JPMorgan Chase & Co. Boosts Rexford Industrial Realty (NYSE:REXR) Price Target to $52.00

Rexford Industrial Realty (NYSE:REXR) had its price target raised by JPMorgan Chase & Co. from $47.00 to $52.00 in a report issued on Thursday, Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

A number of other equities analysts also recently commented on the stock. Truist Financial dropped their target price on shares of Rexford Industrial Realty from $53.00 to $50.00 and set a buy rating on the stock in a research note on Thursday, May 2nd. Evercore ISI initiated coverage on shares of Rexford Industrial Realty in a research note on Wednesday, July 10th. They issued an outperform rating and a $54.00 target price on the stock. Scotiabank lowered their price target on shares of Rexford Industrial Realty from $55.00 to $51.00 and set a sector outperform rating for the company in a research report on Thursday, May 16th. Barclays increased their target price on shares of Rexford Industrial Realty from $45.00 to $46.00 and gave the company an underweight rating in a research report on Tuesday, April 23rd. Finally, Robert W. Baird decreased their target price on shares of Rexford Industrial Realty from $57.00 to $49.00 and set a neutral rating for the company in a research report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $52.30.

Rexford Industrial Realty Stock Performance

Shares of NYSE:REXR opened at $48.16 on Thursday. The company has a market capitalization of $10.57 billion, a price-to-earnings ratio of 44.18, a PEG ratio of 2.00 and a beta of 0.92. Rexford Industrial Realty has a 12 month low of $41.56 and a 12 month high of $58.02. The firm’s 50-day moving average is $45.77 and its 200 day moving average is $48.56. The company has a current ratio of 1.73, a quick ratio of 3.21 and a debt-to-equity ratio of 0.41.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.37 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.21). The firm had revenue of $237.60 million for the quarter, compared to the consensus estimate of $227.70 million. Rexford Industrial Realty had a net margin of 30.71% and a return on equity of 3.31%. The business’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.54 earnings per share. Research analysts predict that Rexford Industrial Realty will post 2.34 EPS for the current year.

Rexford Industrial Realty Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $0.4175 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.47%. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.42. Rexford Industrial Realty’s dividend payout ratio is presently 153.21%.

Institutional Trading of Rexford Industrial Realty

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State of Michigan Retirement System grew its position in Rexford Industrial Realty by 1.2% during the second quarter. State of Michigan Retirement System now owns 52,382 shares of the real estate investment trust’s stock valued at $2,336,000 after buying an additional 600 shares during the period. Bank of New York Mellon Corp grew its position in Rexford Industrial Realty by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 1,979,362 shares of the real estate investment trust’s stock valued at $88,260,000 after buying an additional 58,167 shares during the period. First Heartland Consultants Inc. acquired a new stake in Rexford Industrial Realty during the second quarter valued at $1,128,000. Raymond James Trust N.A. purchased a new position in Rexford Industrial Realty during the second quarter valued at $326,000. Finally, Retirement Systems of Alabama lifted its holdings in Rexford Industrial Realty by 25.1% during the second quarter. Retirement Systems of Alabama now owns 586,903 shares of the real estate investment trust’s stock valued at $26,170,000 after purchasing an additional 117,857 shares in the last quarter. Institutional investors and hedge funds own 99.52% 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.