Canada Pension Plan Investment Board Raises Position in Rexford Industrial Realty, Inc. (NYSE:REXR)

Canada Pension Plan Investment Board increased its position in Rexford Industrial Realty, Inc. (NYSE:REXR) by 41.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,175,465 shares of the real estate investment trust’s stock after acquiring an additional 938,177 shares during the period. Canada Pension Plan Investment Board owned approximately 1.46% of Rexford Industrial Realty worth $141,594,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in REXR. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Rexford Industrial Realty during the 4th quarter valued at about $238,000. Norges Bank bought a new stake in Rexford Industrial Realty in the fourth quarter valued at $157,685,000. PNC Financial Services Group Inc. grew its position in Rexford Industrial Realty by 63.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 12,797 shares of the real estate investment trust’s stock worth $718,000 after purchasing an additional 4,954 shares during the last quarter. Wells Fargo & Company MN increased its position in Rexford Industrial Realty by 15.3% in the 4th quarter. Wells Fargo & Company MN now owns 167,590 shares of the real estate investment trust’s stock valued at $9,402,000 after acquiring an additional 22,293 shares during the period. Finally, Assetmark Inc. grew its position in Rexford Industrial Realty by 21.5% in the 4th quarter. Assetmark Inc. now owns 4,881 shares of the real estate investment trust’s stock valued at $274,000 after buying an additional 865 shares in the last quarter. Institutional investors and hedge funds own 99.52% of the company’s stock.

Analyst Ratings Changes

REXR has been the topic of a number of research reports. StockNews.com upgraded shares of Rexford Industrial Realty from a “sell” rating to a “hold” rating in a report on Monday, July 22nd. Evercore ISI upped 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 note on Monday, September 16th. Truist Financial increased their price target on shares of Rexford Industrial Realty from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Wells Fargo & Company decreased 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 report on Wednesday, August 28th. Finally, Scotiabank upped their target price on Rexford Industrial Realty from $51.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Monday, August 26th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Rexford Industrial Realty has a consensus rating of “Hold” and a consensus target price of $52.50.

Rexford Industrial Realty Price Performance

Rexford Industrial Realty stock opened at $51.16 on Friday. 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 company has a market capitalization of $11.23 billion, a PE ratio of 46.94, a P/E/G ratio of 2.10 and a beta of 0.93. The stock has a 50-day moving average price of $50.14 and a two-hundred day moving average price of $47.70.

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

Rexford Industrial Realty Increases Dividend

The firm also recently announced 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. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend is Monday, September 30th. This is an increase from Rexford Industrial Realty’s previous quarterly dividend of $0.42. Rexford Industrial Realty’s payout ratio is presently 153.21%.

Insider Buying and Selling

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

Rexford Industrial Realty Company Profile

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.