Rexford Industrial Realty, Inc. (NYSE:REXR) Raises Dividend to $0.43 Per Share

Rexford Industrial Realty, Inc. (NYSE:REXR) announced a quarterly dividend on Thursday, February 6th,Wall Street Journal reports. Investors of record on Monday, March 31st will be paid a dividend of 0.43 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.72 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date is Monday, March 31st. This is a boost from Rexford Industrial Realty’s previous quarterly dividend of $0.42.

Rexford Industrial Realty has raised its dividend by an average of 29.3% annually over the last three years. Rexford Industrial Realty has a payout ratio of 116.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Rexford Industrial Realty to earn $2.47 per share next year, which means the company should continue to be able to cover its $1.67 annual dividend with an expected future payout ratio of 67.6%.

Rexford Industrial Realty Price Performance

Shares of REXR stock traded down $0.22 during midday trading on Thursday, reaching $40.55. 4,416,170 shares of the company traded hands, compared to its average volume of 1,979,782. The firm’s 50 day simple moving average is $39.77 and its two-hundred day simple moving average is $44.94. Rexford Industrial Realty has a 1-year low of $36.92 and a 1-year high of $53.88. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market cap of $9.02 billion, a PE ratio of 32.97, a price-to-earnings-growth ratio of 2.21 and a beta of 0.95.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.31. Rexford Industrial Realty had a return on equity of 3.35% and a net margin of 30.40%. On average, equities research analysts expect that Rexford Industrial Realty will post 2.34 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on REXR shares. Scotiabank downgraded Rexford Industrial Realty from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the stock from $55.00 to $48.00 in a research report on Friday, October 25th. Bank of America cut shares of Rexford Industrial Realty from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $66.00 to $49.00 in a research note on Monday, October 21st. StockNews.com cut shares of Rexford Industrial Realty from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Barclays cut their price objective on shares of Rexford Industrial Realty from $44.00 to $41.00 and set an “underweight” rating on the stock in a report on Monday, January 13th. Finally, Mizuho cut their target price on shares of Rexford Industrial Realty from $46.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $49.42.

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.