Zacks Investment Research Upgrades Rexford Industrial Realty Inc (REXR) to “Buy”
Rexford Industrial Realty Inc (NASDAQ:REXR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The firm presently has a $25.00 target price on the stock. Zacks Investment Research’s price target indicates a potential upside of 12.11% from the stock’s previous close.
According to Zacks, “Rexford Industrial Realty, Inc. is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. Rexford Industrial Realty, Inc. is based in Los Angeles, California. “
Several other equities research analysts have also recently weighed in on the company. Jefferies Group restated a “buy” rating on shares of Rexford Industrial Realty in a research note on Thursday, August 18th. National Securities restated a “neutral” rating and set a $22.00 target price on shares of Rexford Industrial Realty in a research note on Friday, November 18th. Finally, DA Davidson boosted their target price on Rexford Industrial Realty from $22.06 to $27.00 and gave the stock a “buy” rating in a research note on Friday, August 26th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Rexford Industrial Realty currently has an average rating of “Buy” and a consensus target price of $24.00.
Shares of Rexford Industrial Realty (NASDAQ:REXR) opened at 22.23 on Friday. Rexford Industrial Realty has a 52 week low of $15.14 and a 52 week high of $23.38. The firm has a market cap of $1.46 billion and a PE ratio of 79.11. The stock’s 50 day moving average is $21.45 and its 200-day moving average is $21.50.
Rexford Industrial Realty (NASDAQ:REXR) last posted its earnings results on Wednesday, November 2nd. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.01. The business had revenue of $32.94 million for the quarter, compared to analysts’ expectations of $27.68 million. Rexford Industrial Realty’s revenue for the quarter was up 41.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.20 EPS. On average, equities analysts predict that Rexford Industrial Realty will post $0.87 EPS 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 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date of this dividend is Wednesday, December 28th.
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Large investors have recently modified their holdings of the stock. Thrivent Financial for Lutherans boosted its stake in shares of Rexford Industrial Realty by 3.2% in the second quarter. Thrivent Financial for Lutherans now owns 28,700 shares of the company’s stock worth $605,000 after buying an additional 900 shares in the last quarter. California Public Employees Retirement System raised its position in Rexford Industrial Realty by 0.7% in the third quarter. California Public Employees Retirement System now owns 134,800 shares of the company’s stock worth $3,086,000 after buying an additional 900 shares during the last quarter. Nationwide Fund Advisors raised its position in Rexford Industrial Realty by 1.1% in the third quarter. Nationwide Fund Advisors now owns 87,991 shares of the company’s stock worth $2,014,000 after buying an additional 928 shares during the last quarter. RMR Advisors LLC raised its position in Rexford Industrial Realty by 5.0% in the second quarter. RMR Advisors LLC now owns 21,000 shares of the company’s stock worth $443,000 after buying an additional 1,000 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in Rexford Industrial Realty by 10.0% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 11,266 shares of the company’s stock worth $258,000 after buying an additional 1,025 shares during the last quarter.
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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