Citigroup Has Lowered Expectations for Rexford Industrial Realty (NYSE:REXR) Stock Price

Key Points

• Citigroup cut Rexford Industrial Realty’s price target from $42 to $40 while maintaining a neutral rating, implying roughly 4.4% upside from the prior close.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $40.73 based on seven Buy, five Hold, and three Sell ratings.
• Rexford’s latest quarter missed earnings expectations, reporting $0.07 per share versus $0.60 expected, although revenue of $239.1 million exceeded estimates.

Rexford Industrial Realty (NYSE:REXR - Get Free Report) had its price target decreased by equities researchers at Citigroup from $42.00 to $40.00 in a report released on Thursday, Benzinga reports. The firm presently has a "neutral" rating on the real estate investment trust's stock. Citigroup's target price points to a potential upside of 4.40% from the stock's previous close.

A number of other equities analysts have also issued reports on the company. Barclays decreased their price target on Rexford Industrial Realty from $40.00 to $36.00 and set an "underweight" rating for the company in a research note on Thursday, July 16th. Truist Financial boosted their price objective on Rexford Industrial Realty from $38.00 to $39.00 and gave the stock a "buy" rating in a research note on Monday, October 12th. Weiss Ratings upgraded Rexford Industrial Realty from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, October 23rd. Wells Fargo & Company cut their price objective on Rexford Industrial Realty from $44.00 to $43.00 and set an "overweight" rating for the company in a report on Tuesday, September 1st. Finally, JPMorgan Chase & Co. raised their target price on Rexford Industrial Realty from $36.00 to $39.00 and gave the company an "underweight" rating in a research note on Monday, August 3rd. Seven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $40.73.

Rexford Industrial Realty Price Performance

Rexford Industrial Realty stock traded up $1.19 during trading hours on Thursday, hitting $38.32. 2,645,685 shares of the company traded hands, compared to its average volume of 2,629,035. The firm has a market cap of $8.54 billion, a P/E ratio of -18.16 and a beta of 1.18. The company has a quick ratio of 1.70, a current ratio of 4.08 and a debt-to-equity ratio of 0.38. The firm's 50-day simple moving average is $37.37 and its two-hundred day simple moving average is $36.48. Rexford Industrial Realty has a 1-year low of $32.14 and a 1-year high of $42.41.

Rexford Industrial Realty (NYSE:REXR - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The real estate investment trust reported $0.07 EPS for the quarter, missing analysts' consensus estimates of $0.60 by ($0.53). The company had revenue of $239.10 million for the quarter, compared to the consensus estimate of $232.95 million. Rexford Industrial Realty had a negative return on equity of 5.72% and a negative net margin of 47.15%. The firm's quarterly revenue was down 5.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.60 earnings per share. As a group, analysts forecast that Rexford Industrial Realty will post 2.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rexford Industrial Realty

Several large investors have recently modified their holdings of REXR. BlackRock Inc. acquired a new position in shares of Rexford Industrial Realty in the 2nd quarter worth $1,293,168,000. Dimensional Fund Advisors LP raised its position in shares of Rexford Industrial Realty by 2.4% during the first quarter. Dimensional Fund Advisors LP now owns 3,581,987 shares of the real estate investment trust's stock worth $117,239,000 after purchasing an additional 85,135 shares during the period. Legal & General Group Plc purchased a new stake in shares of Rexford Industrial Realty during the second quarter valued at $86,861,000. Bank of America Corp DE purchased a new stake in shares of Rexford Industrial Realty during the second quarter valued at $79,547,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Rexford Industrial Realty by 41,558.2% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,654,665 shares of the real estate investment trust's stock valued at $55,431,000 after purchasing an additional 1,650,693 shares during the last quarter. 99.52% of the stock is owned by institutional investors.

Rexford Industrial Realty Company Profile

Rexford Industrial Realty, Inc NYSE: REXR is a publicly traded real estate investment trust focused on owning, operating and acquiring industrial properties. Its portfolio primarily consists of infill logistics, warehouse, distribution and manufacturing facilities that support supply-chain and business operations.

The company concentrates exclusively on Southern California, including the Los Angeles, Orange County, San Diego and Inland Empire industrial markets. Rexford seeks to benefit from the region's established transportation infrastructure, large consumer base and constrained supply of well-located industrial real estate.

Rexford Industrial Realty became a publicly traded company in 2013.

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