Van ECK Associates Corp grew its stake in shares of Rexford Industrial Realty, Inc. (NYSE:REXR – Free Report) by 6.1% during the third quarter, HoldingsChannel reports. The firm owned 68,309 shares of the real estate investment trust’s stock after buying an additional 3,907 shares during the period. Van ECK Associates Corp’s holdings in Rexford Industrial Realty were worth $3,371,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Quarry LP acquired a new position in shares of Rexford Industrial Realty during the second quarter worth about $28,000. Quent Capital LLC lifted its stake in shares of Rexford Industrial Realty by 594.4% in the third quarter. Quent Capital LLC now owns 743 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 636 shares in the last quarter. Fifth Third Bancorp lifted its stake in shares of Rexford Industrial Realty by 58.2% in the third quarter. Fifth Third Bancorp now owns 1,117 shares of the real estate investment trust’s stock worth $55,000 after acquiring an additional 411 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in shares of Rexford Industrial Realty by 295.7% in the third quarter. Massmutual Trust Co. FSB ADV now owns 1,183 shares of the real estate investment trust’s stock worth $58,000 after acquiring an additional 884 shares in the last quarter. Finally, Belpointe Asset Management LLC lifted its stake in shares of Rexford Industrial Realty by 112.7% in the first quarter. Belpointe Asset Management LLC now owns 1,176 shares of the real estate investment trust’s stock worth $70,000 after acquiring an additional 623 shares in the last quarter. Institutional investors and hedge funds own 99.52% of the company’s stock.
Analyst Ratings Changes
Several research analysts recently commented on REXR shares. Robert W. Baird reiterated a “neutral” rating and issued a $61.00 price target (up previously from $53.00) on shares of Rexford Industrial Realty in a research note on Friday, January 5th. TheStreet upgraded Rexford Industrial Realty from a “c+” rating to a “b-” rating in a research note on Thursday, February 1st. Truist Financial cut their price target on Rexford Industrial Realty from $56.00 to $49.00 and set a “buy” rating on the stock in a research note on Monday, October 23rd. JPMorgan Chase & Co. lowered Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 price objective for the company. in a report on Wednesday, February 7th. Finally, Scotiabank raised Rexford Industrial Realty from a “sector perform” rating to a “sector outperform” rating and set a $55.00 price objective for the company in a report on Wednesday, November 8th. One research analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Rexford Industrial Realty currently has an average rating of “Hold” and a consensus price target of $56.33.
Rexford Industrial Realty Stock Down 0.6 %
NYSE:REXR opened at $52.34 on Tuesday. The firm has a market capitalization of $11.05 billion, a PE ratio of 46.73, a price-to-earnings-growth ratio of 2.07 and a beta of 0.89. The stock has a 50 day moving average of $54.62 and a 200-day moving average of $51.31. Rexford Industrial Realty, Inc. has a 52 week low of $41.56 and a 52 week high of $63.66. The company has a current ratio of 1.35, a quick ratio of 0.66 and a debt-to-equity ratio of 0.28.
Rexford Industrial Realty Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be issued a dividend of $0.4175 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.38. This represents a $1.67 annualized dividend and a dividend yield of 3.19%. Rexford Industrial Realty’s dividend payout ratio is 135.71%.
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.
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