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, amounting to a total of $1.48 million. The sale took place on July 26, 2024, according to the latest SEC filing.
The transaction took place in multiple trades with prices ranging from $48.69 to $49.00. After the sale, Schwimmer’s direct ownership in the company stood at 50,673 shares of common stock. In addition, it noted that Schwimmer also has indirect ownership through the trust, which is the trustee, with a total of 13,575 shares.
The sale occurred shortly after Schwimmer exchanged an equal number of Operating Partnership Units for common stock, which did not involve a cash transaction. This exchange is a common practice among executives of real estate investment trusts (REITs) and reflects the liquidity options provided through the partnership structure.
Investors often monitor insider transactions such as these for insight into executives’ sentiments about future company performance. However, it is important to note that these transactions may be driven by various personal financial considerations and do not necessarily reflect the company’s operational prospects.
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 price is listed 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 targets from various companies. JPMorgan raised its price target for Rexford to $52, maintaining a neutral stance, following its review of the company’s second-quarter earnings. The company predicts core funds from operations (FFO) per share for Rexford will reach $2.86 in 2026. Evercore ISI also increased the price target for Rexford to $55, maintaining a higher rating, in anticipation of significant acquisition activity and financial prospects which is stable for the company. However, Mizuho Securities lowered its price target for Rexford to $50 from $52, forecasting a reduction in net operating income for fiscal year 2025.
In addition to these price target adjustments, Rexford Industrial Realty reported strong 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 more than $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 company’s analysis suggests a potential 23% upside for the stock, including dividends, based on the company’s holdings of “irreplaceable assets” in Southern California. Despite the expected decline in market rental growth in the region, Evercore ISI believes that the current share price has reflected the state of the market. This is a recent development that provides an overview of the company’s current financial and operational performance.
InvestingPro Insights
After a recent insider transaction by Co-CEO Howard Schwimmer of Rexford Industrial Realty, Inc. (REXR), it is interesting to note the company’s financial prospects through the lens of InvestingPro’s data and tips. Rexford Industrial Realty has shown strong fundamentals, with a market capitalization of $11.13 billion USD, showing a strong presence in the industrial real estate market.
InvestingPro Tips indicates that Rexford has raised its dividend for 11 consecutive years, a testament to its financial stability and commitment to delivering value to shareholders. In addition, analysts expect sales growth in the current year, which may reflect positive business prospects and potential for increased profits.
Key financial metrics from InvestingPro highlight a Price/Earnings (P/E) ratio of 40.59, which is considered high, indicating that the stock may be trading at a premium due to investors’ optimistic growth expectations. In addition, the company’s profit growth for the last twelve months in Q2 2024 was an impressive 19.93%, reflecting 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 a coupon code NOTICE 24users can get up to 10% discount on annual Pro and annual or bi-annual Pro+ subscriptions, unlocking insights that can guide investment decisions.
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