Rexford Industrial Realty (NYSE:REXR) Releases Earnings Results, Misses Expectations By $0.30 EPS

Rexford Industrial Realty (NYSE:REXR) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30), Yahoo Finance reports. Rexford Industrial Realty had a return on equity of 3.04% and a net margin of 28.84%. The business had revenue of $214.10 million for the quarter, compared to the consensus estimate of $207.39 million. During the same period last year, the firm earned $0.52 earnings per share. The company’s quarterly revenue was up 15.0% on a year-over-year basis. Rexford Industrial Realty updated its FY24 guidance to $2.31-2.34 EPS and its FY 2024 guidance to 2.310-2.340 EPS.

Rexford Industrial Realty Stock Down 1.0 %

Rexford Industrial Realty stock opened at $42.74 on Friday. The company has a 50 day moving average of $50.22 and a 200-day moving average of $50.59. The stock has a market capitalization of $9.31 billion, a PE ratio of 39.21, a price-to-earnings-growth ratio of 1.91 and a beta of 0.86. The company has a quick ratio of 1.35, a current ratio of 3.21 and a debt-to-equity ratio of 0.41. Rexford Industrial Realty has a twelve month low of $41.56 and a twelve month high of $58.02.

Rexford Industrial Realty Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a $0.417 dividend. This represents a $1.67 annualized dividend and a dividend yield of 3.90%. The ex-dividend date of this dividend is Friday, June 28th. Rexford Industrial Realty’s dividend payout ratio (DPR) is presently 153.21%.

Insider Activity

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.69, for a total transaction of $954,373.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.10% of the stock is currently owned by company insiders.

Institutional Trading of Rexford Industrial Realty

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Rexford Industrial Realty by 4.5% during the 4th quarter. Vanguard Group Inc. now owns 28,981,854 shares of the real estate investment trust’s stock valued at $1,625,882,000 after purchasing an additional 1,235,894 shares in the last quarter. BlackRock Inc. boosted its holdings in Rexford Industrial Realty by 1.7% during the 1st quarter. BlackRock Inc. now owns 24,373,926 shares of the real estate investment trust’s stock worth $1,453,905,000 after acquiring an additional 412,984 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Rexford Industrial Realty by 9.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,735,524 shares of the real estate investment trust’s stock worth $882,765,000 after acquiring an additional 1,366,351 shares during the last quarter. State Street Corp boosted its holdings in Rexford Industrial Realty by 5.8% during the 1st quarter. State Street Corp now owns 10,520,590 shares of the real estate investment trust’s stock worth $631,483,000 after acquiring an additional 579,957 shares during the last quarter. Finally, Norges Bank purchased a new position in Rexford Industrial Realty during the 4th quarter worth $283,319,000. Institutional investors own 99.52% of the company’s stock.

Wall Street Analysts Forecast Growth

REXR has been the subject of several recent analyst reports. TheStreet raised shares of Rexford Industrial Realty from a “c+” rating to a “b-” rating in a research note on Thursday, February 1st. JPMorgan Chase & Co. downgraded shares of Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 target price for the company. in a research note on Wednesday, February 7th. Barclays initiated coverage on shares of Rexford Industrial Realty in a research note on Wednesday, March 27th. They issued an “underweight” rating and a $45.00 target price for the company. Robert W. Baird reaffirmed a “neutral” rating and issued a $61.00 target price (up previously from $53.00) on shares of Rexford Industrial Realty in a research note on Friday, January 5th. Finally, Truist Financial lowered their target price on shares of Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Rexford Industrial Realty currently has an average rating of “Hold” and an average price target of $55.60.

Rexford Industrial Realty Company Profile

Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities.