Scotiabank Downgrades Rexford Industrial Realty (NYSE:REXR) to Sector Perform

Scotiabank downgraded shares of Rexford Industrial Realty (NYSE:REXR - Free Report) from a sector outperform rating to a sector perform rating in a report issued on Friday morning, MarketBeat reports. The brokerage currently has $48.00 target price on the real estate investment trust's stock, down from their prior target price of $55.00.

Several other research analysts have also recently commented on the company. StockNews.com cut Rexford Industrial Realty from a "hold" rating to a "sell" rating in a research report on Monday. Wells Fargo & Company decreased their target price on shares of Rexford Industrial Realty from $66.00 to $61.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 28th. Truist Financial increased their price target on shares of Rexford Industrial Realty from $50.00 to $54.00 and gave the stock a "buy" rating in a research report on Tuesday, July 30th. Bank of America downgraded Rexford Industrial Realty from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $66.00 to $49.00 in a report on Monday. Finally, JPMorgan Chase & Co. upped their price objective on Rexford Industrial Realty from $47.00 to $52.00 and gave the company a "neutral" rating in a research note on Thursday, July 25th. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Rexford Industrial Realty has an average rating of "Hold" and a consensus target price of $51.45.

Rexford Industrial Realty Stock Performance

Shares of NYSE:REXR traded down $1.23 on Friday, hitting $43.35. 1,849,378 shares of the company were exchanged, compared to its average volume of 1,717,407. The company's 50 day moving average price is $49.50 and its two-hundred day moving average price is $47.24. The firm has a market capitalization of $9.44 billion, a price-to-earnings ratio of 40.90, a PEG ratio of 2.13 and a beta of 0.93. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.73 and a current ratio of 1.20. Rexford Industrial Realty has a one year low of $41.56 and a one year high of $58.02.

Rexford Industrial Realty (NYSE:REXR - Get Free Report) last released its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share for the quarter, missing analysts' consensus estimates of $0.58 by ($0.28). The firm had revenue of $241.84 million for the quarter, compared to analyst estimates of $235.81 million. Rexford Industrial Realty had a return on equity of 3.35% and a net margin of 30.40%. The firm's quarterly revenue was up 17.7% compared to the same quarter last year. During the same period last year, the business earned $0.56 earnings per share. Research analysts expect that Rexford Industrial Realty will post 2.34 earnings per share for the current year.

Rexford Industrial Realty Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $0.4175 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.85%. Rexford Industrial Realty's dividend payout ratio is 153.21%.

Insider Buying and Selling

In other news, CFO Laura E. Clark sold 14,185 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total transaction of $711,377.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rexford Industrial Realty

Large investors have recently made changes to their positions in the company. Capital International Investors lifted its holdings in Rexford Industrial Realty by 687.7% in the first quarter. Capital International Investors now owns 19,590,676 shares of the real estate investment trust's stock valued at $985,411,000 after buying an additional 17,103,653 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Rexford Industrial Realty by 26.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,933,431 shares of the real estate investment trust's stock valued at $1,002,654,000 after purchasing an additional 4,197,907 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of Rexford Industrial Realty by 262.7% in the 1st quarter. Canada Pension Plan Investment Board now owns 2,237,288 shares of the real estate investment trust's stock worth $112,536,000 after purchasing an additional 1,620,378 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Rexford Industrial Realty by 38.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,907,560 shares of the real estate investment trust's stock worth $129,648,000 after purchasing an additional 800,137 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Rexford Industrial Realty by 2.6% during the first quarter. Vanguard Group Inc. now owns 29,734,952 shares of the real estate investment trust's stock worth $1,495,668,000 after purchasing an additional 753,098 shares during the period. Institutional investors and hedge funds own 99.52% of the company's stock.

About Rexford Industrial Realty

Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities.