Scotiabank Cuts Rexford Industrial Realty (NYSE:REXR) Price Target to $51.00

Rexford Industrial Realty (NYSE:REXRFree Report) had its target price trimmed by Scotiabank from $55.00 to $51.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a sector outperform rating on the real estate investment trust’s stock.

Other equities analysts have also recently issued research reports about the stock. Barclays raised their target price on shares of Rexford Industrial Realty from $45.00 to $46.00 and gave the company an underweight rating in a research note on Tuesday, April 23rd. Mizuho reissued a neutral rating and set a $52.00 target price on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. Truist Financial decreased their price target on Rexford Industrial Realty from $53.00 to $50.00 and set a buy rating for the company in a research note on Thursday, May 2nd. Robert W. Baird dropped their price objective on Rexford Industrial Realty from $57.00 to $49.00 and set a neutral rating on the stock in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. cut Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 target price for the company. in a research note on Wednesday, February 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of Hold and an average target price of $53.00.

Check Out Our Latest Report on Rexford Industrial Realty

Rexford Industrial Realty Stock Performance

Shares of NYSE REXR opened at $46.35 on Thursday. Rexford Industrial Realty has a 12-month low of $41.56 and a 12-month high of $58.02. The company has a market cap of $10.10 billion, a PE ratio of 42.52, a P/E/G ratio of 2.03 and a beta of 0.89. The stock has a 50 day simple moving average of $47.08 and a 200-day simple moving average of $50.32. The company has a current ratio of 3.21, a quick ratio of 3.21 and a debt-to-equity ratio of 0.41.

Rexford Industrial Realty (NYSE:REXRGet Free Report) last announced its quarterly earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30). The business had revenue of $214.10 million for the quarter, compared to analyst estimates of $207.39 million. Rexford Industrial Realty had a return on equity of 3.04% and a net margin of 28.84%. The company’s revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.52 EPS. On average, equities research analysts forecast that Rexford Industrial Realty will post 2.34 EPS for the current year.

Rexford Industrial Realty Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a dividend of $0.417 per share. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.67 annualized dividend and a yield of 3.60%. Rexford Industrial Realty’s dividend payout ratio (DPR) is presently 153.21%.

Institutional Trading of Rexford Industrial Realty

Several institutional investors have recently made changes to their positions in REXR. Park Avenue Securities LLC acquired a new stake in shares of Rexford Industrial Realty during the 3rd quarter valued at $245,000. Assetmark Inc. grew its stake in Rexford Industrial Realty by 13.9% in the third quarter. Assetmark Inc. now owns 4,016 shares of the real estate investment trust’s stock valued at $198,000 after purchasing an additional 489 shares in the last quarter. Fifth Third Bancorp increased its position in Rexford Industrial Realty by 58.2% in the 3rd quarter. Fifth Third Bancorp now owns 1,117 shares of the real estate investment trust’s stock worth $55,000 after purchasing an additional 411 shares during the last quarter. M&T Bank Corp raised its stake in shares of Rexford Industrial Realty by 4.2% during the 3rd quarter. M&T Bank Corp now owns 28,458 shares of the real estate investment trust’s stock worth $1,405,000 after purchasing an additional 1,142 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Rexford Industrial Realty by 7.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 81,460 shares of the real estate investment trust’s stock worth $4,020,000 after purchasing an additional 5,802 shares in the last quarter. 99.52% of the stock is currently owned by institutional investors and hedge funds.

About Rexford Industrial Realty

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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.

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