Rexford Industrial Realty (NYSE:REXR) Price Target Cut to $40.00 by Analysts at Citigroup

Rexford Industrial Realty (NYSE:REXR) had its target price cut by analysts at Citigroup from $42.00 to $40.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Citigroup‘s price target suggests a potential upside of 4.40% from the company’s current price.

Several other brokerages also recently issued reports on REXR. Mizuho raised shares of Rexford Industrial Realty from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $38.00 to $41.00 in a research note on Tuesday, October 13th. BNP Paribas Exane raised their target price on Rexford Industrial Realty from $38.00 to $41.00 and gave the stock a “hold” rating in a research report on Monday. Truist Financial raised their target price on Rexford Industrial Realty from $38.00 to $39.00 and gave the stock a “buy” rating in a research report on Monday, October 12th. Evercore reiterated an “outperform” rating on shares of Rexford Industrial Realty in a report on Monday, July 27th. Finally, Barclays dropped their price target on Rexford Industrial Realty from $40.00 to $36.00 and set an “underweight” rating on the stock in a research report on Thursday, July 16th. Seven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Rexford Industrial Realty presently has an average rating of “Hold” and a consensus price target of $40.73.

Rexford Industrial Realty Trading Up 3.2%

Shares of Rexford Industrial Realty stock traded up $1.19 during trading on Thursday, hitting $38.32. The stock had a trading volume of 2,645,685 shares, compared to its average volume of 2,629,035. Rexford Industrial Realty has a 1 year low of $32.14 and a 1 year high of $42.41. The stock has a 50 day simple moving average of $37.37 and a 200 day simple moving average of $36.48. The company has a quick ratio of 1.70, a current ratio of 4.08 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $8.54 billion, a PE ratio of -18.16 and a beta of 1.18.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings results on Thursday, October 22nd. The real estate investment trust reported $0.07 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.53). Rexford Industrial Realty had a negative net margin of 47.15% and a negative return on equity of 5.72%. The firm had revenue of $239.10 million during the quarter, compared to analysts’ expectations of $232.95 million. During the same quarter last year, the company posted $0.60 EPS. The firm’s revenue was down 5.6% compared to the same quarter last year. On average, research analysts expect that Rexford Industrial Realty will post 2.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Rexford Industrial Realty

Hedge funds and other institutional investors have recently made changes to their positions in the business. Elevation Wealth Partners LLC increased its stake in shares of Rexford Industrial Realty by 125.8% in the third quarter. Elevation Wealth Partners LLC now owns 700 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 390 shares during the period. Root Financial Partners LLC acquired a new position in shares of Rexford Industrial Realty during the 3rd quarter worth about $35,000. Allworth Financial LP bought a new stake in Rexford Industrial Realty during the 2nd quarter valued at approximately $33,000. Cassaday & Co Wealth Management LLC bought a new stake in Rexford Industrial Realty during the 1st quarter valued at approximately $33,000. Finally, Caitlin John LLC bought a new stake in Rexford Industrial Realty during the 2nd quarter valued at approximately $36,000. 99.52% of the stock is owned by institutional investors and hedge funds.

About Rexford Industrial Realty

Rexford Industrial Realty, Inc (NYSE: REXR) is a publicly traded real estate investment trust focused on owning, operating and acquiring industrial properties. Its portfolio primarily consists of infill logistics, warehouse, distribution and manufacturing facilities that support supply-chain and business operations.

The company concentrates exclusively on Southern California, including the Los Angeles, Orange County, San Diego and Inland Empire industrial markets. Rexford seeks to benefit from the region’s established transportation infrastructure, large consumer base and constrained supply of well-located industrial real estate.

Rexford Industrial Realty became a publicly traded company in 2013.