Rexford Industrial Realty (NYSE:REXR) Updates FY24 Earnings Guidance

Rexford Industrial Realty (NYSE:REXR) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.31-2.34 for the period, compared to the consensus earnings per share estimate of $2.36. Rexford Industrial Realty also updated its FY 2024 guidance to 2.310-2.340 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Truist Financial dropped their target price on shares of Rexford Industrial Realty from $57.00 to $53.00 and set a buy rating for the company in a research report on Tuesday. 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 shares of Rexford Industrial Realty in a research note on Wednesday, March 27th. They set an underweight rating and a $45.00 price target on the stock. TheStreet raised shares of Rexford Industrial Realty from a c+ rating to a b- rating in a research note on Thursday, February 1st. Finally, Robert W. Baird reissued a neutral rating and issued a $61.00 target price (up previously from $53.00) on shares of Rexford Industrial Realty in a research note on Friday, January 5th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $55.60.

Rexford Industrial Realty Trading Down 5.4 %

Shares of REXR opened at $42.24 on Thursday. The firm’s fifty day moving average is $50.62 and its two-hundred day moving average is $50.68. 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 stock has a market cap of $9.20 billion, a PE ratio of 37.71, a price-to-earnings-growth ratio of 2.04 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.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings data on Wednesday, April 17th. 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). The company had revenue of $214.10 million during the quarter, compared to analysts’ expectations of $207.39 million. Rexford Industrial Realty had a net margin of 29.75% and a return on equity of 3.11%. The firm’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 earnings per share. Research analysts forecast that Rexford Industrial Realty will post 2.34 earnings per share for the current fiscal year.

Rexford Industrial Realty Increases Dividend

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

Insiders Place Their Bets

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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.10% of the company’s stock.

Institutional Trading of Rexford Industrial Realty

Institutional investors and hedge funds have recently bought and sold shares of the business. Money Concepts Capital Corp purchased a new stake in Rexford Industrial Realty during the fourth quarter worth about $246,000. Vident Investment Advisory LLC increased its stake in shares of Rexford Industrial Realty by 26.0% during the first quarter. Vident Investment Advisory LLC now owns 3,247 shares of the real estate investment trust’s stock worth $242,000 after buying an additional 669 shares during the period. IFP Advisors Inc increased its stake in shares of Rexford Industrial Realty by 7.0% during the second quarter. IFP Advisors Inc now owns 4,458 shares of the real estate investment trust’s stock worth $233,000 after buying an additional 290 shares during the period. Wexford Capital LP purchased a new stake in shares of Rexford Industrial Realty during the fourth quarter worth approximately $223,000. Finally, Delphia USA Inc. purchased a new stake in shares of Rexford Industrial Realty during the fourth quarter worth approximately $215,000. 99.52% of the stock is currently owned by hedge funds and other institutional investors.

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.