Rexford Industrial Realty (NYSE:REXR) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a research note issued on Thursday, Zacks.com reports. The firm presently has a $62.00 target price on the real estate investment trust's stock. Zacks Investment Research's target price would suggest a potential upside of 15.39% from the company's previous close.
According to Zacks, "Rexford Industrial Realty, Inc. is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. Rexford Industrial Realty, Inc. is based in Los Angeles, California. "
Separately, TheStreet raised shares of Rexford Industrial Realty from a "c+" rating to a "b-" rating in a research report on Friday, March 26th.
Shares of REXR opened at $53.73 on Thursday. Rexford Industrial Realty has a one year low of $35.68 and a one year high of $57.23. The stock has a 50-day moving average price of $53.02 and a 200 day moving average price of $49.72. The company has a debt-to-equity ratio of 0.32, a quick ratio of 6.46 and a current ratio of 6.45. The company has a market capitalization of $7.20 billion, a P/E ratio of 92.64, a P/E/G ratio of 5.10 and a beta of 0.59.
Rexford Industrial Realty (NYSE:REXR) last released its earnings results on Tuesday, April 20th. The real estate investment trust reported $0.12 EPS for the quarter, beating the Thomson Reuters' consensus estimate of $0.09 by $0.03. The company had revenue of $99.80 million during the quarter, compared to analysts' expectations of $99.71 million. Rexford Industrial Realty had a return on equity of 3.14% and a net margin of 26.29%. The business's revenue was up 28.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.33 EPS. As a group, equities research analysts forecast that Rexford Industrial Realty will post 1.31 earnings per share for the current fiscal year.
In other news, CEO Michael S. Frankel sold 6,195 shares of the company's stock in a transaction that occurred on Wednesday, April 28th. The stock was sold at an average price of $55.54, for a total transaction of $344,070.30. Following the completion of the transaction, the chief executive officer now directly owns 55,170 shares of the company's stock, valued at $3,064,141.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Howard Schwimmer sold 77,670 shares of the stock in a transaction that occurred on Monday, April 26th. The stock was sold at an average price of $55.26, for a total value of $4,292,044.20. Following the sale, the chief executive officer now owns 55,170 shares in the company, valued at $3,048,694.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 86,675 shares of company stock worth $4,791,620. Insiders own 1.50% of the company's stock.
A number of hedge funds have recently bought and sold shares of the business. JLP Asset Management LLC increased its stake in shares of Rexford Industrial Realty by 28.7% in the fourth quarter. JLP Asset Management LLC now owns 242,300 shares of the real estate investment trust's stock valued at $11,899,000 after purchasing an additional 54,100 shares during the period. PGGM Investments boosted its position in Rexford Industrial Realty by 1.2% during the 4th quarter. PGGM Investments now owns 8,390,819 shares of the real estate investment trust's stock worth $412,073,000 after acquiring an additional 101,000 shares during the period. American International Group Inc. grew its stake in shares of Rexford Industrial Realty by 3.4% in the fourth quarter. American International Group Inc. now owns 237,832 shares of the real estate investment trust's stock worth $11,680,000 after purchasing an additional 7,891 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Rexford Industrial Realty by 4.9% during the first quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the real estate investment trust's stock valued at $1,724,000 after purchasing an additional 1,600 shares during the period. Finally, Hsbc Holdings PLC raised its stake in shares of Rexford Industrial Realty by 54.0% during the fourth quarter. Hsbc Holdings PLC now owns 48,074 shares of the real estate investment trust's stock valued at $2,347,000 after purchasing an additional 16,862 shares in the last quarter. Institutional investors own 98.73% of the company's stock.
About Rexford Industrial Realty
Rexford Industrial Realty, Inc is a self-administered and self-managed real estate investment trust, which engages in owning, operating, and acquiring industrial properties. The company was founded on January 18, 2013 and is headquartered in Los Angeles, CA.
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