The Manufacturers Life Insurance Company Sells 6,764 Shares of Rexford Industrial Realty, Inc. (NYSE:REXR)

The Manufacturers Life Insurance Company reduced its stake in Rexford Industrial Realty, Inc. (NYSE:REXRFree Report) by 2.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 307,406 shares of the real estate investment trust’s stock after selling 6,764 shares during the period. The Manufacturers Life Insurance Company owned about 0.15% of Rexford Industrial Realty worth $17,245,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of REXR. GAMMA Investing LLC purchased a new stake in shares of Rexford Industrial Realty during the fourth quarter worth about $41,000. Principal Securities Inc. purchased a new stake in Rexford Industrial Realty in the 4th quarter worth approximately $96,000. International Assets Investment Management LLC lifted its holdings in Rexford Industrial Realty by 5,510.9% in the 4th quarter. International Assets Investment Management LLC now owns 3,086 shares of the real estate investment trust’s stock worth $173,000 after buying an additional 3,031 shares during the period. Cetera Trust Company N.A bought a new stake in shares of Rexford Industrial Realty in the 4th quarter worth approximately $189,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in shares of Rexford Industrial Realty during the fourth quarter valued at approximately $238,000. Institutional investors own 99.52% of the company’s stock.

Rexford Industrial Realty Stock Performance

Shares of Rexford Industrial Realty stock opened at $44.12 on Monday. The stock has a market cap of $9.61 billion, a price-to-earnings ratio of 40.48, a PEG ratio of 1.78 and a beta of 0.93. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.21 and a quick ratio of 3.21. Rexford Industrial Realty, Inc. has a 1 year low of $41.56 and a 1 year high of $58.02. The firm’s 50-day moving average is $45.13 and its 200 day moving average is $50.26.

Rexford Industrial Realty (NYSE:REXRGet Free Report) last posted its quarterly earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30). The firm had revenue of $214.10 million for the quarter, compared to analysts’ expectations of $207.39 million. Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.04%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 EPS. Sell-side analysts anticipate that Rexford Industrial Realty, Inc. will post 2.34 EPS for the current fiscal year.

Rexford Industrial Realty Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a dividend of $0.417 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Friday, June 28th. Rexford Industrial Realty’s payout ratio is currently 153.21%.

Analysts Set New Price Targets

REXR has been the topic of several recent analyst reports. Truist Financial cut their price target on shares of Rexford Industrial Realty from $53.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Scotiabank cut their target price on shares of Rexford Industrial Realty from $55.00 to $51.00 and set a “sector outperform” rating on the stock in a research note on Thursday, May 16th. Mizuho decreased their price target on shares of Rexford Industrial Realty from $52.00 to $50.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. Wedbush began coverage on Rexford Industrial Realty in a research report on Monday, April 22nd. They set a “neutral” rating and a $45.00 price objective on the stock. Finally, Robert W. Baird decreased their target price on Rexford Industrial Realty from $57.00 to $49.00 and set a “neutral” rating for the company in a research report on Wednesday, May 1st. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Rexford Industrial Realty presently has an average rating of “Hold” and an average target price of $52.82.

Check Out Our Latest Stock Analysis on Rexford Industrial Realty

About Rexford Industrial Realty

(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.

See Also

Institutional Ownership by Quarter for Rexford Industrial Realty (NYSE:REXR)

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