Rexford Industrial Realty Inc (REXR) Sees Strong Trading Volume
Shares of Rexford Industrial Realty Inc (NASDAQ:REXR) saw unusually-strong trading volume on Thursday . Approximately 406,152 shares were traded during trading, an increase of 37% from the previous session’s volume of 297,177 shares.The stock last traded at $22.36 and had previously closed at $22.33.
A number of equities analysts have commented on REXR shares. TheStreet upgraded Rexford Industrial Realty from a “hold” rating to a “buy” rating in a research note on Tuesday, July 19th. Zacks Investment Research upgraded Rexford Industrial Realty from a “sell” rating to a “hold” rating in a research note on Friday, July 22nd. DA Davidson raised their price objective on Rexford Industrial Realty from $22.06 to $27.00 and gave the stock a “buy” rating in a research note on Friday, August 26th. National Securities restated a “hold” rating and set a $22.00 price objective (up previously from $20.00) on shares of Rexford Industrial Realty in a research note on Thursday, August 4th. Finally, Citigroup Inc. raised their price objective on Rexford Industrial Realty from $18.50 to $22.00 and gave the stock a “neutral” rating in a research note on Thursday, July 7th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $23.75.
The firm has a market cap of $1.50 billion and a PE ratio of 86.77. The firm’s 50 day moving average price is $22.21 and its 200 day moving average price is $19.86.
Rexford Industrial Realty (NASDAQ:REXR) last announced its earnings results on Wednesday, August 3rd. The company reported $0.21 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.21. During the same quarter in the previous year, the firm earned $0.19 EPS. The business earned $30.61 million during the quarter, compared to analysts’ expectations of $26.48 million. Rexford Industrial Realty’s quarterly revenue was up 34.7% on a year-over-year basis. On average, analysts expect that Rexford Industrial Realty Inc will post $0.86 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 17th. Stockholders of record on Friday, September 30th will be paid a $0.135 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.37%.
In related news, CEO Howard Schwimmer sold 11,900 shares of the company’s stock in a transaction that occurred on Tuesday, June 14th. The stock was sold at an average price of $20.56, for a total value of $244,664.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Adeel Khan sold 17,893 shares of the company’s stock in a transaction that occurred on Monday, June 13th. The shares were sold at an average price of $20.87, for a total value of $373,426.91. Following the completion of the transaction, the chief financial officer now owns 43,510 shares in the company, valued at approximately $908,053.70. The disclosure for this sale can be found here.
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. The Company’s consolidated portfolio consisted of approximately 119 properties with over 12.0 million rentable square feet.
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