Principal Financial Group Inc. Sells 1,759,562 Shares of Rexford Industrial Realty, Inc. (NYSE:REXR)

Principal Financial Group Inc. reduced its position in shares of Rexford Industrial Realty, Inc. (NYSE:REXR - Free Report) by 14.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,711,760 shares of the real estate investment trust's stock after selling 1,759,562 shares during the quarter. Principal Financial Group Inc. owned 4.92% of Rexford Industrial Realty worth $538,904,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. M&G PLC raised its holdings in shares of Rexford Industrial Realty by 24.0% in the 3rd quarter. M&G PLC now owns 935,892 shares of the real estate investment trust's stock valued at $46,795,000 after purchasing an additional 180,940 shares during the period. Catalyst Capital Advisors LLC acquired a new position in Rexford Industrial Realty during the third quarter worth approximately $129,000. Impax Asset Management Group plc bought a new stake in Rexford Industrial Realty in the third quarter valued at approximately $667,000. Asset Management One Co. Ltd. lifted its position in shares of Rexford Industrial Realty by 15.8% in the third quarter. Asset Management One Co. Ltd. now owns 471,682 shares of the real estate investment trust's stock valued at $23,730,000 after buying an additional 64,264 shares during the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of Rexford Industrial Realty by 15.8% during the 3rd quarter. Van ECK Associates Corp now owns 100,722 shares of the real estate investment trust's stock worth $5,067,000 after acquiring an additional 13,709 shares during the period. Institutional investors and hedge funds own 99.52% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on REXR. Bank of America cut shares of Rexford Industrial Realty from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $66.00 to $49.00 in a research report on Monday, October 21st. Wells Fargo & Company lowered their price target on shares of Rexford Industrial Realty from $66.00 to $61.00 and set an "overweight" rating on the stock in a report on Wednesday, August 28th. Truist Financial upped their target price on Rexford Industrial Realty from $50.00 to $54.00 and gave the company a "buy" rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. boosted their price target 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. Finally, Scotiabank downgraded shares of Rexford Industrial Realty from a "sector outperform" rating to a "sector perform" rating and decreased their price target for the company from $55.00 to $48.00 in a research note on Friday, October 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. Based on data from MarketBeat.com, Rexford Industrial Realty has an average rating of "Hold" and a consensus target price of $51.45.

Rexford Industrial Realty Price Performance

NYSE:REXR traded down $0.11 on Thursday, hitting $42.59. The company had a trading volume of 1,040,531 shares, compared to its average volume of 1,724,145. Rexford Industrial Realty, Inc. has a 52 week low of $41.89 and a 52 week high of $58.02. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $9.47 billion, a price-to-earnings ratio of 34.72, a PEG ratio of 2.06 and a beta of 0.94. The firm has a 50 day moving average of $48.07 and a two-hundred day moving average of $47.09.

Rexford Industrial Realty (NYSE:REXR - Get Free Report) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 EPS 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 the consensus estimate of $235.81 million. Rexford Industrial Realty had a net margin of 30.40% and a return on equity of 3.35%. The business's revenue was up 17.7% compared to the same quarter last year. During the same period last year, the company posted $0.56 EPS. On average, research analysts anticipate that Rexford Industrial Realty, Inc. will post 2.34 earnings per share for the current year.

Rexford Industrial Realty Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date is Tuesday, December 31st. Rexford Industrial Realty's payout ratio is currently 135.77%.

Insider Buying and Selling at Rexford Industrial Realty

In other Rexford Industrial Realty news, CFO Laura E. Clark sold 14,185 shares of the company's stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total value of $711,377.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.20% 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.