Rexford Industrial Realty Inc (REXR) Receives Consensus Recommendation of “Buy” from Analysts
Rexford Industrial Realty Inc (NASDAQ:REXR) has been assigned an average rating of “Buy” from the nine research firms that are covering the company, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $30.63.
A number of research firms have recently issued reports on REXR. Jefferies Group LLC reiterated a “buy” rating and issued a $34.00 target price (up previously from $32.00) on shares of Rexford Industrial Realty in a research note on Thursday, August 24th. National Securities raised Rexford Industrial Realty from a “hold” rating to a “buy” rating and boosted their target price for the stock from $23.00 to $32.00 in a report on Tuesday, August 29th. Zacks Investment Research upgraded Rexford Industrial Realty from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research report on Tuesday, August 22nd. BidaskClub lowered Rexford Industrial Realty from a “buy” rating to a “hold” rating in a research report on Wednesday, September 20th. Finally, FBR & Co raised their price target on Rexford Industrial Realty from $26.00 to $27.00 and gave the company a “mkt perform” rating in a report on Tuesday, August 8th.
Hedge funds have recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Rexford Industrial Realty by 1,607.5% during the first quarter. BlackRock Inc. now owns 5,832,562 shares of the company’s stock valued at $131,347,000 after purchasing an additional 5,490,976 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Rexford Industrial Realty by 16.2% in the second quarter. Vanguard Group Inc. now owns 9,200,033 shares of the company’s stock valued at $252,449,000 after purchasing an additional 1,282,548 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Rexford Industrial Realty by 191.9% in the second quarter. Renaissance Technologies LLC now owns 673,300 shares of the company’s stock valued at $18,475,000 after purchasing an additional 442,600 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Rexford Industrial Realty by 40.2% in the second quarter. Russell Investments Group Ltd. now owns 1,442,941 shares of the company’s stock valued at $39,568,000 after purchasing an additional 413,653 shares in the last quarter. Finally, Loomis Sayles & Co. L P acquired a new stake in shares of Rexford Industrial Realty in the first quarter valued at approximately $8,304,000.
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Rexford Industrial Realty (NASDAQ:REXR) traded down 0.17% during mid-day trading on Wednesday, reaching $29.17. The company had a trading volume of 17,118 shares. The stock has a market capitalization of $2.07 billion and a price-to-earnings ratio of 62.46. Rexford Industrial Realty has a 52-week low of $20.05 and a 52-week high of $30.60. The company’s 50 day moving average is $29.41 and its 200 day moving average is $26.98.
Rexford Industrial Realty (NASDAQ:REXR) last released its quarterly earnings results on Tuesday, August 1st. The company reported $0.23 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.23. The firm had revenue of $36.78 million for the quarter, compared to analyst estimates of $36.75 million. Rexford Industrial Realty had a net margin of 53.98% and a return on equity of 7.84%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.22 earnings per share. Equities analysts predict that Rexford Industrial Realty will post $0.36 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be given a $0.145 dividend. This represents a $0.58 annualized dividend and a yield of 1.98%. The ex-dividend date is Thursday, September 28th.
Rexford Industrial Realty Company Profile
Rexford Industrial Realty, Inc is a self-administered and self-managed full-service real estate investment trust (REIT). The Company is focused on owning, operating and acquiring industrial properties in Southern California infill markets. Rexford Industrial Realty, L.P. is the operating partnership of the Company.
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