As of the first quarter of this year, Prelude Capital Management LLC has reduced its stake in Rexford Industrial Realty, Inc. (NYSE:REXR) by 19.4%, according to the company’s most recent filing with the Securities and Exchange Commission. The firm now owns 44,060 shares of the real estate investment trust’s stock, after selling 10,605 shares during the same period. The value of Prelude Capital Management LLC’s holdings in Rexford Industrial Realty amounted to $2,628,000 at the end of the first quarter.
Rexford Industrial Realty (NYSE:REXR) recently released its earnings results for the quarter ending on July 19th. Despite projections predicting earnings per share of $0.54, the real estate investment trust reported $0.26 earnings per share, falling short by ($0.28). During this period, Rexford Industrial Realty generated revenue amounting to $195.80 million compared to analysts’ expectations of $196.92 million.
It is worth noting that Rexford Industrial Realty achieved a net margin of 27.23% and a return on equity of 2.82%. Additionally, its revenue increased by 31.3% when compared to the previous year’s figures for the same quarter. In the corresponding period last year, the firm earned $0.49 EPS.
Industry experts predict that Rexford Industrial Realty, Inc., will likely post earnings per share of 2.19 for this current year.
For further details and comprehensive analysis regarding Rexford Industrial Realty and relevant market insights, we invite you to access our latest research report on this company.”
Rexford Industrial Realty, Inc.
REXR
Buy
Updated on: 26/09/2023
Financial Health
Healthy
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Rexford Industrial Realty: Mixed Signals and Perplexing Outlook Amidst Increasing Institutional Ownership
September 14, 2023 – Rexford Industrial Realty, a real estate investment trust (REIT) listed on NYSE as REXR, has recently seen an increase in ownership by institutional investors and hedge funds. This development has perplexed industry experts due to the current market conditions.
CI Investments Inc., for instance, raised its stake in Rexford Industrial Realty by a whopping 117.4% during the fourth quarter. The asset management company now holds 500 shares of the REIT’s stock worth $27,000 after purchasing an additional 270 shares. Similarly, Belpointe Asset Management LLC also acquired a new stake in Rexford Industrial Realty during the same period, amounting to approximately $30,000.
CWM LLC demonstrated their confidence in Rexford Industrial Realty by increasing their stake by 27.7% during the first quarter, bringing their ownership to 895 shares valued at $53,000. Ellevest Inc. followed suit with a 35.9% boost in their holdings of Rexford Industrial Realty’s stock during the same period, now possessing 1,583 shares worth $94,000.
Another notable player is Assetmark Inc., which raised its stake in Rexford Industrial Realty by 18.9% during the fourth quarter. The company’s increased investment now amounts to 1,749 shares valued at $96,000.
These institutional investors and hedge funds together hold a staggering 99.52% of the stock owned by Rexford Industrial Realty – a figure that indicates heightened interest and confidence in this specific real estate investment trust within the financial industry.
Despite this growing attention from institutional investors and hedge funds, REXR’s performance on NYSE has not mirrored this development exactly. On Thursday morning, REXR opened at $52.05 per share—a price that reflects its recent fluctuations rather than displaying aggressive momentum.
Furthermore, with a market capitalization of $10.75 billion, Rexford Industrial Realty finds itself with a trailing price-to-earnings ratio of 52.58 and a price-to-earnings-growth ratio of 2.15—a mix that leaves some market observers puzzled about the firm’s true value.
Additionally, the company has a debt-to-equity ratio of 0.30, indicating potential financial stability concerns among industry skeptics. Nevertheless, Rexford Industrial Realty maintains a current ratio and quick ratio both at 1.37 – figures that suggest considerable liquidity to meet its financial obligations.
Rexford Industrial Realty saw its shares hit a 1-year low at $48.74, while its peak reached $66.71 during the same period. Currently trading around the fifty-day moving average price of $53.36 and below the 200-day moving average price of $54.79, REXR continues to face challenges in finding a stable position in the market.
On another note, Rexford Industrial Realty recently announced a quarterly dividend which will be paid on October 16th to stockholders registered as of September 29th. The dividend is set at $0.38 per share, resulting in an annualized dividend payout ratio currently standing at an astonishingly high rate of 153.54%.
Concerns regarding Rexford Industrial Realty have also been addressed within various analyst reports over recent months that indicate mixed sentiments towards the company’s performance outlook.
StockNews.com initiated coverage on REXR with a “sell” rating for the company, while Citigroup downgraded their previous “buy” rating to “neutral,” reducing their price objective from $66 to $53.
Scotiabank recently commenced coverage on REXR with a “sector perform” rating and assigned it a target price of $59 per share. Similarly, Mizuho initiated coverage on Rexford Industrial Realty with a “neutral” rating and a target price of $52.
BMO Capital Markets, on the other hand, went from an “outperform” rating to a “market perform” rating for Rexford Industrial Realty, slashing their price target from $69 to $56 in their research report.
It can be observed that analysts have mixed views on the performance of Rexford Industrial Realty. One analyst has even given a sell rating, while four have chosen to hold and two others suggest buying the stock. The average rating based on data from Bloomberg.com stands at “Hold” with an average target price of $60.43.
In summary, institutional investors and hedge funds have recently demonstrated increased interest in Rexford Industrial Realty by acquiring additional shares in the company. However, despite this influx of investment, the firm’s stock performance remains uncertain due to its current market position and concerns about financial stability. The diverse analyst reports further contribute to the perplexity surrounding Rexford Industrial Realty’s overall outlook. Investors will continue watching these developments closely as they evaluate their investment strategies moving forward.
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