Rexford Industrial Realty (NYSE:REXR) Issues Earnings Results

Rexford Industrial Realty (NYSE:REXR) released its earnings results on Wednesday. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30), Yahoo Finance reports. Rexford Industrial Realty had a return on equity of 3.11% and a net margin of 29.75%. The company had revenue of $214.10 million during the quarter, compared to analysts’ expectations of $207.39 million. During the same quarter in the previous year, the company earned $0.52 EPS. The firm’s quarterly revenue 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 5.4 %

Shares of NYSE:REXR opened at $42.24 on Thursday. Rexford Industrial Realty has a one year low of $41.56 and a one year 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 company has a debt-to-equity ratio of 0.28, a current ratio of 1.35 and a quick ratio of 1.35. The stock has a market cap of $9.20 billion, a price-to-earnings ratio of 37.71, a P/E/G ratio of 2.04 and a beta of 0.86.

Rexford Industrial Realty Increases Dividend

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

Insider Transactions at Rexford Industrial Realty

In related news, General Counsel David E. Lanzer sold 18,113 shares of the business’s stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. lifted its position in shares of Rexford Industrial Realty by 139.7% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 7,339 shares of the real estate investment trust’s stock worth $547,000 after purchasing an additional 4,277 shares in the last quarter. Natixis Advisors L.P. bought a new stake in shares of Rexford Industrial Realty in the first quarter worth $882,000. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Rexford Industrial Realty by 37.5% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,575 shares of the real estate investment trust’s stock worth $1,087,000 after purchasing an additional 3,978 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Rexford Industrial Realty by 7.5% in the first quarter. Vanguard Group Inc. now owns 22,698,814 shares of the real estate investment trust’s stock worth $1,693,104,000 after purchasing an additional 1,587,612 shares in the last quarter. Finally, Mackenzie Financial Corp bought a new stake in shares of Rexford Industrial Realty in the first quarter worth $1,157,000. Institutional investors own 99.52% of the company’s stock.

Wall Street Analysts Forecast Growth

REXR has been the topic of several analyst reports. Robert W. Baird restated a “neutral” rating and set a $61.00 price target (up previously from $53.00) on shares of Rexford Industrial Realty in a research note on Friday, January 5th. Mizuho restated a “neutral” rating and issued a $52.00 price target 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 report on Wednesday, March 27th. They set an “underweight” rating and a $45.00 price objective for the company. JPMorgan Chase & Co. downgraded shares of Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 price objective for the company. in a report on Wednesday, February 7th. Finally, Truist Financial cut their price target on shares of Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $55.60.

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.