Rexford Industrial Realty (NYSE:REXR) Shares Gap Up - Here's What Happened

Key Points

• Rexford Industrial Realty's shares saw a noticeable increase, opening at $42.25 after closing at $40.01, with a trading volume of around 1.98 million shares.
• Analysts have downgraded Rexford's ratings, with Barclays and Evercore ISI reducing their price targets, while Scotiabank and Truist Financial made slight adjustments to their targets, reflecting a mix of opinions on the stock.
• The company will distribute a quarterly dividend of $0.43 per share on October 15th, representing a 4.1% yield, despite a high dividend payout ratio of 127.41%.

Rexford Industrial Realty, Inc. (NYSE:REXR - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $40.01, but opened at $42.25. Rexford Industrial Realty shares last traded at $42.15, with a volume of 1,981,362 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts recently commented on REXR shares. 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 research report on Wednesday, April 30th. Evercore ISI lowered shares of Rexford Industrial Realty from an "outperform" rating to an "in-line" rating and cut their price target for the stock from $39.00 to $38.00 in a report on Friday, July 18th. Scotiabank upped their price target on shares of Rexford Industrial Realty from $37.00 to $40.00 and gave the stock a "sector perform" rating in a research report on Wednesday. Wells Fargo & Company cut 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 report on Monday, May 19th. Finally, Truist Financial boosted their target price on Rexford Industrial Realty from $37.00 to $42.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Rexford Industrial Realty currently has an average rating of "Hold" and an average target price of $40.55.

Rexford Industrial Realty Stock Performance

The stock's fifty day simple moving average is $37.22 and its two-hundred day simple moving average is $36.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 5.59 and a current ratio of 5.59. The company has a market cap of $9.92 billion, a price-to-earnings ratio of 31.10, a price-to-earnings-growth ratio of 4.45 and a beta of 1.10.

Rexford Industrial Realty (NYSE:REXR - Get Free Report) last posted its earnings results on Wednesday, July 16th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $241.57 million during the quarter, compared to analyst estimates of $251.72 million. During the same period in the previous year, the business posted $0.60 EPS. Rexford Industrial Realty'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. Equities research analysts anticipate that Rexford Industrial Realty, Inc. will post 2.38 EPS for the current year.

Rexford Industrial Realty Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a dividend yield of 4.1%. The ex-dividend date of this dividend is Tuesday, September 30th. Rexford Industrial Realty's dividend payout ratio is currently 127.41%.

Insider Buying and Selling

In other news, General Counsel David E. Lanzer sold 26,449 shares of the 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 accessible through this link. 1.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of REXR. Vanguard Group Inc. grew its stake in shares of Rexford Industrial Realty by 5.7% in the second quarter. Vanguard Group Inc. now owns 32,460,761 shares of the real estate investment trust's stock valued at $1,154,629,000 after buying an additional 1,749,685 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Rexford Industrial Realty by 1.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 27,443,472 shares of the real estate investment trust's stock valued at $1,074,413,000 after acquiring an additional 445,743 shares during the last quarter. State Street Corp boosted its holdings in shares of Rexford Industrial Realty by 4.9% during the 2nd quarter. State Street Corp now owns 11,906,613 shares of the real estate investment trust's stock worth $428,509,000 after buying an additional 556,810 shares in the last quarter. Soroban Capital Partners LP boosted its holdings in shares of Rexford Industrial Realty by 57.2% during the 2nd quarter. Soroban Capital Partners LP now owns 9,191,038 shares of the real estate investment trust's stock worth $326,925,000 after buying an additional 3,344,677 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of 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 period. Institutional investors own 99.52% 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 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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