Rexford Industrial Realty (NYSE:REXR) Sees Unusually-High Trading Volume Following Dividend Announcement

Rexford Industrial Realty, Inc. (NYSE:REXR) shares saw strong trading volume on Friday following a dividend announcement from the company. 1,693,189 shares changed hands during mid-day trading, a decline of 24% from the previous session’s volume of 2,221,309 shares.The stock last traded at $35.75 and had previously closed at $35.43.

The newly announced dividend which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.43 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.72 annualized dividend and a dividend yield of 4.70%. Rexford Industrial Realty’s dividend payout ratio (DPR) is 138.71%.

Wall Street Analysts Forecast Growth

REXR has been the topic of a number of analyst reports. Evercore ISI lowered Rexford Industrial Realty from an “outperform” rating to an “in-line” rating and lowered their price objective for the company from $39.00 to $38.00 in a report on Friday. JPMorgan Chase & Co. lowered their price target on Rexford Industrial Realty from $44.00 to $37.00 and set a “neutral” rating on the stock in a report on Thursday, April 24th. Industrial Alliance Securities set a $38.00 target price on shares of Rexford Industrial Realty in a research note on Tuesday, March 25th. Robert W. Baird set a $43.00 target price on shares of Rexford Industrial Realty in a research note on Tuesday, May 6th. Finally, Wells Fargo & Company lowered their target price on shares of Rexford Industrial Realty from $45.00 to $39.00 and set an “overweight” rating on the stock in a research note on Monday, May 19th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $39.82.

Rexford Industrial Realty Stock Up 3.2%

The business has a fifty day simple moving average of $36.10 and a two-hundred day simple moving average of $37.28. The company has a quick ratio of 4.90, a current ratio of 5.59 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $8.65 billion, a price-to-earnings ratio of 27.08, a P/E/G ratio of 3.25 and a beta of 1.13.

Rexford Industrial Realty (NYSE:REXR) last issued its earnings results on Wednesday, July 16th. The real estate investment trust reported $0.59 EPS for the quarter, beating the consensus estimate of $0.58 by $0.01. The company had revenue of $241.57 million for the quarter, compared to the consensus estimate of $251.72 million. Rexford Industrial Realty had a net margin of 32.04% and a return on equity of 3.62%. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.60 EPS. Equities analysts expect that Rexford Industrial Realty, Inc. will post 2.38 EPS for the current year.

Hedge Funds Weigh In On Rexford Industrial Realty

Large investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Rexford Industrial Realty by 403.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 690 shares of the real estate investment trust’s stock valued at $27,000 after acquiring an additional 553 shares during the period. MassMutual Private Wealth & Trust FSB lifted its position in Rexford Industrial Realty by 332.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 736 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 566 shares during the period. Bessemer Group Inc. lifted its position in Rexford Industrial Realty by 118.4% during the 1st quarter. Bessemer Group Inc. now owns 747 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 405 shares during the period. Private Trust Co. NA lifted its position in Rexford Industrial Realty by 95.6% during the 1st quarter. Private Trust Co. NA now owns 757 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 370 shares during the period. Finally, Quantbot Technologies LP acquired a new position in Rexford Industrial Realty during the 4th quarter valued at about $33,000. 99.52% of the stock is currently owned by institutional investors and hedge funds.

About Rexford Industrial Realty

Rexford Industrial Realty, Inc is a self-administered and self-managed real estate investment trust, which engages in owning and operating industrial properties in infill markets. The company was founded by Richard S. Ziman on January 18, 2013 and is headquartered in Los Angeles, CA.