Massachusetts Financial Services Co. MA Purchases 800,137 Shares of Rexford Industrial Realty, Inc. (NYSE:REXR)

Massachusetts Financial Services Co. MA boosted its holdings in Rexford Industrial Realty, Inc. (NYSE:REXR) by 38.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,907,560 shares of the real estate investment trust’s stock after acquiring an additional 800,137 shares during the quarter. Massachusetts Financial Services Co. MA owned 1.33% of Rexford Industrial Realty worth $129,648,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Los Angeles Capital Management LLC grew its position in Rexford Industrial Realty by 2.3% in the 1st quarter. Los Angeles Capital Management LLC now owns 9,165 shares of the real estate investment trust’s stock worth $461,000 after purchasing an additional 210 shares during the period. Securian Asset Management Inc. increased its position in Rexford Industrial Realty by 1.9% during the fourth quarter. Securian Asset Management Inc. now owns 17,815 shares of the real estate investment trust’s stock valued at $999,000 after acquiring an additional 330 shares during the last quarter. Inspire Investing LLC lifted its holdings in Rexford Industrial Realty by 4.9% in the first quarter. Inspire Investing LLC now owns 7,126 shares of the real estate investment trust’s stock valued at $358,000 after acquiring an additional 331 shares during the period. Hennion & Walsh Asset Management Inc. boosted its position in Rexford Industrial Realty by 2.4% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 14,641 shares of the real estate investment trust’s stock worth $653,000 after purchasing an additional 337 shares during the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Rexford Industrial Realty by 0.8% during the 2nd quarter. Victory Capital Management Inc. now owns 46,066 shares of the real estate investment trust’s stock valued at $2,054,000 after purchasing an additional 345 shares during the period. 99.52% of the stock is currently owned by hedge funds and other institutional investors.

Rexford Industrial Realty Price Performance

Shares of Rexford Industrial Realty stock opened at $51.02 on Thursday. The stock has a 50 day moving average of $50.04 and a 200 day moving average of $47.68. Rexford Industrial Realty, Inc. has a 12 month low of $41.56 and a 12 month high of $58.02. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.41. The firm has a market cap of $11.11 billion, a PE ratio of 46.81, a PEG ratio of 2.03 and a beta of 0.93.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.21). The business had revenue of $237.60 million during the quarter, compared to analysts’ expectations of $227.70 million. Rexford Industrial Realty had a return on equity of 3.31% and a net margin of 30.71%. The business’s quarterly revenue was up 21.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.54 earnings per share. On average, research analysts expect that Rexford Industrial Realty, Inc. will post 2.35 EPS for the current fiscal year.

Rexford Industrial Realty Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.4175 dividend. This is a boost from Rexford Industrial Realty’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, September 30th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.27%. Rexford Industrial Realty’s payout ratio is 153.21%.

Insider Activity

In related news, CFO Laura E. Clark sold 14,185 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $50.15, for a total value of $711,377.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Laura E. Clark sold 14,185 shares of the stock in a transaction dated 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 document filed with the SEC, which can be accessed through the SEC website. Also, CEO Howard Schwimmer sold 30,358 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $48.86, for a total value of $1,483,291.88. Following the transaction, the chief executive officer now owns 50,673 shares of the company’s stock, valued at approximately $2,475,882.78. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

REXR has been the topic of several recent research reports. Mizuho lowered their price objective on shares of Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Evercore ISI increased their price target on shares of Rexford Industrial Realty from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Monday. Wells Fargo & Company cut their price objective on shares of Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating for the company in a research report on Wednesday, August 28th. JPMorgan Chase & Co. raised their target price on Rexford Industrial Realty from $47.00 to $52.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. Finally, Truist Financial boosted their price target on Rexford Industrial Realty from $50.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $54.09.

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.