Rexford Industrial Realty, Inc. (NYSE:REXR) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its stake in shares of Rexford Industrial Realty, Inc. (NYSE:REXR) by 34.2% during the third quarter, Holdings Channel reports. The firm owned 238,553 shares of the real estate investment trust’s stock after selling 123,934 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Rexford Industrial Realty were worth $12,002,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Fulton Bank N.A. raised its position in shares of Rexford Industrial Realty by 4.7% during the 3rd quarter. Fulton Bank N.A. now owns 5,038 shares of the real estate investment trust’s stock worth $253,000 after purchasing an additional 224 shares during the period. Hennion & Walsh Asset Management Inc. grew its holdings in Rexford Industrial Realty by 2.4% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 14,641 shares of the real estate investment trust’s stock worth $653,000 after buying an additional 337 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Rexford Industrial Realty by 0.8% in the 2nd quarter. Victory Capital Management Inc. now owns 46,066 shares of the real estate investment trust’s stock worth $2,054,000 after buying an additional 345 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in Rexford Industrial Realty by 169.4% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 555 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 349 shares in the last quarter. Finally, Naviter Wealth LLC grew its holdings in Rexford Industrial Realty by 2.6% in the 3rd quarter. Naviter Wealth LLC now owns 14,907 shares of the real estate investment trust’s stock worth $756,000 after buying an additional 382 shares in the last quarter. 99.52% of the stock is currently owned by institutional investors and hedge funds.

Rexford Industrial Realty Stock Performance

REXR opened at $42.01 on Monday. The firm has a market cap of $9.34 billion, a PE ratio of 34.15, a P/E/G ratio of 2.01 and a beta of 0.94. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.40. The business has a fifty day simple moving average of $46.92 and a 200-day simple moving average of $47.05. Rexford Industrial Realty, Inc. has a fifty-two week low of $41.16 and a fifty-two week high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last released its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.28). The business had revenue of $241.84 million during the quarter, compared to analysts’ expectations of $235.81 million. Rexford Industrial Realty had a net margin of 30.40% and a return on equity of 3.35%. Rexford Industrial Realty’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.56 EPS. As a group, equities analysts predict that Rexford Industrial Realty, Inc. will post 2.34 EPS for the current fiscal year.

Rexford Industrial Realty Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.4175 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.98%. Rexford Industrial Realty’s payout ratio is currently 135.77%.

Insider Activity

In other news, CFO Laura E. Clark sold 14,185 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $50.15, for a total value of $711,377.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Bank of America lowered Rexford Industrial Realty from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $66.00 to $49.00 in a report on Monday, October 21st. Industrial Alliance Securities set a $55.00 price objective on Rexford Industrial Realty in a report on Friday, October 18th. Truist Financial decreased their price objective on Rexford Industrial Realty from $54.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, November 12th. Wells Fargo & Company decreased their price target on Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating for the company in a research note on Wednesday, August 28th. Finally, Mizuho decreased their price target on Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $51.09.

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.