Impax Asset Management Group plc Makes New Investment in Rexford Industrial Realty, Inc. (NYSE:REXR)

Impax Asset Management Group plc bought a new stake in Rexford Industrial Realty, Inc. (NYSE:REXR) in the third quarter, HoldingsChannel reports. The fund bought 13,260 shares of the real estate investment trust’s stock, valued at approximately $667,000.

Several other hedge funds have also modified their holdings of the stock. Capital International Investors boosted its position in Rexford Industrial Realty by 687.7% in the 1st quarter. Capital International Investors now owns 19,590,676 shares of the real estate investment trust’s stock valued at $985,411,000 after buying an additional 17,103,653 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Rexford Industrial Realty by 26.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 19,933,431 shares of the real estate investment trust’s stock worth $1,002,654,000 after acquiring an additional 4,197,907 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in Rexford Industrial Realty by 262.7% in the first quarter. Canada Pension Plan Investment Board now owns 2,237,288 shares of the real estate investment trust’s stock valued at $112,536,000 after purchasing an additional 1,620,378 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Rexford Industrial Realty by 38.0% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,907,560 shares of the real estate investment trust’s stock valued at $129,648,000 after purchasing an additional 800,137 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Rexford Industrial Realty by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 29,734,952 shares of the real estate investment trust’s stock worth $1,495,668,000 after purchasing an additional 753,098 shares during the last quarter. 99.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

REXR has been the subject of several research analyst reports. JPMorgan Chase & Co. increased their target price 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. Scotiabank downgraded shares of Rexford Industrial Realty from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $55.00 to $48.00 in a research note on Friday, October 25th. Mizuho dropped their target price on shares of Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Wells Fargo & Company cut their target price on shares of Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 28th. Finally, Bank of America downgraded Rexford Industrial Realty from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $66.00 to $49.00 in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $51.09.

Insider Transactions at Rexford Industrial Realty

In related news, CFO Laura E. Clark sold 14,185 shares of Rexford Industrial Realty 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.20% of the company’s stock.

Rexford Industrial Realty Stock Performance

Shares of NYSE REXR opened at $42.01 on Friday. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 0.40. The firm’s 50-day moving average price is $46.92 and its two-hundred day moving average price is $47.05. The stock has a market capitalization of $9.34 billion, a P/E ratio of 34.15, a P/E/G ratio of 2.00 and a beta of 0.94. Rexford Industrial Realty, Inc. has a 52-week low of $41.16 and a 52-week high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.28). Rexford Industrial Realty had a net margin of 30.40% and a return on equity of 3.35%. The firm had revenue of $241.84 million for the quarter, compared to analyst estimates of $235.81 million. During the same period last year, the firm posted $0.56 EPS. The business’s revenue was up 17.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Rexford Industrial Realty, Inc. will post 2.34 earnings per share for the current year.

Rexford Industrial Realty Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.4175 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.67 annualized dividend and a dividend yield of 3.98%. Rexford Industrial Realty’s dividend payout ratio is presently 135.77%.

Rexford Industrial Realty 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.