Lasalle Investment Management Securities LLC Acquires New Holdings in Rexford Industrial Realty, Inc. $REXR

Key Points

• Lasalle Investment Management Securities LLC opened a new position in Rexford Industrial Realty during the first quarter, buying 980,672 shares worth about $32.1 million. The stake represented 0.43% of the company and 1.3% of Lasalle’s holdings.
• Institutional ownership remains extremely high at 99.52%, and several other funds recently made small increases in their Rexford positions. Insider activity was mixed, with General Counsel David E. Lanzer selling 33,299 shares in April.
• Analysts are split on the stock: recent cuts from JPMorgan and Wall Street Zen were offset by a Scotiabank upgrade, leaving Rexford Industrial Realty with a Hold consensus and average price target of $40.38. The shares were trading around $36.75, while the company recently beat quarterly EPS estimates despite slightly missing revenue expectations.

Lasalle Investment Management Securities LLC bought a new stake in Rexford Industrial Realty, Inc. (NYSE:REXR - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 980,672 shares of the real estate investment trust's stock, valued at approximately $32,097,000. Rexford Industrial Realty makes up 1.3% of Lasalle Investment Management Securities LLC's holdings, making the stock its 27th largest position. Lasalle Investment Management Securities LLC owned 0.43% of Rexford Industrial Realty at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Lazard Asset Management LLC increased its holdings in shares of Rexford Industrial Realty by 1.0% during the second quarter. Lazard Asset Management LLC now owns 35,475 shares of the real estate investment trust's stock worth $1,261,000 after buying an additional 362 shares in the last quarter. IFM Investors Pty Ltd boosted its holdings in shares of Rexford Industrial Realty by 1.0% during the 1st quarter. IFM Investors Pty Ltd now owns 38,360 shares of the real estate investment trust's stock valued at $1,256,000 after acquiring an additional 370 shares in the last quarter. Rockefeller Capital Management L.P. grew its position in Rexford Industrial Realty by 8.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 4,878 shares of the real estate investment trust's stock worth $189,000 after acquiring an additional 387 shares during the last quarter. Koa Wealth Management LLC grew its position in Rexford Industrial Realty by 0.9% during the 1st quarter. Koa Wealth Management LLC now owns 46,268 shares of the real estate investment trust's stock worth $1,514,000 after acquiring an additional 408 shares during the last quarter. Finally, Brookwood Investment Group LLC increased its holdings in Rexford Industrial Realty by 4.4% in the 4th quarter. Brookwood Investment Group LLC now owns 10,672 shares of the real estate investment trust's stock worth $413,000 after purchasing an additional 445 shares in the last quarter. Institutional investors own 99.52% of the company's stock.

Analyst Upgrades and Downgrades

REXR has been the topic of several research reports. JPMorgan Chase & Co. cut Rexford Industrial Realty from a "neutral" rating to an "underweight" rating and reduced their price target for the stock from $38.00 to $36.00 in a report on Wednesday, June 17th. Wells Fargo & Company dropped their price objective on shares of Rexford Industrial Realty from $45.00 to $44.00 and set an "overweight" rating for the company in a report on Monday, June 1st. Wall Street Zen downgraded shares of Rexford Industrial Realty from a "hold" rating to a "sell" rating in a research report on Monday. Scotiabank raised shares of Rexford Industrial Realty from a "sector perform" rating to a "sector outperform" rating and reduced their target price for the stock from $38.00 to $36.00 in a report on Thursday, June 18th. Finally, Weiss Ratings upgraded shares of Rexford Industrial Realty from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, July 15th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $40.38.

Rexford Industrial Realty Trading Down 1.0%

Shares of REXR stock opened at $36.75 on Thursday. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of 39.52, a PEG ratio of 1.55 and a beta of 1.21. The stock has a 50-day moving average of $34.83 and a 200-day moving average of $36.14. The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.38. Rexford Industrial Realty, Inc. has a 1-year low of $32.14 and a 1-year high of $44.38.

Rexford Industrial Realty (NYSE:REXR - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The real estate investment trust reported $0.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.11. The company had revenue of $242.14 million during the quarter, compared to the consensus estimate of $243.78 million. Rexford Industrial Realty had a return on equity of 2.64% and a net margin of 23.25%.The firm's revenue was down 2.9% compared to the same quarter last year. During the same period last year, the company earned $0.62 earnings per share. On average, equities research analysts forecast that Rexford Industrial Realty, Inc. will post 2.4 earnings per share for the current year.

Insider Activity

In other news, General Counsel David E. Lanzer sold 33,299 shares of the company's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $35.47, for a total value of $1,181,115.53. Following the sale, the general counsel directly owned 33,299 shares of the company's stock, valued at approximately $1,181,115.53. This represents a 50.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.80% of the company's stock.

Rexford Industrial Realty Company Profile

Rexford Industrial Realty, Inc NYSE: REXR is a real estate investment trust (REIT) specializing in the acquisition, ownership and operation of industrial properties in Southern California. The company's portfolio is concentrated in infill locations across key supply-chain markets, where it targets modern distribution centers, logistics facilities and light manufacturing spaces. Rexford's strategy emphasizes buildings that offer proximity to major transportation routes and labor pools, catering to tenants in e-commerce, third-party logistics and manufacturing industries.

Since its founding in 2013, Rexford Industrial Realty has executed a disciplined growth plan driven by property acquisitions, selective development projects and strategic value-add initiatives.

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