Davis Selected Advisers Purchases 24,030 Shares of Rexford Industrial Realty, Inc. (NYSE:REXR)

Key Points

• Davis Selected Advisers increased its stake in Rexford Industrial Realty by 7.1%, holding a total of 363,620 shares valued at approximately $14.2 million.
• Several large investors, including MassMutual and Bessemer Group, significantly heightened their positions in Rexford, which is now 99.52% owned by institutional investors.
• The company has announced a quarterly dividend of $0.43 per share, with an annualized yield of 4.7%, scheduled for payment on October 15th.

Davis Selected Advisers raised its holdings in shares of Rexford Industrial Realty, Inc. (NYSE:REXR - Free Report) by 7.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 363,620 shares of the real estate investment trust's stock after purchasing an additional 24,030 shares during the period. Davis Selected Advisers owned approximately 0.15% of Rexford Industrial Realty worth $14,236,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB boosted its stake in Rexford Industrial Realty by 332.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 736 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 566 shares during the last quarter. Bessemer Group Inc. lifted its holdings in shares of Rexford Industrial Realty by 118.4% during the 1st quarter. Bessemer Group Inc. now owns 747 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 405 shares during the period. Private Trust Co. NA lifted its holdings in shares of Rexford Industrial Realty by 95.6% during the 1st quarter. Private Trust Co. NA now owns 757 shares of the real estate investment trust's stock valued at $30,000 after buying an additional 370 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Rexford Industrial Realty by 211.2% during the 1st quarter. GAMMA Investing LLC now owns 1,441 shares of the real estate investment trust's stock valued at $56,000 after buying an additional 978 shares during the period. Finally, Avalon Trust Co bought a new position in shares of Rexford Industrial Realty during the 1st quarter valued at $66,000. 99.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, General Counsel David E. Lanzer sold 26,449 shares of Rexford Industrial Realty stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $36.87, for a total value of $975,174.63. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 1.20% of the company's stock.

Rexford Industrial Realty Price Performance

Shares of Rexford Industrial Realty stock traded up $0.48 during trading hours on Tuesday, hitting $36.89. The company's stock had a trading volume of 593,736 shares, compared to its average volume of 2,596,481. The business has a 50 day moving average price of $36.67 and a two-hundred day moving average price of $37.03. Rexford Industrial Realty, Inc. has a 12-month low of $29.68 and a 12-month high of $52.61. The company has a market cap of $8.73 billion, a PE ratio of 27.32, a PEG ratio of 4.08 and a beta of 1.10. The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.59 and a current ratio of 5.59.

Rexford Industrial Realty (NYSE:REXR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $0.59 EPS for the quarter, beating the consensus estimate 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 business had revenue of $241.57 million for the quarter, compared to the consensus estimate of $251.72 million. During the same period in the previous year, the business earned $0.60 earnings per share. The business's revenue was up 5.0% on a year-over-year basis. Analysts expect that Rexford Industrial Realty, Inc. will post 2.38 earnings per share for the current fiscal year.

Rexford Industrial Realty Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be issued a $0.43 dividend. This represents a $1.72 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 30th. Rexford Industrial Realty's payout ratio is 127.41%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on REXR shares. Barclays lowered their price target on Rexford Industrial Realty from $38.00 to $35.00 and set an "underweight" rating on the stock in a report on Wednesday, April 30th. Scotiabank lowered their price target on Rexford Industrial Realty from $39.00 to $37.00 and set a "sector perform" rating on the stock in a report on Monday, May 12th. Truist Financial lowered their price target on Rexford Industrial Realty from $44.00 to $37.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Evercore ISI cut Rexford Industrial Realty from an "outperform" rating to an "in-line" rating and lowered their price target for the company from $39.00 to $38.00 in a report on Friday, July 18th. Finally, Wells Fargo & Company lowered their price target on Rexford Industrial Realty from $45.00 to $39.00 and set an "overweight" rating on the stock in a report on Monday, May 19th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $39.82.

Rexford Industrial Realty Profile

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.