Corebridge Financial Inc. Sells 7,847 Shares of Rexford Industrial Realty, Inc. (NYSE:REXR)

Corebridge Financial Inc. trimmed its stake in Rexford Industrial Realty, Inc. (NYSE:REXR) by 3.0% during the 4th quarter, HoldingsChannel reports. The fund owned 251,172 shares of the real estate investment trust’s stock after selling 7,847 shares during the quarter. Corebridge Financial Inc.’s holdings in Rexford Industrial Realty were worth $9,710,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of REXR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Rexford Industrial Realty by 338.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,930,706 shares of the real estate investment trust’s stock worth $97,134,000 after purchasing an additional 1,489,876 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Rexford Industrial Realty by 26.9% in the third quarter. JPMorgan Chase & Co. now owns 4,503,571 shares of the real estate investment trust’s stock worth $226,575,000 after buying an additional 954,202 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Rexford Industrial Realty by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 29,931,981 shares of the real estate investment trust’s stock worth $1,157,170,000 after buying an additional 562,710 shares in the last quarter. OFI Invest Asset Management purchased a new stake in shares of Rexford Industrial Realty during the fourth quarter valued at approximately $13,959,000. Finally, Diamond Hill Capital Management Inc. purchased a new stake in shares of Rexford Industrial Realty during the fourth quarter valued at approximately $14,416,000. 99.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on REXR. Robert W. Baird lowered their price objective on Rexford Industrial Realty from $48.00 to $47.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft began coverage on Rexford Industrial Realty in a report on Tuesday, January 14th. They set a “hold” rating and a $40.00 price target on the stock. Scotiabank reduced their price objective on Rexford Industrial Realty from $48.00 to $47.00 and set a “sector perform” rating for the company in a report on Friday, February 28th. Barclays lowered their target price on shares of Rexford Industrial Realty from $41.00 to $38.00 and set an “underweight” rating on the stock in a research note on Tuesday. Finally, Mizuho reduced their price target on shares of Rexford Industrial Realty from $46.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Rexford Industrial Realty has a consensus rating of “Hold” and a consensus price target of $46.83.

Rexford Industrial Realty Stock Performance

REXR opened at $39.90 on Thursday. The company’s 50 day moving average is $40.35 and its 200 day moving average is $42.57. The company has a current ratio of 1.30, a quick ratio of 1.30 and a debt-to-equity ratio of 0.39. The company has a market cap of $9.09 billion, a price-to-earnings ratio of 32.97, a PEG ratio of 2.62 and a beta of 0.98. Rexford Industrial Realty, Inc. has a 12-month low of $36.92 and a 12-month high of $52.61.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.31. Rexford Industrial Realty had a net margin of 29.10% and a return on equity of 3.26%. On average, equities research analysts predict that Rexford Industrial Realty, Inc. will post 2.38 EPS for the current year.

Rexford Industrial Realty Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 4.31%. The ex-dividend date is Monday, March 31st. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.42. Rexford Industrial Realty’s payout ratio is currently 142.15%.

Rexford Industrial Realty Company Profile

Rexford Industrial Realty, Inc is a self-administered and self-managed real estate investment trust, which engages in owning and operating industrial properties in infill markets. The company was founded by Richard S. Ziman on January 18, 2013 and is headquartered in Los Angeles, CA.