PGGM Investments Purchases 401,593 Shares of Rexford Industrial Realty, Inc. (NYSE:REXR)

PGGM Investments lifted its position in shares of Rexford Industrial Realty, Inc. (NYSE:REXR) by 16.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,833,520 shares of the real estate investment trust’s stock after acquiring an additional 401,593 shares during the quarter. Rexford Industrial Realty makes up 1.8% of PGGM Investments’ investment portfolio, making the stock its 14th largest position. PGGM Investments owned approximately 1.30% of Rexford Industrial Realty worth $126,347,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. V Square Quantitative Management LLC purchased a new stake in Rexford Industrial Realty during the second quarter valued at about $26,000. Wealth Enhancement Advisory Services LLC purchased a new position in Rexford Industrial Realty during the second quarter valued at $424,000. M&G Plc lifted its stake in shares of Rexford Industrial Realty by 12.2% in the second quarter. M&G Plc now owns 754,952 shares of the real estate investment trust’s stock worth $33,973,000 after buying an additional 82,078 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Rexford Industrial Realty by 61.4% during the second quarter. SG Americas Securities LLC now owns 50,822 shares of the real estate investment trust’s stock valued at $2,266,000 after purchasing an additional 19,340 shares in the last quarter. Finally, Manning & Napier Advisors LLC bought a new position in shares of Rexford Industrial Realty during the 2nd quarter valued at $6,653,000. 99.52% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Mizuho cut their price objective on shares of Rexford Industrial Realty from $52.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, May 31st. Robert W. Baird dropped their price target on shares of Rexford Industrial Realty from $57.00 to $49.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Barclays increased their price target on Rexford Industrial Realty from $45.00 to $46.00 and gave the stock an “underweight” rating in a report on Tuesday, April 23rd. Scotiabank lowered their price objective on shares of Rexford Industrial Realty from $55.00 to $51.00 and set a “sector outperform” rating for the company in a research report on Thursday, May 16th. Finally, JPMorgan Chase & Co. raised their price target on Rexford Industrial Realty from $47.00 to $52.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $52.70.

Insider Activity

In other news, 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 completion of the transaction, the chief executive officer now owns 50,673 shares in the company, valued at $2,475,882.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.20% of the company’s stock.

Rexford Industrial Realty Stock Performance

Shares of REXR stock traded down $0.22 during trading hours on Wednesday, reaching $49.63. 870,146 shares of the company’s stock were exchanged, compared to its average volume of 1,735,794. The company’s 50 day moving average is $46.94 and its two-hundred day moving average is $47.96. The company has a market cap of $10.89 billion, a P/E ratio of 45.80, a price-to-earnings-growth ratio of 2.04 and a beta of 0.92. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.73 and a quick ratio of 1.73. Rexford Industrial Realty, Inc. has a 1 year low of $41.56 and a 1 year high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.21). The business had revenue of $237.60 million for 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 company’s revenue for the quarter was up 21.3% on a year-over-year basis. During the same period last year, the business earned $0.54 earnings per share. Equities research analysts anticipate that Rexford Industrial Realty, Inc. will post 2.35 EPS for the current fiscal 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 given a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.36%. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, September 30th. Rexford Industrial Realty’s payout ratio is presently 153.21%.

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.