Rexford Industrial Realty (NYSE:REXR) Releases FY24 Earnings Guidance

Rexford Industrial Realty (NYSE:REXR) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.31-2.34 for the period, compared to the consensus earnings per share estimate of $2.36. Rexford Industrial Realty also updated its FY 2024 guidance to 2.310-2.340 EPS.

Rexford Industrial Realty Stock Performance

NYSE:REXR opened at $42.74 on Friday. The firm has a 50-day moving average of $50.42 and a two-hundred day moving average of $50.63. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.21 and a quick ratio of 1.35. The stock has a market cap of $9.31 billion, a P/E ratio of 39.21, a PEG ratio of 1.91 and a beta of 0.86. Rexford Industrial Realty has a 1-year low of $41.56 and a 1-year high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last released its quarterly earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.30). 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 during the quarter, compared to analyst estimates of $207.39 million. During the same quarter last year, the firm posted $0.52 EPS. The company’s revenue was up 15.0% compared to the same quarter last year. On average, research analysts expect that Rexford Industrial Realty will post 2.33 earnings per share for the current fiscal year.

Rexford Industrial Realty Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a dividend of $0.417 per share. 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 currently 153.21%.

Wall Street Analysts Forecast Growth

REXR has been the subject of a number of research analyst reports. Robert W. Baird restated a neutral rating and issued a $61.00 price target (up previously from $53.00) on shares of Rexford Industrial Realty in a research note on Friday, January 5th. Barclays began 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 on the stock. Mizuho reiterated a neutral rating and issued a $52.00 price target on shares of Rexford Industrial Realty in a research note on Tuesday, April 2nd. Truist Financial lowered 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. Finally, JPMorgan Chase & Co. downgraded Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 target price on the stock. in a report on Wednesday, February 7th. Two equities 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $55.60.

Insider Activity

In related news, General Counsel David E. Lanzer sold 18,113 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $52.69, for a total value of $954,373.97. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.10% of the company’s stock.

Institutional Trading of Rexford Industrial Realty

A number of large investors have recently modified their holdings of the company. FIL Ltd boosted its stake in Rexford Industrial Realty by 149.4% during the 4th quarter. FIL Ltd now owns 92,272 shares of the real estate investment trust’s stock valued at $5,176,000 after purchasing an additional 55,272 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of Rexford Industrial Realty by 3.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 391,798 shares of the real estate investment trust’s stock worth $21,980,000 after buying an additional 11,272 shares during the period. Employees Retirement System of Texas boosted its position in shares of Rexford Industrial Realty by 4.0% during the fourth quarter. Employees Retirement System of Texas now owns 130,000 shares of the real estate investment trust’s stock worth $7,293,000 after buying an additional 5,000 shares during the period. Legal & General Group Plc grew its holdings in Rexford Industrial Realty by 11.9% in the 4th quarter. Legal & General Group Plc now owns 1,953,530 shares of the real estate investment trust’s stock worth $109,593,000 after buying an additional 208,467 shares in the last quarter. Finally, Wexford Capital LP acquired a new stake in Rexford Industrial Realty in the 4th quarter valued at approximately $223,000. Institutional investors and hedge funds 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.