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

Rexford Industrial Realty (NYSE:REXR) issued its quarterly earnings data on Wednesday. The real estate investment trust reported $0.27 earnings per share (EPS) 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 3.11% and a net margin of 29.75%. The company had revenue of $214.10 million for the quarter, compared to the consensus estimate of $207.39 million. During the same quarter last year, the business earned $0.52 earnings per share. Rexford Industrial Realty’s revenue was up 15.0% compared to the same quarter last year. 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 Performance

NYSE:REXR opened at $42.24 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.35 and a current ratio of 1.35. Rexford Industrial Realty has a 52-week low of $41.56 and a 52-week high of $58.02. 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. The business’s fifty day moving average is $50.62 and its 200 day moving average is $50.68.

Rexford Industrial Realty Increases Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on REXR. Mizuho reiterated a “neutral” rating and issued a $52.00 target price on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. JPMorgan Chase & Co. downgraded Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 target price for the company. in a report on Wednesday, February 7th. TheStreet upgraded Rexford Industrial Realty from a “c+” rating to a “b-” rating in a report on Thursday, February 1st. Barclays began coverage on Rexford Industrial Realty in a report on Wednesday, March 27th. They issued an “underweight” rating and a $45.00 target price for the company. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $61.00 target price (up from $53.00) on shares of Rexford Industrial Realty in a report on Friday, January 5th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently 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 business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.69, for a total transaction of $954,373.97. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Rexford Industrial Realty

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wetherby Asset Management Inc. raised its holdings in shares of Rexford Industrial Realty by 2.9% in the 1st quarter. Wetherby Asset Management Inc. now owns 6,932 shares of the real estate investment trust’s stock valued at $517,000 after acquiring an additional 196 shares in the last quarter. Eqis Capital Management Inc. raised its holdings in shares of Rexford Industrial Realty by 3.2% in the 4th quarter. Eqis Capital Management Inc. now owns 6,604 shares of the real estate investment trust’s stock valued at $361,000 after acquiring an additional 202 shares in the last quarter. Corient Private Wealth LLC raised its holdings in shares of Rexford Industrial Realty by 3.5% in the 4th quarter. Corient Private Wealth LLC now owns 6,616 shares of the real estate investment trust’s stock valued at $371,000 after acquiring an additional 224 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Rexford Industrial Realty by 7.0% in the 2nd quarter. IFP Advisors Inc now owns 4,458 shares of the real estate investment trust’s stock valued at $233,000 after acquiring an additional 290 shares in the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of Rexford Industrial Realty by 5.2% in the 2nd quarter. Jane Street Group LLC now owns 5,885 shares of the real estate investment trust’s stock valued at $339,000 after acquiring an additional 290 shares in the last quarter. 99.52% of the stock is currently owned by institutional investors.

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.