1832 Asset Management L.P. Purchases New Position in Rexford Industrial Realty, Inc. $REXR

Key Points

• 1832 Asset Management L.P. has taken a $1.21 million position in Rexford Industrial Realty by acquiring 30,800 shares during the first quarter of 2023.
• High institutional ownership is notable, with 99.52% of the company's stock held by institutional investors and hedge funds.
• Rexford Industrial Realty recently announced a quarterly dividend of $0.43 per share, representing a yield of 4.3%.

1832 Asset Management L.P. purchased a new stake in shares of Rexford Industrial Realty, Inc. (NYSE:REXR - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 30,800 shares of the real estate investment trust's stock, valued at approximately $1,206,000.

A number of other institutional investors and hedge funds have also bought and sold shares of REXR. First Trust Advisors LP grew its position in Rexford Industrial Realty by 104.9% during the fourth quarter. First Trust Advisors LP now owns 113,262 shares of the real estate investment trust's stock valued at $4,379,000 after acquiring an additional 57,986 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in Rexford Industrial Realty by 178.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 17,598 shares of the real estate investment trust's stock valued at $680,000 after purchasing an additional 11,288 shares during the last quarter. Quarry LP lifted its position in Rexford Industrial Realty by 18.3% in the fourth quarter. Quarry LP now owns 3,135 shares of the real estate investment trust's stock valued at $121,000 after purchasing an additional 486 shares during the last quarter. Northern Trust Corp lifted its position in Rexford Industrial Realty by 94.3% in the fourth quarter. Northern Trust Corp now owns 3,104,624 shares of the real estate investment trust's stock valued at $120,025,000 after purchasing an additional 1,506,779 shares during the last quarter. Finally, Masterton Capital Management LP lifted its position in Rexford Industrial Realty by 15.2% in the fourth quarter. Masterton Capital Management LP now owns 389,880 shares of the real estate investment trust's stock valued at $15,073,000 after purchasing an additional 51,468 shares during the last quarter. 99.52% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on REXR. Truist Financial boosted their price objective on Rexford Industrial Realty from $37.00 to $42.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Wells Fargo & Company lowered their price objective on Rexford Industrial Realty from $45.00 to $39.00 and set an "overweight" rating for the company in a research report on Monday, May 19th. Evercore ISI lowered Rexford Industrial Realty from an "outperform" rating to an "in-line" rating and cut their price objective for the stock from $39.00 to $38.00 in a research report on Friday, July 18th. Scotiabank lifted their price objective on Rexford Industrial Realty from $37.00 to $40.00 and gave the stock a "sector perform" rating in a research report on Wednesday. Finally, Robert W. Baird set a $43.00 price objective on Rexford Industrial Realty in a research report on Tuesday, May 6th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $40.55.

Rexford Industrial Realty Stock Up 0.2%

Shares of REXR traded up $0.10 during mid-day trading on Friday, reaching $41.46. The company had a trading volume of 1,779,970 shares, compared to its average volume of 2,596,072. The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.59 and a current ratio of 5.59. The firm has a 50-day moving average price of $37.41 and a 200 day moving average price of $36.96. Rexford Industrial Realty, Inc. has a 52 week low of $29.68 and a 52 week high of $52.37. The company has a market capitalization of $9.81 billion, a price-to-earnings ratio of 30.71, a price-to-earnings-growth ratio of 4.64 and a beta of 1.10.

Rexford Industrial Realty (NYSE:REXR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The real estate investment trust reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.01. Rexford Industrial Realty had a return on equity of 3.62% and a net margin of 32.04%.The firm had revenue of $241.57 million for the quarter, compared to analysts' expectations of $251.72 million. During the same period in the previous year, the firm posted $0.60 EPS. The business's revenue for the quarter was up 5.0% compared to the same quarter last year. Rexford Industrial Realty has set its FY 2025 guidance at 2.370-2.410 EPS. On average, sell-side analysts forecast that Rexford Industrial Realty, Inc. will post 2.38 EPS for the current year.

Rexford Industrial Realty Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be given a dividend of $0.43 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.72 annualized dividend and a dividend yield of 4.1%. Rexford Industrial Realty's dividend payout ratio (DPR) is 127.41%.

Insider Buying and Selling at Rexford Industrial Realty

In related news, General Counsel David E. Lanzer sold 26,449 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $36.87, for a total transaction of $975,174.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.20% of the stock is owned by company insiders.

About Rexford Industrial Realty

Rexford Industrial Realty, Inc is a self-administered and self-managed real estate investment trust, which engages in owning and operating industrial properties in infill markets. The company was founded by Richard S. Ziman on January 18, 2013 and is headquartered in Los Angeles, CA.