Rexford Industrial Realty (NYSE:REXR) Stock Gets Price Target Reduction from Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered Rexford Industrial Realty’s price target from $45 to $44 while maintaining an “overweight” rating, implying 13.71% potential upside from the prior close.
• Analyst sentiment is mixed: the stock has an average “Hold” rating and a consensus price target of $40.64, based on seven Buy, four Hold, and three Sell ratings.
• Rexford reported quarterly EPS of $0.07, well below the $0.60 consensus estimate, although revenue of $239.1 million exceeded expectations; revenue declined 5.6% year over year.

Rexford Industrial Realty (NYSE:REXR - Get Free Report) had its price objective decreased by analysts at Cantor Fitzgerald from $45.00 to $44.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the real estate investment trust's stock. Cantor Fitzgerald's target price suggests a potential upside of 13.71% from the company's previous close.

A number of other equities research analysts also recently issued reports on REXR. JPMorgan Chase & Co. upped their price objective on Rexford Industrial Realty from $36.00 to $39.00 and gave the company an "underweight" rating in a research report on Monday, August 3rd. Scotiabank lifted their target price on Rexford Industrial Realty from $38.00 to $40.00 and gave the stock a "sector outperform" rating in a report on Monday, August 31st. Truist Financial boosted their target price on Rexford Industrial Realty from $38.00 to $39.00 and gave the company a "buy" rating in a research report 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. Finally, BMO Capital Markets raised their price target on Rexford Industrial Realty from $38.00 to $39.00 and gave the stock an "outperform" rating in a research report on Monday, September 28th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $40.64.

Rexford Industrial Realty Stock Performance

Rexford Industrial Realty stock opened at $38.69 on Monday. The company's 50-day moving average price is $37.30 and its 200-day moving average price is $36.13. Rexford Industrial Realty has a twelve month low of $32.14 and a twelve month high of $42.92. 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 company has a market cap of $8.63 billion, a PE ratio of -18.34 and a beta of 1.18.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of REXR. BlackRock Inc. acquired a new stake in Rexford Industrial Realty during the second quarter worth about $1,293,168,000. Legal & General Group Plc acquired a new position in Rexford Industrial Realty in the second quarter valued at approximately $86,861,000. Bank of America Corp DE acquired a new position in Rexford Industrial Realty in the second quarter valued at approximately $79,547,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Rexford Industrial Realty by 41,558.2% in 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 acquiring an additional 1,650,693 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in Rexford Industrial Realty in the 2nd quarter worth approximately $55,056,000. Institutional investors own 99.52% of the company's stock.

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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