Rexford Industrial Realty (NYSE:REXR) Releases FY 2024 Earnings Guidance

Rexford Industrial Realty (NYSE:REXR) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 2.310-2.340 for the period, compared to the consensus estimate of 2.360. The company issued revenue guidance of -. Rexford Industrial Realty also updated its FY24 guidance to $2.31-2.34 EPS.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on REXR. JPMorgan Chase & Co. lowered shares of Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 target price on the stock. in a research report on Wednesday, February 7th. Barclays began coverage on shares of Rexford Industrial Realty in a research report on Wednesday, March 27th. They set an underweight rating and a $45.00 target price on the stock. TheStreet upgraded shares of Rexford Industrial Realty from a c+ rating to a b- rating in a research report on Thursday, February 1st. Robert W. Baird restated a neutral rating and set a $61.00 target price (up previously from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. Finally, Mizuho reiterated a neutral rating and issued a $52.00 price target on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $55.60.

Rexford Industrial Realty Stock Performance

Shares of NYSE:REXR traded down $2.42 during trading on Wednesday, reaching $42.24. 5,013,432 shares of the company’s stock traded hands, compared to its average volume of 1,947,785. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.35 and a quick ratio of 1.35. Rexford Industrial Realty has a 12 month low of $41.56 and a 12 month high of $58.02. The company has a 50 day moving average of $50.62 and a 200-day moving average of $50.68. The stock has a market capitalization of $9.09 billion, a P/E ratio of 37.71, a price-to-earnings-growth ratio of 2.06 and a beta of 0.86.

Rexford Industrial Realty Increases Dividend

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

Insider Activity 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 shares were 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.10% of the company’s stock.

Institutional Trading of Rexford Industrial Realty

Institutional investors have recently made changes to their positions in the stock. Quarry LP acquired a new stake in shares of Rexford Industrial Realty in the 2nd quarter worth approximately $28,000. Belpointe Asset Management LLC lifted its stake in shares of Rexford Industrial Realty by 112.7% in the 1st quarter. Belpointe Asset Management LLC now owns 1,176 shares of the real estate investment trust’s stock worth $70,000 after acquiring an additional 623 shares during the period. First Manhattan Co. bought a new stake in shares of Rexford Industrial Realty in the 1st quarter worth approximately $151,000. Ossiam raised its holdings in shares of Rexford Industrial Realty by 21.3% in the 1st quarter. Ossiam now owns 2,096 shares of the real estate investment trust’s stock worth $125,000 after purchasing an additional 368 shares in the last quarter. Finally, International Assets Investment Management LLC raised its holdings in shares of Rexford Industrial Realty by 5,510.9% in the 4th quarter. International Assets Investment Management LLC now owns 3,086 shares of the real estate investment trust’s stock worth $173,000 after purchasing an additional 3,031 shares in the last quarter. 99.52% of the stock is owned by institutional investors and hedge funds.

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.