Wells Fargo & Company MN decreased its stake in shares of Rexford Industrial Realty Inc (NYSE:REXR) by 26.4% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 254,117 shares of the real estate investment trust’s stock after selling 91,376 shares during the period. Wells Fargo & Company MN owned 0.24% of Rexford Industrial Realty worth $10,259,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of REXR. BlackRock Inc. lifted its position in shares of Rexford Industrial Realty by 2.9% in the 1st quarter. BlackRock Inc. now owns 10,881,149 shares of the real estate investment trust’s stock worth $389,654,000 after acquiring an additional 301,872 shares during the period. PGGM Investments lifted its position in shares of Rexford Industrial Realty by 4.8% in the 2nd quarter. PGGM Investments now owns 4,508,463 shares of the real estate investment trust’s stock worth $182,007,000 after acquiring an additional 205,093 shares during the period. Principal Financial Group Inc. lifted its position in shares of Rexford Industrial Realty by 5.6% in the 1st quarter. Principal Financial Group Inc. now owns 3,792,056 shares of the real estate investment trust’s stock worth $135,794,000 after acquiring an additional 200,655 shares during the period. Geode Capital Management LLC lifted its position in shares of Rexford Industrial Realty by 15.0% in the 4th quarter. Geode Capital Management LLC now owns 1,287,227 shares of the real estate investment trust’s stock worth $37,934,000 after acquiring an additional 167,696 shares during the period. Finally, Global Alpha Capital Management Ltd. bought a new stake in shares of Rexford Industrial Realty in the 1st quarter worth approximately $5,765,000. 99.00% of the stock is currently owned by institutional investors and hedge funds.
In related news, CEO Howard Schwimmer sold 23,600 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $41.70, for a total transaction of $984,120.00. Following the completion of the transaction, the chief executive officer now owns 68,958 shares in the company, valued at approximately $2,875,548.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.70% of the stock is owned by company insiders.
A number of brokerages have commented on REXR. Stifel Nicolaus raised their price objective on Rexford Industrial Realty from $41.00 to $46.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Zacks Investment Research downgraded Rexford Industrial Realty from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $42.67.
Shares of Rexford Industrial Realty stock traded up $0.55 during midday trading on Thursday, hitting $43.91. 9,347 shares of the company were exchanged, compared to its average volume of 711,426. The company has a debt-to-equity ratio of 0.34, a current ratio of 7.17 and a quick ratio of 7.17. The firm has a market cap of $4.83 billion, a P/E ratio of 39.13, a PEG ratio of 5.07 and a beta of 0.80. Rexford Industrial Realty Inc has a 52 week low of $28.17 and a 52 week high of $44.92. The firm has a 50 day simple moving average of $42.77 and a 200-day simple moving average of $39.09.
Rexford Industrial Realty (NYSE:REXR) last posted its earnings results on Tuesday, July 30th. The real estate investment trust reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.17). The company had revenue of $63.60 million for the quarter, compared to the consensus estimate of $63.33 million. Rexford Industrial Realty had a return on equity of 2.63% and a net margin of 21.02%. Rexford Industrial Realty’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.27 EPS. Equities research analysts expect that Rexford Industrial Realty Inc will post 1.21 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a dividend of $0.185 per share. The ex-dividend date is Friday, September 27th. This represents a $0.74 annualized dividend and a dividend yield of 1.69%. Rexford Industrial Realty’s dividend payout ratio (DPR) is presently 66.07%.
Rexford Industrial Realty Profile
Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns 179 properties with approximately 22.1 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet.
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