Shell Asset Management Co. Sells 243 Shares of Rexford Industrial Realty, Inc. (NYSE:REXR)

Shell Asset Management Co. decreased its position in shares of Rexford Industrial Realty, Inc. (NYSE:REXR) by 2.7% in the first quarter, HoldingsChannel reports. The fund owned 8,881 shares of the real estate investment trust’s stock after selling 243 shares during the quarter. Shell Asset Management Co.’s holdings in Rexford Industrial Realty were worth $447,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of REXR. GAMMA Investing LLC acquired a new position in shares of Rexford Industrial Realty during the fourth quarter valued at about $41,000. Quarry LP lifted its stake in shares of Rexford Industrial Realty by 195.8% during the fourth quarter. Quarry LP now owns 1,118 shares of the real estate investment trust’s stock worth $63,000 after buying an additional 740 shares during the period. Principal Securities Inc. purchased a new stake in shares of Rexford Industrial Realty during the fourth quarter valued at $96,000. International Assets Investment Management LLC increased its position in shares of Rexford Industrial Realty by 5,510.9% in the 4th quarter. International Assets Investment Management LLC now owns 3,086 shares of the real estate investment trust’s stock valued at $173,000 after acquiring an additional 3,031 shares during the period. Finally, Cetera Trust Company N.A acquired a new position in shares of Rexford Industrial Realty in the 4th quarter valued at $189,000. 99.52% of the stock is currently owned by institutional investors and hedge funds.

Rexford Industrial Realty Stock Performance

Shares of REXR stock opened at $49.07 on Friday. The company has a current ratio of 1.73, a quick ratio of 3.21 and a debt-to-equity ratio of 0.41. Rexford Industrial Realty, Inc. has a 12-month low of $41.56 and a 12-month high of $58.02. The business’s 50 day moving average is $45.82 and its two-hundred day moving average is $48.51. The company has a market capitalization of $10.77 billion, a P/E ratio of 45.02, a P/E/G ratio of 1.98 and a beta of 0.92.

Rexford Industrial Realty (NYSE:REXR) last announced its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.21). Rexford Industrial Realty had a return on equity of 3.31% and a net margin of 30.71%. The business had revenue of $237.60 million for the quarter, compared to analyst estimates of $227.70 million. During the same period in the previous year, the company earned $0.54 earnings per share. The company’s quarterly revenue was up 21.3% compared to the same quarter last year. Analysts expect that Rexford Industrial Realty, Inc. will post 2.34 EPS for the current fiscal year.

Rexford Industrial Realty Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a yield of 3.40%. This is an increase from Rexford Industrial Realty’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, September 30th. Rexford Industrial Realty’s dividend payout ratio (DPR) is presently 153.21%.

Insider Activity

In related 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 approximately $2,475,882.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.20% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on REXR shares. Wedbush initiated coverage on Rexford Industrial Realty in a research note on Monday, April 22nd. They issued a “neutral” rating and a $45.00 price objective for the company. Barclays raised their target price on shares of Rexford Industrial Realty from $45.00 to $46.00 and gave the stock an “underweight” rating in a report on Tuesday, April 23rd. Truist Financial decreased their price objective on Rexford Industrial Realty from $53.00 to $50.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Robert W. Baird lowered their target price on Rexford Industrial Realty from $57.00 to $49.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Finally, Evercore ISI started coverage on Rexford Industrial Realty in a research report on Wednesday, July 10th. They set an “outperform” rating and a $54.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Rexford Industrial Realty presently has an average rating of “Hold” and a consensus price target of $52.30.

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.