Rexford Industrial Realty (NYSE:REXR) Posts Earnings Results, Misses Expectations By $0.30 EPS

Rexford Industrial Realty (NYSE:REXR) released its quarterly earnings data 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. The firm had revenue of $214.10 million for the quarter, compared to analyst estimates of $207.39 million. Rexford Industrial Realty had a return on equity of 3.10% and a net margin of 28.84%. The company’s quarterly revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.52 earnings per share. 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 Price Performance

Shares of NYSE REXR traded down $0.28 during mid-day trading on Friday, reaching $42.91. 435,896 shares of the company traded hands, compared to its average volume of 1,961,645. Rexford Industrial Realty has a fifty-two week low of $41.56 and a fifty-two week high of $58.02. 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 firm has a market cap of $9.35 billion, a PE ratio of 39.31, a price-to-earnings-growth ratio of 1.85 and a beta of 0.86. The stock has a fifty day simple moving average of $50.42 and a 200-day simple moving average of $50.63.

Rexford Industrial Realty Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be paid a $0.417 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.67 annualized dividend and a dividend yield of 3.89%. Rexford Industrial Realty’s payout ratio is currently 153.21%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on REXR shares. JPMorgan Chase & Co. downgraded 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. 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. TheStreet upgraded Rexford Industrial Realty from a “c+” rating to a “b-” rating in a report on Thursday, February 1st. Truist Financial lowered their price target on Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Barclays assumed coverage on Rexford Industrial Realty in a report on Wednesday, March 27th. They issued an “underweight” rating and a $45.00 price target for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $55.60.

Insider Activity at Rexford Industrial Realty

In related news, General Counsel David E. Lanzer sold 18,113 shares of the firm’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 can be accessed through this hyperlink. Company insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Rexford Industrial Realty

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in REXR. Quarry LP acquired a new position in Rexford Industrial Realty in the 2nd quarter worth approximately $28,000. Belpointe Asset Management LLC boosted its stake in shares of Rexford Industrial Realty by 112.7% during the 1st quarter. Belpointe Asset Management LLC now owns 1,176 shares of the real estate investment trust’s stock valued at $70,000 after buying an additional 623 shares during the period. Ossiam boosted its stake in shares of 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 period. First Manhattan Co. acquired a new stake in shares of Rexford Industrial Realty during the 1st quarter valued at $151,000. Finally, International Assets Investment Management LLC boosted its stake in shares of Rexford Industrial Realty by 5,510.9% during the 4th quarter. International Assets Investment Management LLC now owns 3,086 shares of the real estate investment trust’s stock valued at $173,000 after buying an additional 3,031 shares during the period. Institutional investors and hedge funds own 99.52% of the company’s stock.

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.