Victory Capital Management Inc. Cuts Stake in Rexford Industrial Realty, Inc. (NYSE:REXR)

Victory Capital Management Inc. reduced its stake in Rexford Industrial Realty, Inc. (NYSE:REXR) by 6.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,069 shares of the real estate investment trust’s stock after selling 2,997 shares during the period. Victory Capital Management Inc.’s holdings in Rexford Industrial Realty were worth $2,167,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in REXR. Ashton Thomas Private Wealth LLC bought a new stake in shares of Rexford Industrial Realty during the 3rd quarter valued at about $1,328,000. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Rexford Industrial Realty in the 3rd quarter worth about $3,034,000. Versor Investments LP lifted its position in Rexford Industrial Realty by 111.4% during the third quarter. Versor Investments LP now owns 14,800 shares of the real estate investment trust’s stock valued at $745,000 after purchasing an additional 7,800 shares during the period. Assetmark Inc. boosted its stake in shares of Rexford Industrial Realty by 19.8% in the 3rd quarter. Assetmark Inc. now owns 5,669 shares of the real estate investment trust’s stock worth $285,000 after buying an additional 938 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc increased its position in shares of Rexford Industrial Realty by 34.7% during the 3rd quarter. AEGON ASSET MANAGEMENT UK Plc now owns 32,596 shares of the real estate investment trust’s stock valued at $1,640,000 after purchasing an additional 8,398 shares during the last quarter. 99.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

REXR has been the topic of a number of recent research reports. Truist Financial decreased their target price on Rexford Industrial Realty from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, November 12th. Wells Fargo & Company reduced their price target on shares of Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 28th. Scotiabank cut Rexford Industrial Realty from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $55.00 to $48.00 in a report on Friday, October 25th. Industrial Alliance Securities set a $55.00 price objective on shares of Rexford Industrial Realty in a research report on Friday, October 18th. Finally, Bank of America lowered shares of Rexford Industrial Realty from a “buy” rating to a “neutral” rating and lowered their target price for the company from $66.00 to $49.00 in a research note on Monday, October 21st. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $51.09.

Insider Activity at Rexford Industrial Realty

In other Rexford Industrial Realty news, CFO Laura E. Clark sold 14,185 shares of Rexford Industrial Realty stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total value of $711,377.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.20% of the stock is currently owned by insiders.

Rexford Industrial Realty Stock Up 0.3 %

NYSE:REXR opened at $42.08 on Monday. The company’s 50-day simple moving average is $46.16 and its 200-day simple moving average is $47.00. The stock has a market capitalization of $9.36 billion, a P/E ratio of 34.21, a P/E/G ratio of 1.99 and a beta of 0.94. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.20 and a current ratio of 1.20. Rexford Industrial Realty, Inc. has a fifty-two week low of $41.16 and a fifty-two week high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last released its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.28). The company had revenue of $241.84 million for the quarter, compared to analysts’ expectations of $235.81 million. Rexford Industrial Realty had a return on equity of 3.35% and a net margin of 30.40%. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.56 EPS. On average, equities analysts anticipate that Rexford Industrial Realty, Inc. will post 2.34 earnings per share for the current fiscal year.

Rexford Industrial Realty Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date is Tuesday, December 31st. Rexford Industrial Realty’s dividend payout ratio is presently 135.77%.

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.