The Manufacturers Life Insurance Company Has $18.25 Million Position in Rexford Industrial Realty, Inc. (NYSE:REXR)

The Manufacturers Life Insurance Company lessened its stake in shares of Rexford Industrial Realty, Inc. (NYSE:REXR) by 2.2% during the 3rd quarter, HoldingsChannel reports. The firm owned 362,726 shares of the real estate investment trust’s stock after selling 7,970 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Rexford Industrial Realty were worth $18,249,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. DekaBank Deutsche Girozentrale grew its position in shares of Rexford Industrial Realty by 23.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 62,445 shares of the real estate investment trust’s stock valued at $3,089,000 after purchasing an additional 12,006 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Rexford Industrial Realty by 1,252.2% in the 1st quarter. EverSource Wealth Advisors LLC now owns 933 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 864 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Rexford Industrial Realty by 169.4% during the second quarter. Massmutual Trust Co. FSB ADV now owns 555 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 349 shares during the last quarter. Fulton Bank N.A. boosted its position in shares of Rexford Industrial Realty by 17.5% in the second quarter. Fulton Bank N.A. now owns 4,814 shares of the real estate investment trust’s stock valued at $215,000 after acquiring an additional 716 shares during the period. Finally, CWM LLC grew its stake in shares of Rexford Industrial Realty by 73.9% in the second quarter. CWM LLC now owns 1,485 shares of the real estate investment trust’s stock worth $66,000 after acquiring an additional 631 shares during the last quarter. Institutional investors own 99.52% of the company’s stock.

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 stock was sold at an average price of $50.15, for a total value of $711,377.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Bank of America cut shares of Rexford Industrial Realty from a “buy” rating to a “neutral” rating and cut their target price for the company from $66.00 to $49.00 in a research note on Monday, October 21st. Scotiabank cut shares of Rexford Industrial Realty from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the company from $55.00 to $48.00 in a research note on Friday, October 25th. Truist Financial lowered their price target on Rexford Industrial Realty from $54.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, November 12th. Industrial Alliance Securities set a $55.00 price target on Rexford Industrial Realty in a report on Friday, October 18th. Finally, Mizuho decreased their price objective on Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $51.09.

Rexford Industrial Realty Stock Performance

Shares of NYSE:REXR opened at $42.08 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.20 and a quick ratio of 1.20. The business’s fifty day moving average price is $45.27 and its two-hundred day moving average price is $46.91. Rexford Industrial Realty, Inc. has a fifty-two week low of $41.16 and a fifty-two week high of $58.02. The stock has a market capitalization of $9.36 billion, a price-to-earnings ratio of 34.21, a price-to-earnings-growth ratio of 1.99 and a beta of 0.94.

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

Rexford Industrial Realty Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Tuesday, December 31st. Rexford Industrial Realty’s dividend payout ratio (DPR) is currently 135.77%.

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.