Rexford Industrial Realty (NYSE:REXR) Issues Earnings Results

Rexford Industrial Realty (NYSE:REXR) posted its earnings results on Wednesday. The real estate investment trust reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30), Yahoo Finance reports. Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.04%. The business had revenue of $214.10 million during the quarter, compared to analysts’ expectations of $207.39 million. During the same quarter in the prior year, the firm earned $0.52 EPS. Rexford Industrial Realty’s revenue for the quarter was up 15.0% compared to the same quarter last year. 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 Stock Down 1.0 %

Shares of NYSE REXR opened at $42.74 on Friday. The company has a market capitalization of $9.31 billion, a price-to-earnings ratio of 39.21, a price-to-earnings-growth ratio of 1.91 and a beta of 0.86. 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 business has a 50-day moving average of $50.22 and a two-hundred day moving average of $50.59. Rexford Industrial Realty has a 1 year low of $41.56 and a 1 year high of $58.02.

Rexford Industrial Realty Cuts Dividend

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

Insiders Place Their Bets

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of Rexford Industrial Realty 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is owned by company insiders.

Institutional Trading of Rexford Industrial Realty

Institutional investors and hedge funds have recently made changes to their positions in the company. FIL Ltd raised 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 acquiring an additional 55,272 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in Rexford Industrial Realty by 3.0% during the 4th quarter. Public Employees Retirement System of Ohio now owns 391,798 shares of the real estate investment trust’s stock valued at $21,980,000 after acquiring an additional 11,272 shares during the last quarter. Employees Retirement System of Texas raised its stake in Rexford Industrial Realty by 4.0% during the 4th quarter. Employees Retirement System of Texas now owns 130,000 shares of the real estate investment trust’s stock valued at $7,293,000 after acquiring an additional 5,000 shares during the last quarter. Legal & General Group Plc raised its stake in Rexford Industrial Realty by 11.9% during the 4th quarter. Legal & General Group Plc now owns 1,953,530 shares of the real estate investment trust’s stock valued at $109,593,000 after acquiring an additional 208,467 shares during the last quarter. Finally, Wexford Capital LP purchased a new stake in Rexford Industrial Realty during the 4th quarter valued at approximately $223,000. 99.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on REXR shares. Truist Financial reduced their target price on Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday. Mizuho reaffirmed a “neutral” rating and issued a $52.00 price objective on shares of Rexford Industrial Realty in a research note on Tuesday, April 2nd. TheStreet raised Rexford Industrial Realty from a “c+” rating to a “b-” rating in a research note on Thursday, February 1st. Robert W. Baird reaffirmed a “neutral” rating and issued a $61.00 price objective (up from $53.00) on shares of Rexford Industrial Realty in a research note on Friday, January 5th. Finally, JPMorgan Chase & Co. cut Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 price objective for the company. in a research note on Wednesday, February 7th. Two investment 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. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $55.60.

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.