PNC Financial Services Group Inc. Grows Position in Rexford Industrial Realty, Inc. (NYSE:REXR)

PNC Financial Services Group Inc. grew its stake in shares of Rexford Industrial Realty, Inc. (NYSE:REXR) by 70.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,067 shares of the real estate investment trust’s stock after buying an additional 4,155 shares during the period. PNC Financial Services Group Inc.’s holdings in Rexford Industrial Realty were worth $394,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA increased its position in Rexford Industrial Realty by 130.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 7,751,922 shares of the real estate investment trust’s stock worth $303,488,000 after buying an additional 4,384,624 shares in the last quarter. Rush Island Management LP purchased a new position in Rexford Industrial Realty during the fourth quarter worth $132,701,000. Northern Trust Corp increased its position in Rexford Industrial Realty by 94.3% during the fourth quarter. Northern Trust Corp now owns 3,104,624 shares of the real estate investment trust’s stock worth $120,025,000 after buying an additional 1,506,779 shares in the last quarter. Bank of New York Mellon Corp increased its position in Rexford Industrial Realty by 0.7% during the first quarter. Bank of New York Mellon Corp now owns 1,789,826 shares of the real estate investment trust’s stock worth $70,072,000 after buying an additional 12,764 shares in the last quarter. Finally, Long Pond Capital LP purchased a new stake in shares of Rexford Industrial Realty in the fourth quarter valued at $58,595,000. Hedge funds and other institutional investors own 99.52% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on REXR shares. JPMorgan Chase & Co. lowered their price objective on Rexford Industrial Realty from $44.00 to $37.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Wells Fargo & Company lowered their price objective on Rexford Industrial Realty from $45.00 to $39.00 and set an “overweight” rating for the company in a research report on Monday, May 19th. Robert W. Baird set a $43.00 price objective on Rexford Industrial Realty in a research report on Tuesday, May 6th. Scotiabank lowered their price objective on Rexford Industrial Realty from $39.00 to $37.00 and set a “sector perform” rating for the company in a research report on Monday, May 12th. Finally, Truist Financial lowered their price objective on Rexford Industrial Realty from $44.00 to $37.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $39.82.

Insider Activity at Rexford Industrial Realty

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 26,449 shares of the business’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $36.87, for a total transaction of $975,174.63. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.20% of the stock is currently owned by corporate insiders.

Rexford Industrial Realty Price Performance

Shares of Rexford Industrial Realty stock opened at $37.81 on Friday. Rexford Industrial Realty, Inc. has a twelve month low of $29.68 and a twelve month high of $52.61. The stock has a market capitalization of $8.95 billion, a P/E ratio of 28.01, a PEG ratio of 4.22 and a beta of 1.10. The company has a current ratio of 5.59, a quick ratio of 5.59 and a debt-to-equity ratio of 0.37. The business’s fifty day moving average price is $36.79 and its 200 day moving average price is $37.01.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.01. The company had revenue of $241.57 million for the quarter, compared to analysts’ expectations of $251.72 million. Rexford Industrial Realty had a return on equity of 3.62% and a net margin of 32.04%. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.60 earnings per share. As a group, research analysts anticipate that Rexford Industrial Realty, Inc. will post 2.38 earnings per share for the current year.

Rexford Industrial Realty Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be paid a dividend of $0.43 per share. This represents a $1.72 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Tuesday, September 30th. Rexford Industrial Realty’s payout ratio is currently 127.41%.

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.