Rexford Industrial Realty (NYSE:REXR) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Rexford Industrial Realty (NYSE:REXR) from a buy rating to a hold rating in a research report report published on Saturday, Zacks.com reports.

According to Zacks, “Rexford Industrial Realty, Inc. is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. Rexford Industrial Realty, Inc. is based in Los Angeles, California. “

Other equities research analysts have also recently issued reports about the stock. Robert W. Baird initiated coverage on shares of Rexford Industrial Realty in a research note on Tuesday, September 22nd. They set an outperform rating and a $50.00 price objective on the stock. TheStreet upgraded shares of Rexford Industrial Realty from a c+ rating to a b- rating in a research note on Wednesday, July 1st. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Rexford Industrial Realty has a consensus rating of Hold and an average price target of $47.00.

REXR stock opened at $48.94 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 7.69 and a current ratio of 7.69. The stock has a market capitalization of $6.06 billion, a price-to-earnings ratio of 106.39, a PEG ratio of 8.57 and a beta of 0.61. Rexford Industrial Realty has a 1 year low of $31.79 and a 1 year high of $53.48. The stock’s fifty day moving average is $47.47 and its two-hundred day moving average is $43.28.

Rexford Industrial Realty (NYSE:REXR) last posted its earnings results on Tuesday, July 21st. The real estate investment trust reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). Rexford Industrial Realty had a net margin of 21.93% and a return on equity of 2.64%. The company had revenue of $79.95 million during the quarter, compared to the consensus estimate of $78.22 million. As a group, analysts predict that Rexford Industrial Realty will post 1.28 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a dividend of $0.215 per share. This represents a $0.86 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date was Tuesday, September 29th. Rexford Industrial Realty’s payout ratio is currently 69.92%.

In related news, CEO Michael S. Frankel sold 66,614 shares of Rexford Industrial Realty stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $47.06, for a total transaction of $3,134,854.84. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.50% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in REXR. Envestnet Asset Management Inc. increased its stake in Rexford Industrial Realty by 6.6% in the 3rd quarter. Envestnet Asset Management Inc. now owns 134,020 shares of the real estate investment trust’s stock worth $6,133,000 after purchasing an additional 8,240 shares in the last quarter. Redpoint Investment Management Pty Ltd increased its stake in Rexford Industrial Realty by 16.5% in the 3rd quarter. Redpoint Investment Management Pty Ltd now owns 8,167 shares of the real estate investment trust’s stock worth $374,000 after purchasing an additional 1,158 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new position in Rexford Industrial Realty in the 3rd quarter worth about $530,000. Timbercreek Investment Management Inc. increased its stake in Rexford Industrial Realty by 16.8% in the 3rd quarter. Timbercreek Investment Management Inc. now owns 615,661 shares of the real estate investment trust’s stock worth $29,780,000 after purchasing an additional 88,595 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its stake in Rexford Industrial Realty by 70.9% in the 3rd quarter. State of Alaska Department of Revenue now owns 56,387 shares of the real estate investment trust’s stock worth $2,579,000 after purchasing an additional 23,394 shares in the last quarter. 98.73% of the stock is currently owned by hedge funds and other institutional investors.

About Rexford Industrial Realty

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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