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

Rexford Industrial Realty (NYSE:REXR) posted its earnings results on Wednesday. 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), Yahoo Finance reports. The company had revenue of $214.10 million for the quarter, compared to analyst estimates of $207.39 million. Rexford Industrial Realty had a return on equity of 3.11% and a net margin of 29.75%. Rexford Industrial Realty’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $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 Trading Down 5.4 %

NYSE:REXR opened at $42.24 on Thursday. Rexford Industrial Realty has a twelve month low of $41.56 and a twelve month high of $58.02. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.28. The business has a 50 day moving average price of $50.62 and a two-hundred day moving average price of $50.68. The company has a market cap of $9.20 billion, a P/E ratio of 37.71, a price-to-earnings-growth ratio of 2.04 and a beta of 0.86.

Rexford Industrial Realty Increases Dividend

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

Analysts Set New Price Targets

Several research firms have recently issued reports on REXR. Truist Financial decreased their target price on Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday. TheStreet upgraded Rexford Industrial Realty from a “c+” rating to a “b-” rating in a research report on Thursday, February 1st. Mizuho restated a “neutral” rating and set a $52.00 target price on shares of Rexford Industrial Realty in a research report on Tuesday, April 2nd. Barclays initiated coverage on Rexford Industrial Realty in a research report on Wednesday, March 27th. They set an “underweight” rating and a $45.00 target price for the company. Finally, JPMorgan Chase & Co. lowered Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $55.60.

Insiders Place Their Bets

In other news, General Counsel David E. Lanzer sold 18,113 shares of the company’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 transaction of $954,373.97. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Rexford Industrial Realty

A number of institutional investors and hedge funds have recently made changes to their positions in REXR. Norges Bank bought a new stake in shares of Rexford Industrial Realty during the 4th quarter worth approximately $283,319,000. Price T Rowe Associates Inc. MD raised its stake in shares of Rexford Industrial Realty by 64.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 10,432,222 shares of the real estate investment trust’s stock worth $570,016,000 after purchasing an additional 4,107,405 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of 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 purchasing an additional 1,587,612 shares in the last quarter. State Street Corp raised its stake in Rexford Industrial Realty by 19.0% in the 1st quarter. State Street Corp now owns 8,626,789 shares of the real estate investment trust’s stock valued at $646,126,000 after acquiring an additional 1,375,680 shares during the period. Finally, Deutsche Bank AG raised its stake in Rexford Industrial Realty by 61.0% in the 1st quarter. Deutsche Bank AG now owns 2,573,212 shares of the real estate investment trust’s stock valued at $153,492,000 after acquiring an additional 974,709 shares during the period. 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.