In a recent transaction, Co-CEO and Co-President Howard Schwimmer of Rexford Industrial Realty, Inc. (NYSE:REXR) sold 30,358 shares of the company’s common stock at an average price of $48.86 per share, totaling approximately $1.48 million. This sale took place on July 26, 2024, as per the latest SEC filings.
The transaction was executed in multiple trades with prices ranging from $48.69 to $49.00. Following the sale, Schwimmer’s direct ownership in the company stands at 50,673 shares of common stock. Additionally, it’s noted that Schwimmer also holds indirect ownership through trusts, which he is a trustee of, totaling 13,575 shares.
The sale occurred shortly after Schwimmer exchanged an equal number of Operating Partnership Units for common stock, which did not involve any cash transaction. This exchange is a common practice among executives of real estate investment trusts (REITs) and reflects the liquidity options provided to them through the partnership structure.
Investors often monitor insider transactions such as these for insights into executive sentiment about the company’s future performance. However, it’s important to note that such transactions could be motivated by a variety of personal financial considerations and not necessarily indicative of the company’s operational outlook.
Rexford Industrial Realty, Inc., based in Los Angeles, California, is a REIT focused on owning and operating industrial properties in Southern California. The company’s stock is publicly traded on the New York Stock Exchange under the ticker symbol REXR.
In other recent news, Rexford Industrial Realty has seen several adjustments to its stock price target from different firms. JPMorgan (NYSE:) raised its price target for Rexford to $52, maintaining a neutral stance, following a review of the company’s second-quarter earnings. The firm predicts the core funds from operations (FFO) per share for Rexford will reach $2.86 in 2026. Evercore ISI also increased its price target for Rexford to $55, maintaining an outperform rating, on expectations of significant acquisition activities and a stable financial outlook for the company. However, Mizuho Securities lowered its price target for Rexford to $50 from $52, citing a forecasted decrease in net operating income for fiscal year 2025.
In addition to these price target adjustments, Rexford Industrial Realty reported robust leasing and transaction activity. The company executed leases totaling 1.125 million square feet and purchased two industrial properties for a combined $143 million. The company also completed over $1 billion in acquisitions and 3.2 million square feet of leasing activity in the first quarter.
Evercore ISI initiated coverage on Rexford with an outperform rating and a 12-month price target of $54. The firm’s analysis suggests a 23% potential upside for the stock, including dividends, based on the company’s ownership of “irreplaceable assets” in Southern California. Despite an expected slowdown in market rent growth in the region, Evercore ISI believes the current stock price already reflects these market conditions. These are the recent developments providing a snapshot of the company’s current financial and operational performance.
InvestingPro Insights
Following the recent insider transaction by Co-CEO Howard Schwimmer of Rexford Industrial Realty, Inc. (REXR), it is intriguing to note the company’s financial outlook through the lens of InvestingPro data and tips. Rexford Industrial Realty has been showing strong fundamentals, with a market capitalization of $11.13 billion USD, suggesting a robust presence in the industrial real estate market.
InvestingPro Tips indicate that Rexford has raised its dividend for 11 consecutive years, a testament to its financial stability and commitment to returning value to shareholders. Additionally, analysts anticipate sales growth in the current year, which may reflect a positive business outlook and potential for increased revenues.
Key financial metrics from InvestingPro highlight a Price/Earnings (P/E) ratio of 40.59, which is considered high, suggesting that the stock might be trading at a premium due to investors’ optimistic growth expectations. Moreover, the company’s revenue growth for the last twelve months as of Q2 2024 stands at an impressive 19.93%, underlining its ability to expand its financial base in a competitive market.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/REXR. By using the coupon code PRONEWS24, users can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking further insights that could guide investment decisions.
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