Rexford Industrial Realty (NYSE:REXR) Issues Quarterly Earnings Results

Rexford Industrial Realty (NYSE:REXR) announced its quarterly earnings data on Wednesday. The real estate investment trust reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.30), Yahoo Finance reports. The company had revenue of $214.10 million during the quarter, compared to analyst estimates of $207.39 million. Rexford Industrial Realty had a net margin of 29.75% and a return on equity of 3.11%. Rexford Industrial Realty’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 earnings per share. 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 5.4 %

Shares of Rexford Industrial Realty stock opened at $42.24 on Thursday. Rexford Industrial Realty has a one year low of $41.56 and a one year high of $58.02. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.35 and a quick ratio of 1.35. The stock’s 50-day moving average is $50.62 and its 200 day moving average is $50.68. The firm has a market cap of $9.20 billion, a price-to-earnings ratio of 37.71, a PEG ratio of 2.04 and a beta of 0.86.

Rexford Industrial Realty Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.4175 per share. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.38. The ex-dividend date was Wednesday, March 27th. This represents a $1.67 annualized dividend and a dividend yield of 3.95%. Rexford Industrial Realty’s dividend payout ratio is presently 149.11%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Robert W. Baird reaffirmed a “neutral” rating and issued a $61.00 price objective (up from $53.00) on shares of Rexford Industrial Realty in a report on Friday, January 5th. Truist Financial dropped their price objective on Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday. TheStreet raised Rexford Industrial Realty from a “c+” rating to a “b-” rating in a report on Thursday, February 1st. Mizuho reissued a “neutral” rating and set a $52.00 price target on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. Finally, JPMorgan Chase & Co. cut Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 price target for the company. in a report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $55.60.

Insider Activity at Rexford Industrial Realty

In related news, General Counsel David E. Lanzer sold 18,113 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was 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 SEC, which is accessible through this hyperlink. 1.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rexford Industrial Realty

Several institutional investors and hedge funds have recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. raised its stake in Rexford Industrial Realty by 139.7% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 7,339 shares of the real estate investment trust’s stock worth $547,000 after buying an additional 4,277 shares during the period. Natixis Advisors L.P. acquired a new position in Rexford Industrial Realty during the 1st quarter worth approximately $882,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Rexford Industrial Realty by 37.5% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,575 shares of the real estate investment trust’s stock worth $1,087,000 after buying an additional 3,978 shares during the period. Vanguard Group Inc. raised its stake in Rexford Industrial Realty by 7.5% during the 1st quarter. Vanguard Group Inc. now owns 22,698,814 shares of the real estate investment trust’s stock worth $1,693,104,000 after buying an additional 1,587,612 shares during the period. Finally, Mackenzie Financial Corp acquired a new position in Rexford Industrial Realty during the 1st quarter worth approximately $1,157,000. Institutional investors own 99.52% of the company’s stock.

About Rexford Industrial Realty

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.