Retirement Systems of Alabama Boosts Stock Holdings in Rexford Industrial Realty, Inc. (NYSE:REXR)

Retirement Systems of Alabama lifted its holdings in shares of Rexford Industrial Realty, Inc. (NYSE:REXR) by 1.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 468,787 shares of the real estate investment trust’s stock after buying an additional 6,621 shares during the quarter. Retirement Systems of Alabama’s holdings in Rexford Industrial Realty were worth $26,299,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of REXR. Principal Financial Group Inc. boosted its position in shares of Rexford Industrial Realty by 0.3% in the third quarter. Principal Financial Group Inc. now owns 13,579,313 shares of the real estate investment trust’s stock valued at $670,137,000 after acquiring an additional 46,811 shares during the period. Invesco Ltd. increased its holdings in shares of Rexford Industrial Realty by 1.9% in the third quarter. Invesco Ltd. now owns 6,484,017 shares of the real estate investment trust’s stock worth $319,986,000 after purchasing an additional 120,596 shares during the period. Schroder Investment Management Group raised its position in shares of Rexford Industrial Realty by 0.5% in the third quarter. Schroder Investment Management Group now owns 2,582,529 shares of the real estate investment trust’s stock worth $127,448,000 after buying an additional 12,327 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Rexford Industrial Realty by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,368,955 shares of the real estate investment trust’s stock worth $116,908,000 after buying an additional 93,050 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Rexford Industrial Realty by 0.4% during the third quarter. Bank of New York Mellon Corp now owns 2,034,769 shares of the real estate investment trust’s stock valued at $100,416,000 after buying an additional 8,238 shares during the period. 99.52% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

REXR has been the topic of several recent analyst reports. TheStreet raised Rexford Industrial Realty from a “c+” rating to a “b-” rating in a report on Thursday, February 1st. Barclays upped their target price on Rexford Industrial Realty from $45.00 to $46.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 23rd. Mizuho restated a “neutral” rating and issued a $52.00 price objective on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. Truist Financial reduced their target price on shares of Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating on the stock in a report on Tuesday, April 16th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $61.00 price target (up from $53.00) on shares of Rexford Industrial Realty in a research note on Friday, January 5th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $54.73.

Rexford Industrial Realty Price Performance

Shares of NYSE REXR opened at $43.40 on Tuesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.21 and a current ratio of 3.21. The company has a 50 day simple moving average of $49.11 and a two-hundred day simple moving average of $50.40. Rexford Industrial Realty, Inc. has a fifty-two week low of $41.56 and a fifty-two week high of $58.02. The company has a market capitalization of $9.45 billion, a price-to-earnings ratio of 39.82, a P/E/G ratio of 1.90 and a beta of 0.86.

Rexford Industrial Realty (NYSE:REXR) last issued its earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.30). The firm had revenue of $214.10 million during the quarter, compared to the consensus estimate of $207.39 million. Rexford Industrial Realty had a return on equity of 3.04% and a net margin of 28.84%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.52 EPS. Analysts expect that Rexford Industrial Realty, Inc. will post 2.33 EPS for the current fiscal year.

Rexford Industrial Realty Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.417 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date is Friday, June 28th. Rexford Industrial Realty’s payout ratio is 153.21%.

Insider Transactions at Rexford Industrial Realty

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $52.69, for a total value of $954,373.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.10% of the company’s stock.

About Rexford Industrial Realty

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.