The Vanguard Group, Inc. recently announced the acquisition of new stake in Rexford Industrial Realty Inc. (NYSE:REXR). The institutional investor has increased its shareholding in the Real Estate company by 6.72% to 25.43 million shares with purchase of 1.6 million shares. This fresh investment now brings its stake to 12.66% valued currently at $1.42 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.74 million to 19.19 million shares. And Principal Global Investors LLC has lifted its position by 1.51% or 0.2 million shares – to 13.34 million shares.
With over 1.69 million Rexford Industrial Realty Inc. (REXR) shares trading Friday and a closing price of $54.27 on the day, the dollar volume was approximately $91.49 million. The shares have shown a negative half year performance of -0.33% and its price on 05/19/23 gained nearly 0.11%. Currently, there are 195.37M common shares owned by the public and among those 187.22M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for REXR have a consensus price objective of $69.67. The analysts have set the share’s price value over the next 12 months at a high of $77.00 and a low of $66.00. The average price target is 22.47% above its recent price level and an upside to the estimated low will see the stock gain 17.77% over that period. But an upside of 29.52% will see the stock hit the forecast high price target while median target price for the stock is $69.00.
Insiders at the company have transacted a total of 15 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 7 of these insider trades were purchases, accounting for 87,124 shares. Insider sales of the common stock occurred on 8 occasions, with total insider shares sold totaling 101,408 shares.
The top 3 mutual fund holders in Rexford Industrial Realty Inc. are Vanguard Real Estate Index Fund, iShares Core S&P Mid Cap ETF, and Vanguard Total Stock Market ETF. Vanguard Real Estate Index Fund owns 8.08 million shares of the company’s stock, all valued at over $450.84 million. The company sold 73778.0 shares recently to bring their total holdings to about 4.02% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 21080.0 shares to see its total holdings expand to 5.9 million shares valued at over $329.12 million and representing 2.94% of the shares outstanding. Vanguard Total Stock Market ETF bought 75508.0 shares to bring its total holdings to over 5.72 million shares at a value of $319.1 million. Vanguard Total Stock Market ETF now owns shares totaling to 2.85% of the shares outstanding.
Shares of Rexford Industrial Realty Inc. (NYSE: REXR) opened at $54.49, up $0.28 from a prior closing price of $54.21. However, the script later moved the day high at 54.92, up 0.11%. The company’s stock has a 5-day price change of -2.32% and -11.73% over the past three months. REXR shares are trading -0.68% year to date (YTD), with the 12-month market performance down to -14.22% lower. It has a 12-month low price of $48.74 and touched a high of $68.68 over the same period. REXR has an average intraday trading volume of 1.54 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -2.07%, -3.76%, and -6.16% respectively.
Institutional ownership of Rexford Industrial Realty Inc. (NYSE: REXR) shares accounts for 98.10% of the company’s 195.37M shares outstanding. Mutual fund holders own 47.40%, while other institutional holders and individual stakeholders account for 60.07% and 0.29% respectively.
It has a market capitalization of $11.63B and a beta (3y monthly) value of 0.86. The stock’s trailing 12-month PE ratio is 57.31, while the earnings-per-share (ttm) stands at $0.95. The company has a PEG of 5.73 and the debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.63% over the week and 2.09% over the month.
Analysts forecast that Rexford Industrial Realty Inc. (REXR) will achieve an EPS of $0.26 for the current quarter, $0.27 for the next quarter and $1.31 for 2024. The lowest estimate earnings-per-share for the quarter is $0.25 while analysts give the company a high EPS estimate of $0.27. Comparatively, EPS for the current quarter was $0.22 a year ago. Earnings per share for the fiscal year are expected to increase by 15.40%, and 18.02% over the next financial year. EPS should shrink at an annualized rate of 10.00% over the next five years, compared to 13.90% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Rexford Industrial Realty Inc. (REXR) as a “Strong Buy” at a consensus score of 1.60. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 1 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
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