Northern Trust Corp Increases Stake in Rexford Industrial Realty, Inc. $REXR

Key Points

• Northern Trust Corp has increased its stake in Rexford Industrial Realty by 4.9%, owning 3,258,039 shares valued at approximately $127.55 million as of its latest SEC filing.
• Multiple hedge funds, including MassMutual Private Wealth & Trust and Bessemer Group, have also significantly raised their positions in Rexford Industrial Realty during the 1st quarter.
• The company recently declared a quarterly dividend of $0.43 per share, indicating a yield of 4.3%, with a payout ratio currently at 127.41%.

Northern Trust Corp lifted its stake in Rexford Industrial Realty, Inc. (NYSE:REXR - Free Report) by 4.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,258,039 shares of the real estate investment trust's stock after purchasing an additional 153,415 shares during the quarter. Northern Trust Corp owned about 1.38% of Rexford Industrial Realty worth $127,552,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of REXR. MassMutual Private Wealth & Trust FSB raised its position in shares of Rexford Industrial Realty by 332.9% in 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. raised its position in shares of Rexford Industrial Realty by 118.4% in the 1st quarter. Bessemer Group Inc. now owns 747 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 405 shares during the last quarter. Private Trust Co. NA raised its position in shares of Rexford Industrial Realty by 95.6% in the 1st quarter. Private Trust Co. NA now owns 757 shares of the real estate investment trust's stock valued at $30,000 after purchasing an additional 370 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Rexford Industrial Realty by 280.7% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,085 shares of the real estate investment trust's stock valued at $42,000 after purchasing an additional 800 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Rexford Industrial Realty by 211.2% in the 1st quarter. GAMMA Investing LLC now owns 1,441 shares of the real estate investment trust's stock valued at $56,000 after purchasing an additional 978 shares during the last quarter. 99.52% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Rexford Industrial Realty

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

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Truist Financial increased their price objective on shares of Rexford Industrial Realty from $37.00 to $42.00 and gave the company a "buy" rating in a research report on Wednesday. Evercore ISI lowered shares of Rexford Industrial Realty from an "outperform" rating to an "in-line" rating and reduced their price target for the stock from $39.00 to $38.00 in a research report on Friday, July 18th. Robert W. Baird set a $43.00 price target on shares of Rexford Industrial Realty in a research report on Tuesday, May 6th. Wells Fargo & Company reduced their price target on shares of 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. Finally, Barclays reduced their price target on shares of Rexford Industrial Realty from $38.00 to $35.00 and set an "underweight" rating for the company in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Rexford Industrial Realty currently has an average rating of "Hold" and an average price target of $40.27.

Rexford Industrial Realty Price Performance

Shares of NYSE REXR opened at $40.3910 on Friday. The stock has a market capitalization of $9.56 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 4.34 and a beta of 1.10. Rexford Industrial Realty, Inc. has a 12 month low of $29.68 and a 12 month high of $52.61. The firm's 50 day simple moving average is $37.07 and its 200-day simple moving average is $36.94. The company has a debt-to-equity ratio of 0.37, a current ratio of 5.59 and a quick ratio of 5.59.

Rexford Industrial Realty (NYSE:REXR - Get Free Report) last issued its quarterly earnings data 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 net margin of 32.04% and a return on equity of 3.62%. The business had revenue of $241.57 million for the quarter, compared to analysts' expectations of $251.72 million. During the same quarter last year, the company earned $0.60 EPS. The business's revenue was up 5.0% on a year-over-year basis. Rexford Industrial Realty has set its FY 2025 guidance at 2.370-2.410 EPS. Analysts expect that Rexford Industrial Realty, Inc. will post 2.38 EPS for the current year.

Rexford Industrial Realty Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $0.43 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.72 dividend on an annualized basis and a yield of 4.3%. Rexford Industrial Realty's dividend payout ratio (DPR) is currently 127.41%.

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.

Want to see what other hedge funds are holding REXR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rexford Industrial Realty, Inc. (NYSE:REXR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.