Rexford Industrial Realty (NYSE:REXR) Issues FY 2024 Earnings Guidance

Rexford Industrial Realty (NYSE:REXR) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 2.310-2.340 for the period, compared to the consensus EPS estimate of 2.360. The company issued revenue guidance of -. Rexford Industrial Realty also updated its FY24 guidance to $2.31-2.34 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on REXR. TheStreet upgraded Rexford Industrial Realty from a c+ rating to a b- rating in a research report on Thursday, February 1st. Robert W. Baird restated a neutral rating and issued a $61.00 price target (up from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. Mizuho reiterated a neutral rating and issued a $52.00 target price on shares of Rexford Industrial Realty in a research note on Tuesday, April 2nd. Barclays initiated coverage on Rexford Industrial Realty in a research note on Wednesday, March 27th. They issued an underweight rating and a $45.00 target price on the stock. Finally, JPMorgan Chase & Co. lowered Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 target price on the stock. in a research note on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Rexford Industrial Realty currently has an average rating of Hold and a consensus target price of $55.60.

Rexford Industrial Realty Stock Performance

Shares of Rexford Industrial Realty stock opened at $42.24 on Thursday. The firm has a market cap of $9.20 billion, a P/E ratio of 37.71, a P/E/G ratio of 2.04 and a beta of 0.86. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.28. Rexford Industrial Realty has a 12 month low of $41.56 and a 12 month high of $58.02. The stock’s fifty day moving average price is $50.62 and its 200-day moving average price is $50.68.

Rexford Industrial Realty (NYSE:REXR) last posted its earnings results on Wednesday, April 17th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.30). Rexford Industrial Realty had a net margin of 29.75% and a return on equity of 3.11%. The company had revenue of $214.10 million during the quarter, compared to analysts’ expectations of $207.39 million. During the same quarter last year, the firm earned $0.52 EPS. Rexford Industrial Realty’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities research analysts expect that Rexford Industrial Realty will post 2.34 earnings per share for the current fiscal year.

Rexford Industrial Realty Increases Dividend

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

Insider Buying and Selling at Rexford Industrial Realty

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of Rexford Industrial Realty stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $52.69, for a total value of $954,373.97. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Rexford Industrial Realty

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Rexford Industrial Realty by 4.5% in the fourth quarter. Vanguard Group Inc. now owns 28,981,854 shares of the real estate investment trust’s stock worth $1,625,882,000 after acquiring an additional 1,235,894 shares in the last quarter. BlackRock Inc. boosted its holdings in Rexford Industrial Realty by 1.7% in the first 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Rexford Industrial Realty by 9.5% in the fourth 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 in the last quarter. State Street Corp boosted its holdings in Rexford Industrial Realty by 5.8% in the first 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 in the last quarter. Finally, Norges Bank acquired a new stake in Rexford Industrial Realty in the fourth quarter worth about $283,319,000. Hedge funds and other institutional investors own 99.52% of the company’s stock.

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.