Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 44,235 Rexford Industrial Realty, Inc. (NYSE:REXR)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Rexford Industrial Realty, Inc. (NYSE:REXR) in the third quarter, according to its most recent filing with the SEC. The firm purchased 44,235 shares of the real estate investment trust’s stock, valued at approximately $2,225,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Canada Pension Plan Investment Board increased its holdings in shares of Rexford Industrial Realty by 41.9% during the second quarter. Canada Pension Plan Investment Board now owns 3,175,465 shares of the real estate investment trust’s stock valued at $141,594,000 after acquiring an additional 938,177 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Rexford Industrial Realty by 38.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,907,560 shares of the real estate investment trust’s stock worth $129,648,000 after acquiring an additional 800,137 shares during the period. Daiwa Securities Group Inc. lifted its stake in Rexford Industrial Realty by 52.5% in the second quarter. Daiwa Securities Group Inc. now owns 1,210,795 shares of the real estate investment trust’s stock valued at $53,990,000 after purchasing an additional 417,037 shares during the last quarter. PGGM Investments lifted its position in shares of Rexford Industrial Realty by 16.5% during the 2nd quarter. PGGM Investments now owns 2,833,520 shares of the real estate investment trust’s stock valued at $126,347,000 after buying an additional 401,593 shares during the last quarter. Finally, Raymond James & Associates lifted its holdings in Rexford Industrial Realty by 264.5% during the second quarter. Raymond James & Associates now owns 361,672 shares of the real estate investment trust’s stock valued at $16,127,000 after purchasing an additional 262,435 shares during the last quarter. 99.52% of the stock is currently owned by institutional investors.

Rexford Industrial Realty Stock Performance

Shares of REXR stock opened at $42.88 on Tuesday. 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 stock has a fifty day moving average of $46.16 and a 200 day moving average of $47.01. The firm has a market capitalization of $9.54 billion, a price-to-earnings ratio of 34.86, a PEG ratio of 1.99 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 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). The firm had revenue of $241.84 million during the quarter, compared to the consensus estimate of $235.81 million. Rexford Industrial Realty had a return on equity of 3.35% and a net margin of 30.40%. The firm’s revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.56 EPS. As a group, research analysts expect that Rexford Industrial Realty, Inc. will post 2.34 earnings per share for the current year.

Rexford Industrial Realty Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.4175 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.67 annualized dividend and a dividend yield of 3.89%. Rexford Industrial Realty’s payout ratio is 135.77%.

Analysts Set New Price Targets

A number of research firms recently weighed in on REXR. Scotiabank lowered 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. Evercore ISI restated an “outperform” rating on shares of Rexford Industrial Realty in a research report on Friday, October 18th. Mizuho cut their price target on shares of Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. StockNews.com lowered Rexford Industrial Realty from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Finally, Truist Financial decreased their target price on shares of Rexford Industrial Realty from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $51.09.

Insider Buying and Selling at Rexford Industrial Realty

In related news, CFO Laura E. Clark sold 14,185 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $50.15, for a total transaction of $711,377.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.20% of the stock is owned by company insiders.

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.