Rexford Industrial Realty, Inc. (NYSE:REXR) Short Interest Down 19.5% in October

by · The Cerbat Gem

Rexford Industrial Realty, Inc. (NYSE:REXR – Get Free Report) was the target of a significant decline in short interest during the month of October. As of October 15th, there was short interest totalling 5,130,000 shares, a decline of 19.5% from the September 30th total of 6,370,000 shares. Based on an average daily trading volume, of 1,580,000 shares, the short-interest ratio is presently 3.2 days.

Analysts Set New Price Targets

Several brokerages have commented on REXR. Evercore ISI reaffirmed an “outperform” rating on shares of Rexford Industrial Realty in a research note on Friday, October 18th. Bank of America downgraded shares of Rexford Industrial Realty from a “buy” rating to a “neutral” rating and lowered their target price for the company from $66.00 to $49.00 in a research note on Monday, October 21st. StockNews.com downgraded shares of Rexford Industrial Realty from a “hold” rating to a “sell” rating in a research note on Monday, October 21st. JPMorgan Chase & Co. upped their target price on shares of 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, Industrial Alliance Securities set a $55.00 target price on shares of Rexford Industrial Realty in a research note on Friday, October 18th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $51.45.

Get Our Latest Analysis on Rexford Industrial Realty

Insider Buying and Selling

In related news, CFO Laura E. Clark sold 14,185 shares of the business’s 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.20% of the stock is currently owned by insiders.

Institutional Trading of Rexford Industrial Realty

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. M&G Plc bought a new position in shares of Rexford Industrial Realty in the first quarter valued at about $33,644,000. Magnetar Financial LLC bought a new position in Rexford Industrial Realty during the first quarter worth about $1,671,000. Vanguard Group Inc. increased its position in 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 acquiring an additional 753,098 shares during the period. DekaBank Deutsche Girozentrale increased its position in Rexford Industrial Realty by 23.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 62,445 shares of the real estate investment trust’s stock worth $3,089,000 after acquiring an additional 12,006 shares during the period. Finally, Russell Investments Group Ltd. increased its position in Rexford Industrial Realty by 32.8% during the first quarter. Russell Investments Group Ltd. now owns 159,845 shares of the real estate investment trust’s stock worth $8,040,000 after acquiring an additional 39,524 shares during the period. 99.52% of the stock is owned by institutional investors.

Rexford Industrial Realty Stock Up 2.1 %

REXR traded up $0.90 during trading hours on Monday, hitting $44.25. 2,137,178 shares of the company’s stock were exchanged, compared to its average volume of 1,719,424. Rexford Industrial Realty has a 1-year low of $41.68 and a 1-year high of $58.02. The stock’s 50-day moving average is $49.36 and its two-hundred day moving average is $47.18. The stock has a market cap of $9.64 billion, a price-to-earnings ratio of 40.48, a PEG ratio of 2.07 and a beta of 0.93. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.40.

Rexford Industrial Realty (NYSE:REXR – Get Free Report) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.28). Rexford Industrial Realty had a return on equity of 3.35% and a net margin of 30.40%. The business had revenue of $241.84 million for the quarter, compared to analyst estimates of $235.81 million. During the same quarter in the previous year, the company posted $0.56 EPS. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. Sell-side analysts predict that Rexford Industrial Realty will post 2.34 earnings per share for the current fiscal year.

Rexford Industrial Realty Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 3.77%. The ex-dividend date is Tuesday, December 31st. Rexford Industrial Realty’s dividend payout ratio (DPR) is currently 153.21%.

Rexford Industrial Realty Company Profile

(Get Free Report)

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.

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