Rexford Industrial Realty (NYSE:REXR) Sees Large Volume Increase After Dividend Announcement

Rexford Industrial Realty, Inc. (NYSE:REXR - Get Free Report) shares saw unusually-strong trading volume on Friday following a dividend announcement from the company. Approximately 1,693,189 shares traded 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 paid a $0.43 dividend. This represents a $1.72 annualized dividend and a yield of 4.82%. The ex-dividend date is Tuesday, September 30th. Rexford Industrial Realty's dividend payout ratio is currently 138.71%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on REXR. Truist Financial dropped their price objective on Rexford Industrial Realty from $44.00 to $37.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Evercore ISI lowered Rexford Industrial Realty from an "outperform" rating to an "in-line" rating and dropped their price objective for the company from $39.00 to $38.00 in a research note on Friday. Barclays dropped their price objective on Rexford Industrial Realty from $38.00 to $35.00 and set an "underweight" rating for the company in a research note on Wednesday, April 30th. Industrial Alliance Securities set a $38.00 price objective on Rexford Industrial Realty in a research note on Tuesday, March 25th. Finally, JPMorgan Chase & Co. dropped their price objective on Rexford Industrial Realty from $44.00 to $37.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $39.82.

Rexford Industrial Realty Price Performance

The company has a debt-to-equity ratio of 0.37, a current ratio of 4.90 and a quick ratio of 4.90. The company has a market capitalization of $8.44 billion, a PE ratio of 26.43, a PEG ratio of 3.33 and a beta of 1.13. The firm has a 50-day moving average of $36.05 and a 200 day moving average of $37.29.

Rexford Industrial Realty (NYSE:REXR - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $0.59 EPS for the quarter, beating the consensus estimate of $0.58 by $0.01. The company had revenue of $241.57 million for the quarter, compared to analysts' expectations of $251.72 million. Rexford Industrial Realty had a return on equity of 3.66% and a net margin of 32.04%. Rexford Industrial Realty's revenue was up 5.0% compared to the same quarter last year. During the same period last year, the firm posted $0.60 earnings per share. As a group, research analysts anticipate that Rexford Industrial Realty, Inc. will post 2.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Rexford Industrial Realty

Large investors have recently made changes to their positions in the company. Teacher Retirement System of Texas grew its stake in shares of Rexford Industrial Realty by 198.3% during the 1st quarter. Teacher Retirement System of Texas now owns 39,028 shares of the real estate investment trust's stock valued at $1,528,000 after purchasing an additional 25,945 shares during the period. GAMMA Investing LLC grew its stake in shares of Rexford Industrial Realty by 211.2% during 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 period. M&T Bank Corp grew its stake in shares of Rexford Industrial Realty by 1.2% during the 1st quarter. M&T Bank Corp now owns 26,857 shares of the real estate investment trust's stock valued at $1,052,000 after purchasing an additional 317 shares during the period. Bessemer Group Inc. lifted its position in shares of Rexford Industrial Realty by 118.4% during the 1st quarter. Bessemer Group Inc. now owns 747 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 405 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its position in shares of Rexford Industrial Realty by 40.5% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 36,792 shares of the real estate investment trust's stock valued at $1,440,000 after buying an additional 10,603 shares in the last quarter. 99.52% of the stock is currently owned by institutional investors.

About Rexford Industrial Realty

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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