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

Rexford Industrial Realty (NYSE:REXR) issued an update on its FY24 earnings guidance on Wednesday morning. 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.

Rexford Industrial Realty Stock Up 2.2 %

NYSE REXR opened at $43.19 on Friday. Rexford Industrial Realty has a 52 week low of $41.56 and a 52 week high of $58.02. The firm has a market capitalization of $9.41 billion, a price-to-earnings ratio of 39.62, a PEG ratio of 1.85 and a beta of 0.86. 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 company has a fifty day moving average of $50.62 and a two-hundred day moving average of $50.68.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings data on Thursday, April 18th. 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 firm had revenue of $214.10 million during the quarter, compared to the consensus estimate of $207.39 million. Rexford Industrial Realty had a return on equity of 3.10% and a net margin of 28.84%. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 EPS. On average, analysts predict that Rexford Industrial Realty will post 2.35 earnings per share for the current year.

Rexford Industrial Realty Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $0.4175 dividend. This represents a $1.67 annualized dividend and a yield of 3.87%. The ex-dividend date was Wednesday, March 27th. This is an increase from Rexford Industrial Realty’s previous quarterly dividend of $0.38. Rexford Industrial Realty’s dividend payout ratio is 153.21%.

Wall Street Analyst Weigh In

REXR has been the subject of a number of recent analyst reports. Truist Financial lowered 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 note on Tuesday. JPMorgan Chase & Co. downgraded Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 price objective on the stock. in a report on Wednesday, February 7th. Mizuho reiterated a neutral rating and issued a $52.00 target price on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. 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 restated a neutral rating and issued a $61.00 price target (up previously from $53.00) on shares of Rexford Industrial Realty in a report on Friday, January 5th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $55.60.

Insider Buying and Selling

In other news, General Counsel David E. Lanzer sold 18,113 shares of the business’s stock in a transaction 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 document filed with the SEC, which can be accessed through the SEC website. 1.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Wetherby Asset Management Inc. boosted its position in Rexford Industrial Realty by 2.9% in the 1st quarter. Wetherby Asset Management Inc. now owns 6,932 shares of the real estate investment trust’s stock worth $517,000 after purchasing an additional 196 shares in the last quarter. Eqis Capital Management Inc. grew its position in Rexford Industrial Realty by 3.2% during the fourth quarter. Eqis Capital Management Inc. now owns 6,604 shares of the real estate investment trust’s stock valued at $361,000 after buying an additional 202 shares during the period. Corient Private Wealth LLC increased its holdings in Rexford Industrial Realty by 3.5% in the fourth quarter. Corient Private Wealth LLC now owns 6,616 shares of the real estate investment trust’s stock valued at $371,000 after buying an additional 224 shares in the last quarter. IFP Advisors Inc raised its position in shares of Rexford Industrial Realty by 7.0% in the second quarter. IFP Advisors Inc now owns 4,458 shares of the real estate investment trust’s stock worth $233,000 after acquiring an additional 290 shares during the period. Finally, Jane Street Group LLC boosted its stake in shares of Rexford Industrial Realty by 5.2% during the 2nd quarter. Jane Street Group LLC now owns 5,885 shares of the real estate investment trust’s stock worth $339,000 after acquiring an additional 290 shares in the last quarter. Hedge funds and other institutional investors 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.