Rexford Industrial Realty, Inc. $REXR Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group cut its Rexford Industrial Realty stake by 23.7% in the third quarter, selling 494,528 shares; it still held about 1.60 million shares, worth roughly $57.9 million.
• Rexford reported quarterly EPS of $0.07, below the $0.60 analyst consensus, while revenue of $239.1 million topped expectations but fell 5.6% year over year.
• The company announced a quarterly dividend of $0.435 per share, equivalent to a 4.5% annualized yield. Analysts’ consensus rating was Hold, with an average price target of $41.33.

Sumitomo Mitsui Trust Group Inc. reduced its holdings in shares of Rexford Industrial Realty, Inc. (NYSE:REXR - Free Report) by 23.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,596,353 shares of the real estate investment trust's stock after selling 494,528 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.72% of Rexford Industrial Realty worth $57,900,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Vise Technologies Inc. bought a new position in shares of Rexford Industrial Realty during the 3rd quarter valued at $308,000. D.A. Davidson & CO. purchased a new position in Rexford Industrial Realty in the 3rd quarter worth $2,180,000. Asset Management One Co. Ltd. lifted its stake in Rexford Industrial Realty by 1.2% in the third quarter. Asset Management One Co. Ltd. now owns 311,893 shares of the real estate investment trust's stock worth $11,312,000 after purchasing an additional 3,823 shares during the last quarter. Signaturefd LLC lifted its stake in Rexford Industrial Realty by 29.3% in the third quarter. Signaturefd LLC now owns 6,520 shares of the real estate investment trust's stock worth $236,000 after purchasing an additional 1,476 shares during the last quarter. Finally, Lantern Wealth Advisors LLC lifted its stake in Rexford Industrial Realty by 21.2% in the third quarter. Lantern Wealth Advisors LLC now owns 10,300 shares of the real estate investment trust's stock worth $374,000 after purchasing an additional 1,800 shares during the last quarter. 99.52% of the stock is owned by hedge funds and other institutional investors.

Rexford Industrial Realty Price Performance

REXR stock opened at $38.28 on Wednesday. The firm's 50-day moving average price is $37.45 and its two-hundred day moving average price is $36.43. Rexford Industrial Realty, Inc. has a 12-month low of $32.14 and a 12-month high of $42.41. The stock has a market capitalization of $8.12 billion, a price-to-earnings ratio of -18.14 and a beta of 1.11. The company has a current ratio of 4.08, a quick ratio of 4.08 and a debt-to-equity ratio of 0.38.

Rexford Industrial Realty (NYSE:REXR - Get Free Report) last issued its quarterly earnings results on Thursday, October 22nd. The real estate investment trust reported $0.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.60 by ($0.53). The business had revenue of $239.10 million for the quarter, compared to analysts' expectations of $232.95 million. Rexford Industrial Realty had a negative net margin of 47.15% and a negative return on equity of 5.72%. The company's revenue was down 5.6% on a year-over-year basis. During the same period last year, the business earned $0.60 earnings per share. As a group, equities analysts predict that Rexford Industrial Realty, Inc. will post 2.42 earnings per share for the current year.

Rexford Industrial Realty Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be issued a dividend of $0.4350 per share. This represents a $1.74 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Thursday, December 31st. Rexford Industrial Realty's dividend payout ratio (DPR) is presently -82.46%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Scotiabank raised their price objective on Rexford Industrial Realty from $40.00 to $42.00 and gave the company a "sector outperform" rating in a research note on Friday, October 30th. Mizuho raised Rexford Industrial Realty from a "neutral" rating to an "outperform" rating and boosted their target price for the company from $38.00 to $41.00 in a research note on Tuesday, October 13th. Cantor Fitzgerald lowered their target price on Rexford Industrial Realty from $45.00 to $44.00 and set an "overweight" rating for the company in a research note on Monday, October 26th. Wall Street Zen upgraded Rexford Industrial Realty from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Barclays reduced their price target on Rexford Industrial Realty from $40.00 to $36.00 and set an "underweight" rating on the stock in a research report on Thursday, July 16th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $41.33.

Rexford Industrial Realty 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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