Industrial Realty from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, StockNews.com raised shares of Rexford Industrial Realty from a “sell” rating to a “hold” rating in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $52.50.

Rexford Industrial Realty Price Performance

Rexford Industrial Realty stock opened at $47.31 on Tuesday. The stock has a market cap of $10.31 billion, a P/E ratio of 43.40, a price-to-earnings-growth ratio of 1.93 and a beta of 0.93. The company has a fifty day simple moving average of $50.08 and a 200-day simple moving average of $47.40. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.41. 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 issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.21). The company had revenue of $237.60 million for the quarter, compared to analysts’ expectations of $227.70 million. Rexford Industrial Realty had a return on equity of 3.31% and a net margin of 30.71%. The firm’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 EPS. Equities analysts expect that Rexford Industrial Realty, Inc. will post 2.34 EPS for the current fiscal year.

Rexford Industrial Realty Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.4175 per share. The ex-dividend date of this dividend is Monday, September 30th. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.42. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.53%. Rexford Industrial Realty’s dividend payout ratio (DPR) is 153.21%.

Insider Activity

In other Rexford Industrial Realty news, CEO Howard Schwimmer sold 30,358 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $48.86, for a total transaction of $1,483,291.88. Following the transaction, the chief executive officer now directly owns 50,673 shares of the company’s stock, valued at approximately $2,475,882.78. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CFO Laura E. Clark sold 14,185 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $50.15, for a total transaction of $711,377.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Howard Schwimmer sold 30,358 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $48.86, for a total value of $1,483,291.88. Following the sale, the chief executive officer now directly owns 50,673 shares of the company’s stock, valued at approximately $2,475,882.78. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.

Rexford Industrial Realty 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.