Rexford Industrial Realty (NYSE:REXR) Shares Gap Down to $60.16

Rexford Industrial Realty, Inc. (NYSE:REXR)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $60.16, but opened at $58.61. Rexford Industrial Realty shares last traded at $59.01, with a volume of 148,523 shares trading hands.

REXR has been the topic of several research reports. Zacks Investment Research lowered Rexford Industrial Realty from a “buy” rating to a “hold” rating in a research note on Thursday. Capital One Financial raised Rexford Industrial Realty from an “equal weight” rating to an “overweight” rating and set a $66.00 target price on the stock in a research note on Monday, July 19th. Finally, Wells Fargo & Company increased their target price on Rexford Industrial Realty from $58.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 10th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $63.00.

The company has a fifty day simple moving average of $61.11 and a two-hundred day simple moving average of $56.96. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.34. The company has a market cap of $8.12 billion, a PE ratio of 92.56, a P/E/G ratio of 3.76 and a beta of 0.60.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings results on Tuesday, July 20th. The real estate investment trust reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.06. Rexford Industrial Realty had a return on equity of 3.06% and a net margin of 26.46%. The company had revenue of $104.24 million for the quarter, compared to the consensus estimate of $103.03 million. During the same quarter in the prior year, the business earned $0.32 EPS. Rexford Industrial Realty’s revenue was up 30.7% on a year-over-year basis. On average, research analysts anticipate that Rexford Industrial Realty, Inc. will post 1.55 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, September 30th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Wednesday, September 29th. This represents a $0.96 annualized dividend and a yield of 1.63%. Rexford Industrial Realty’s dividend payout ratio (DPR) is 72.73%.

In other news, General Counsel David E. Lanzer sold 14,000 shares of the stock in a transaction dated Thursday, August 5th. The stock was sold at an average price of $62.11, for a total value of $869,540.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.50% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Rexford Industrial Realty by 7.4% in the 2nd quarter. Vanguard Group Inc. now owns 19,885,279 shares of the real estate investment trust’s stock valued at $1,132,467,000 after acquiring an additional 1,370,118 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Rexford Industrial Realty by 1.7% in the 2nd quarter. BlackRock Inc. now owns 18,148,451 shares of the real estate investment trust’s stock valued at $1,033,556,000 after acquiring an additional 308,761 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Rexford Industrial Realty by 10.5% in the 2nd quarter. Principal Financial Group Inc. now owns 8,970,413 shares of the real estate investment trust’s stock valued at $510,864,000 after acquiring an additional 853,068 shares during the last quarter. State Street Corp increased its holdings in shares of Rexford Industrial Realty by 7.3% in the 2nd quarter. State Street Corp now owns 6,022,863 shares of the real estate investment trust’s stock valued at $344,439,000 after acquiring an additional 410,140 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Rexford Industrial Realty by 0.6% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,103,527 shares of the real estate investment trust’s stock valued at $233,696,000 after acquiring an additional 23,851 shares during the last quarter.

About Rexford Industrial Realty (NYSE:REXR)

Rexford Industrial Realty, Inc is a self-administered and self-managed real estate investment trust, which engages in owning, operating, and acquiring industrial properties. The company was founded on January 18, 2013 and is headquartered in Los Angeles, CA.

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