State of Michigan Retirement System Raises Stock Position in Rexford Industrial Realty, Inc. (NYSE:REXR)

Posted by Defense World Staff on Jul 22nd, 2023

State of Michigan Retirement System grew its holdings in shares of Rexford Industrial Realty, Inc. (NYSE:REXR – Free Report) by 2.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,782 shares of the real estate investment trust’s stock after purchasing an additional 1,100 shares during the period. State of Michigan Retirement System’s holdings in Rexford Industrial Realty were worth $2,850,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Rexford Industrial Realty during the fourth quarter worth approximately $27,000. CI Investments Inc. increased its stake in shares of Rexford Industrial Realty by 117.4% during the fourth quarter. CI Investments Inc. now owns 500 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 270 shares during the period. Belpointe Asset Management LLC purchased a new stake in shares of Rexford Industrial Realty during the fourth quarter worth approximately $30,000. Janiczek Wealth Management LLC increased its stake in shares of Rexford Industrial Realty by 46.6% during the fourth quarter. Janiczek Wealth Management LLC now owns 950 shares of the real estate investment trust’s stock worth $56,000 after buying an additional 302 shares during the period. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of Rexford Industrial Realty during the fourth quarter worth approximately $56,000. 98.36% of the stock is currently owned by hedge funds and other institutional investors.

Rexford Industrial Realty Price Performance

REXR stock opened at $55.51 on Friday. The company has a market capitalization of $11.15 billion, a P/E ratio of 58.43, a PEG ratio of 2.18 and a beta of 0.81. Rexford Industrial Realty, Inc. has a twelve month low of $48.74 and a twelve month high of $68.68. The business has a 50 day simple moving average of $53.32 and a 200-day simple moving average of $56.83. The company has a current ratio of 2.57, a quick ratio of 2.57 and a debt-to-equity ratio of 0.30.

Rexford Industrial Realty (NYSE:REXR – Get Free Report) last posted its quarterly earnings data on Thursday, July 20th. The real estate investment trust reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.28). The firm had revenue of $195.80 million during the quarter, compared to analyst estimates of $196.92 million. Rexford Industrial Realty had a net margin of 26.80% and a return on equity of 2.76%. Rexford Industrial Realty’s revenue was up 31.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.49 earnings per share. As a group, equities analysts anticipate that Rexford Industrial Realty, Inc. will post 2.19 EPS for the current year.

Rexford Industrial Realty Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Thursday, September 28th. Rexford Industrial Realty’s dividend payout ratio is presently 160.00%.

Insider Buying and Selling

In related news, CEO Howard Schwimmer sold 35,505 shares of the stock in a transaction on Friday, April 28th. The stock was sold at an average price of $55.94, for a total transaction of $1,986,149.70. Following the completion of the sale, the chief executive officer now directly owns 50,862 shares of the company’s stock, valued at $2,845,220.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on REXR. BMO Capital Markets lowered shares of Rexford Industrial Realty from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $69.00 to $56.00 in a research note on Monday, June 12th. StockNews.com downgraded Rexford Industrial Realty from a “hold” rating to a “sell” rating in a report on Saturday, May 27th. Citigroup downgraded Rexford Industrial Realty from a “buy” rating to a “neutral” rating and lowered their price target for the company from $66.00 to $53.00 in a report on Monday, June 12th. Finally, Mizuho initiated coverage on Rexford Industrial Realty in a report on Wednesday, June 28th. They issued a “neutral” rating and a $52.00 price target for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $60.67.

Rexford Industrial Realty Profile

(Free Report)

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.