Fintel reports that on October 4, 2023, Stifel maintained coverage of Rexford Industrial Realty (NYSE:REXR) with a Buy recommendation.
Analyst Price Forecast Suggests 35.16% Upside
As of August 31, 2023, the average one-year price target for Rexford Industrial Realty is 63.81. The forecasts range from a low of 52.52 to a high of $75.60. The average price target represents an increase of 35.16% from its latest reported closing price of 47.21.
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The projected annual revenue for Rexford Industrial Realty is 735MM, an increase of 1.66%. The projected annual non-GAAP EPS is 1.13.
Rexford Industrial Realty Declares $0.38 Dividend
On July 19, 2023 the company declared a regular quarterly dividend of $0.38 per share ($1.52 annualized). Shareholders of record as of September 29, 2023 will receive the payment on October 16, 2023. Previously, the company paid $0.38 per share.
At the current share price of $47.21 / share, the stock's dividend yield is 3.22%.
Looking back five years and taking a sample every week, the average dividend yield has been 1.96%, the lowest has been 1.20%, and the highest has been 3.12%. The standard deviation of yields is 0.41 (n=236).
The current dividend yield is 3.10 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 1.59. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.77%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 880 funds or institutions reporting positions in Rexford Industrial Realty. This is a decrease of 16 owner(s) or 1.79% in the last quarter. Average portfolio weight of all funds dedicated to REXR is 0.56%, a decrease of 3.05%. Total shares owned by institutions increased in the last three months by 3.92% to 240,658K shares. 
The put/call ratio of REXR is 1.00, indicating a neutral outlook.
What are Other Shareholders Doing?
Principal Financial Group holds 13,533K shares representing 6.57% ownership of the company. In it's prior filing, the firm reported owning 13,345K shares, representing an increase of 1.39%. The firm decreased its portfolio allocation in REXR by 15.13% over the last quarter.
Price T Rowe Associates holds 13,253K shares representing 6.43% ownership of the company. In it's prior filing, the firm reported owning 11,024K shares, representing an increase of 16.82%. The firm increased its portfolio allocation in REXR by 121.03% over the last quarter.
VGSIX - Vanguard Real Estate Index Fund Investor Shares holds 8,461K shares representing 4.11% ownership of the company. In it's prior filing, the firm reported owning 8,064K shares, representing an increase of 4.69%. The firm increased its portfolio allocation in REXR by 1.41% over the last quarter.
Invesco holds 6,363K shares representing 3.09% ownership of the company. In it's prior filing, the firm reported owning 5,527K shares, representing an increase of 13.15%. The firm increased its portfolio allocation in REXR by 923.36% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 6,096K shares representing 2.96% ownership of the company. In it's prior filing, the firm reported owning 5,834K shares, representing an increase of 4.30%. The firm decreased its portfolio allocation in REXR by 12.38% over the last quarter.
Rexford Industrial Realty Background Information
(This description is provided by the company.)
Rexford Industrial, a real estate investment trust focused on owning and operating industrial properties throughout Southern California infill markets, owns 253 properties with approximately 31.9 million rentable square feet and manages an additional 20 properties with approximately 1.0 million rentable square feet.
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