Rexford Industrial Realty’s (REXR) “Neutral” Rating Reaffirmed at National Securities
Rexford Industrial Realty Inc (NASDAQ:REXR)‘s stock had its “neutral” rating reaffirmed by equities research analysts at National Securities in a research note issued to investors on Friday. They presently have a $22.00 price target on the stock. National Securities’ target price points to a potential upside of 3.14% from the company’s previous close.
The analysts wrote, “REXR 3Q16 Earnings Recap. Southern California remains one of the tightest industrial markets in the country, with occupancy rates approaching 100% in several core sub-markets and it’s already highest asking rents in the nation only expected to increase further, the high demand/low supply dynamic that exists is unlike any other in the country. REXR, cognizant of the market dynamics of late has been aggressively growing its portfolio, which at 14.5mln square feet is up 31.7% Y/Y, besting similarly sized competitors. Despite the unique market dynamics present in its geographic region, the sizeable valuation premiums currently ascribed to the shares seem to accurately account for them. Its 24.41x P/FFO is at a 31.3% premium to the 18.58x sector median and its 1.06x P/NAV value is at a 8.39% premium to the 0.97x sector average. Though we are fundamentally positive on the industrial REIT sector as a whole and recognize the unique environment REXR operates in, the shares are already trading at significant premiums to its peers, incorporating the effect of those market dynamics. As such, we are maintaining our Neutral rating and $22.00 price target.
A number of other brokerages also recently commented on REXR. Zacks Investment Research downgraded shares of Rexford Industrial Realty from a “hold” rating to a “sell” rating in a report on Thursday, October 20th. DA Davidson reaffirmed a “buy” rating and issued a $27.00 price target on shares of Rexford Industrial Realty in a report on Wednesday, November 9th. Finally, Jefferies Group reaffirmed a “buy” rating on shares of Rexford Industrial Realty in a report on Thursday, August 18th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $23.50.
Shares of Rexford Industrial Realty (NASDAQ:REXR) traded up 1.55% on Friday, hitting $21.66. The company’s stock had a trading volume of 73,128 shares. The firm has a market cap of $1.42 billion and a price-to-earnings ratio of 77.08. Rexford Industrial Realty has a 52 week low of $15.14 and a 52 week high of $23.38. The stock’s 50-day moving average price is $21.45 and its 200-day moving average price is $21.34.
Rexford Industrial Realty (NASDAQ:REXR) last announced its quarterly earnings results on Wednesday, November 2nd. The company reported $0.22 EPS for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.01. The business earned $32.94 million during the quarter, compared to the consensus estimate of $27.68 million. During the same period in the previous year, the business posted $0.20 EPS. The firm’s revenue was up 41.2% on a year-over-year basis. Equities analysts expect that Rexford Industrial Realty will post $0.87 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 17th. Shareholders of record on Friday, December 30th will be paid a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend is Wednesday, December 28th.
A number of hedge funds have recently made changes to their positions in REXR. BNP Paribas Arbitrage SA increased its stake in shares of Rexford Industrial Realty by 75.6% in the third quarter. BNP Paribas Arbitrage SA now owns 5,060 shares of the company’s stock valued at $116,000 after buying an additional 2,178 shares during the last quarter. Panagora Asset Management Inc. purchased a new stake in shares of Rexford Industrial Realty during the second quarter valued at about $131,000. SG Americas Securities LLC purchased a new stake in shares of Rexford Industrial Realty during the third quarter valued at about $188,000. Teacher Retirement System of Texas increased its stake in shares of Rexford Industrial Realty by 33.2% in the second quarter. Teacher Retirement System of Texas now owns 9,102 shares of the company’s stock valued at $192,000 after buying an additional 2,271 shares during the last quarter. Finally, Neuberger Berman Group LLC purchased a new stake in shares of Rexford Industrial Realty during the third quarter valued at about $204,000.
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. The Company’s consolidated portfolio consisted of approximately 119 properties with over 12.0 million rentable square feet.
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