Rexford Industrial Realty Inc (NYSE:REXR) Announces $0.19 Quarterly Dividend

Rexford Industrial Realty Inc (NYSE:REXR) announced a quarterly dividend on Wednesday, May 1st, Wall Street Journal reports. Shareholders of record on Friday, June 28th will be paid a dividend of 0.185 per share by the real estate investment trust on Monday, July 15th. This represents a $0.74 annualized dividend and a yield of 1.83%. The ex-dividend date is Thursday, June 27th.

Rexford Industrial Realty has raised its dividend by an average of 8.1% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Rexford Industrial Realty has a dividend payout ratio of 68.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Rexford Industrial Realty to earn $1.30 per share next year, which means the company should continue to be able to cover its $0.74 annual dividend with an expected future payout ratio of 56.9%.

Shares of REXR opened at $40.47 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 8.34 and a current ratio of 8.34. Rexford Industrial Realty has a 12 month low of $28.17 and a 12 month high of $41.27. The firm has a 50 day simple moving average of $38.71. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of 35.73, a P/E/G ratio of 3.83 and a beta of 0.84.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings data on Tuesday, April 30th. The real estate investment trust reported $0.08 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.20). Rexford Industrial Realty had a net margin of 18.77% and a return on equity of 2.43%. The business had revenue of $60.36 million during the quarter, compared to analyst estimates of $60.05 million. During the same period in the previous year, the business posted $0.27 earnings per share. The firm’s revenue for the quarter was up 24.4% on a year-over-year basis. On average, analysts anticipate that Rexford Industrial Realty will post 1.2 earnings per share for the current fiscal year.

REXR has been the topic of a number of research analyst reports. Wells Fargo & Co lifted their price target on Rexford Industrial Realty from $32.00 to $37.00 and gave the stock a “market perform” rating in a research note on Thursday, March 14th. They noted that the move was a valuation call. Zacks Investment Research lowered Rexford Industrial Realty from a “buy” rating to a “hold” rating in a research note on Wednesday, April 17th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $39.00.

In related news, General Counsel David E. Lanzer sold 5,085 shares of Rexford Industrial Realty stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $38.19, for a total transaction of $194,196.15. Following the transaction, the general counsel now owns 5,718 shares in the company, valued at $218,370.42. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Adeel Khan sold 40,000 shares of Rexford Industrial Realty stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of $38.00, for a total value of $1,520,000.00. Following the transaction, the chief financial officer now owns 40,000 shares in the company, valued at approximately $1,520,000. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

About Rexford Industrial Realty

Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns 179 properties with approximately 22.1 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet.

See Also: Cost of Goods Sold (COGS)

Dividend History for Rexford Industrial Realty (NYSE:REXR)

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