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

Rexford Industrial Realty (NYSE:REXR) issued 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 firm had revenue of $214.10 million during the quarter, compared to analysts’ expectations of $207.39 million. Rexford Industrial Realty had a return on equity of 3.04% and a net margin of 28.84%. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 EPS. 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 1.0 %

Rexford Industrial Realty stock opened at $42.74 on Friday. The business has a 50-day simple moving average of $50.22 and a two-hundred day simple moving average of $50.59. The company has a market cap of $9.31 billion, a P/E ratio of 39.21, a P/E/G ratio of 1.91 and a beta of 0.86. Rexford Industrial Realty has a 52-week low of $41.56 and a 52-week high of $58.02. The company has a quick ratio of 1.35, a current ratio of 3.21 and a debt-to-equity ratio of 0.41.

Rexford Industrial Realty Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a $0.417 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.67 annualized dividend and a yield of 3.90%. Rexford Industrial Realty’s payout ratio is 153.21%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. TheStreet raised Rexford Industrial Realty from a “c+” rating to a “b-” rating in a research note on Thursday, February 1st. Mizuho restated a “neutral” rating and set a $52.00 target price on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. Barclays initiated coverage on Rexford Industrial Realty in a report on Wednesday, March 27th. They issued an “underweight” rating and a $45.00 price objective for the company. Robert W. Baird reissued a “neutral” rating and issued a $61.00 target price (up from $53.00) on shares of Rexford Industrial Realty in a research note on Friday, January 5th. Finally, Truist Financial cut their target price on Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Rexford Industrial Realty presently has an average rating of “Hold” and a consensus price target of $55.60.

Insider Buying and Selling at Rexford Industrial Realty

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of the business’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Rexford Industrial Realty

Large investors have recently made changes to their positions in the company. Quarry LP purchased a new position in shares of Rexford Industrial Realty during the 2nd quarter valued at about $28,000. Belpointe Asset Management LLC lifted its position in shares of Rexford Industrial Realty by 112.7% during the 1st quarter. Belpointe Asset Management LLC now owns 1,176 shares of the real estate investment trust’s stock valued at $70,000 after buying an additional 623 shares in the last quarter. First Manhattan Co. purchased a new position in shares of Rexford Industrial Realty during the 1st quarter valued at about $151,000. Ossiam lifted its position in shares of Rexford Industrial Realty by 21.3% during the 1st quarter. Ossiam now owns 2,096 shares of the real estate investment trust’s stock valued at $125,000 after buying an additional 368 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of Rexford Industrial Realty by 5,510.9% during the 4th quarter. International Assets Investment Management LLC now owns 3,086 shares of the real estate investment trust’s stock valued at $173,000 after buying an additional 3,031 shares in the last quarter. 99.52% of the stock is currently owned by institutional investors.

About Rexford Industrial Realty

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.