Rexford Industrial Realty, Inc. (NYSE:REXR - Get Free Report) shares saw an uptick in trading volume on Friday following a dividend announcement from the company. 1,693,189 shares changed hands during mid-day trading, a decline of 24% from the previous session's volume of 2,221,309 shares.The stock last traded at $35.75 and had previously closed at $35.43.
The newly announced dividend which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 4.66%. The ex-dividend date of this dividend is Tuesday, September 30th. Rexford Industrial Realty's dividend payout ratio is currently 127.41%.
Analysts Set New Price Targets
Several brokerages have recently issued reports on REXR. Scotiabank cut their price target on Rexford Industrial Realty from $39.00 to $37.00 and set a "sector perform" rating on the stock in a research note on Monday, May 12th. Wells Fargo & Company decreased their price objective on Rexford Industrial Realty from $45.00 to $39.00 and set an "overweight" rating for the company in a report on Monday, May 19th. Industrial Alliance Securities set a $38.00 price target on Rexford Industrial Realty in a report on Tuesday, March 25th. Barclays dropped their price target on Rexford Industrial Realty from $38.00 to $35.00 and set an "underweight" rating for the company in a report on Wednesday, April 30th. Finally, Robert W. Baird set a $43.00 price objective on Rexford Industrial Realty in a report on Tuesday, May 6th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $39.82.
Check Out Our Latest Research Report on REXR
Rexford Industrial Realty Trading Up 1.2%
The company has a debt-to-equity ratio of 0.37, a current ratio of 5.59 and a quick ratio of 4.90. The firm's 50 day moving average price is $36.10 and its 200 day moving average price is $37.26. The stock has a market capitalization of $8.74 billion, a P/E ratio of 27.37, a P/E/G ratio of 3.35 and a beta of 1.13.
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 earnings per share for the quarter, topping analysts' consensus estimates of $0.58 by $0.01. The business had revenue of $241.57 million for the quarter, compared to analysts' expectations of $251.72 million. Rexford Industrial Realty had a net margin of 32.04% and a return on equity of 3.62%. The business's revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 earnings per share. As a group, equities research analysts expect that Rexford Industrial Realty, Inc. will post 2.38 earnings per share for the current fiscal year.
Insider Activity at Rexford Industrial Realty
In other Rexford Industrial Realty 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.20% of the stock is owned by insiders.
Institutional Investors Weigh In On Rexford Industrial Realty
Several large investors have recently added to or reduced their stakes in REXR. Massachusetts Financial Services Co. MA increased its position in Rexford Industrial Realty by 130.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 7,751,922 shares of the real estate investment trust's stock worth $303,488,000 after purchasing an additional 4,384,624 shares during the last quarter. Nuveen LLC purchased a new position in Rexford Industrial Realty in the first quarter worth approximately $146,155,000. Rush Island Management LP acquired a new stake in Rexford Industrial Realty during the fourth quarter worth approximately $132,701,000. Norges Bank acquired a new stake in Rexford Industrial Realty during the fourth quarter worth approximately $104,685,000. Finally, Long Pond Capital LP acquired a new position in shares of Rexford Industrial Realty in the 4th quarter valued at $58,595,000. 99.52% of the stock is owned by hedge funds and other institutional investors.
About Rexford Industrial Realty
(
Get Free Report)
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.
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