Rexford Industrial Realty, Inc. to Issue Quarterly Dividend of $0.42 (NYSE:REXR)

Rexford Industrial Realty, Inc. (NYSE:REXR) announced a quarterly dividend on Wednesday, April 17th, Zacks reports. Shareholders of record on Friday, June 28th will be given a dividend of 0.417 per share by the real estate investment trust on Monday, July 15th. This represents a $1.67 annualized dividend and a dividend yield of 3.86%. The ex-dividend date is Friday, June 28th.

Rexford Industrial Realty has increased its dividend by an average of 20.9% annually over the last three years and has raised its dividend every year for the last 8 years. Rexford Industrial Realty has a dividend payout ratio of 122.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Rexford Industrial Realty to earn $2.67 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 56.9%.

Rexford Industrial Realty Price Performance

Shares of NYSE REXR opened at $43.19 on Friday. The stock has a fifty day moving average of $50.62 and a 200-day moving average of $50.68. The stock has a market cap of $9.41 billion, a PE ratio of 39.62, a price-to-earnings-growth ratio of 1.85 and a beta of 0.86. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.35 and a current ratio of 1.35. Rexford Industrial Realty has a fifty-two week low of $41.56 and a fifty-two week high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last posted its earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30). Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.10%. The company had revenue of $214.10 million for the quarter, compared to analysts’ expectations of $207.39 million. During the same period in the previous year, the firm earned $0.52 EPS. The firm’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities research analysts anticipate that Rexford Industrial Realty will post 2.35 earnings per share for the current year.

Wall Street Analysts Forecast Growth

REXR has been the subject of several analyst reports. Barclays assumed coverage on shares of Rexford Industrial Realty in a report on Wednesday, March 27th. They issued an “underweight” rating and a $45.00 price target for the company. Robert W. Baird restated a “neutral” rating and set a $61.00 target price (up from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. JPMorgan Chase & Co. lowered Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 target price on the stock. in a research note on Wednesday, February 7th. Truist Financial dropped their price target on Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Mizuho reaffirmed a “neutral” rating and issued a $52.00 target price on shares of Rexford Industrial Realty in a research note on Tuesday, April 2nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $55.60.

Insiders Place Their Bets

In other news, General Counsel David E. Lanzer sold 18,113 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.69, for a total value of $954,373.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.10% of the company’s stock.

Institutional Trading of Rexford Industrial Realty

Several institutional investors have recently added to or reduced their stakes in the business. Quarry LP bought a new stake in shares of Rexford Industrial Realty in the 2nd quarter valued at about $28,000. Belpointe Asset Management LLC grew its holdings in shares of Rexford Industrial Realty by 112.7% in the first quarter. Belpointe Asset Management LLC now owns 1,176 shares of the real estate investment trust’s stock worth $70,000 after purchasing an additional 623 shares during the last quarter. First Manhattan Co. purchased a new position in shares of Rexford Industrial Realty in the first quarter worth $151,000. Ossiam raised its holdings in 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 during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in 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 acquiring an additional 3,031 shares during the last quarter. 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.