On Tuesday, Rexford Industrial Realty's (NYSE:REXR) outlook was upgraded from Sector Perform to Sector Outperform by Scotiabank, as reported by Fintel. This update comes after the one-year price target for the Southern California-based REIT was set at $57.99 on November 1, indicating a potential increase of 28.76% from its closing price of $45.04 on November 8.
The company, which owns approximately 31.9 million rentable square feet across 253 properties and manages an additional one million square feet across twenty properties, is projected to generate annual revenue of $735 million. This represents a decrease of 4%, with a projected annual non-GAAP EPS of 1.13.
Institutional interest in Rexford saw some adjustments in the last quarter. The number of funds or institutions holding positions in Rexford decreased by four owners or 0.45% to 885. Meanwhile, the average portfolio weight dedicated to REXR dropped by 3.26% to 0.56%. Despite this, total institutional shares increased by 4.07% to 239,897K shares.
Among these institutional investors, Principal Financial Group (NASDAQ:PFG) held 13,579K shares or 6.44% ownership in Rexford, marking an increase of 0.34%. However, its portfolio allocation in REXR was reduced by 44.54%. Price T Rowe Associates held 13,253K shares or 6.29% ownership, an increase of 16.82%, but decreased its portfolio allocation by 2.04%.
Vanguard Real Estate Index Fund Investor Shares increased both its ownership and portfolio allocation in Rexford with 8,461K shares or 4.01% ownership (an increase of 4.69%), and a portfolio allocation increase of 1.41%. Invesco also followed this trend, holding 6,363K shares or 3.02% ownership (an increase of 13.15%), and significantly increasing its portfolio allocation by 923.36%.
On the flip side, iShares Core S&P Mid-Cap ETF held 6,096K shares or 2.89% ownership (an increase of 4.30%), but decreased its portfolio allocation by 12.38%.
The put/call ratio for REXR stood at 1.34, signaling a bearish sentiment among investors. Despite these mixed signals from institutional investors, the upgrade in outlook from Scotiabank could offer a positive perspective on Rexford's future performance.
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