Rexford Industrial Realty (NYSE:REXR) Releases FY 2024 Earnings Guidance

Rexford Industrial Realty (NYSE:REXR) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 2.310-2.340 for the period, compared to the consensus earnings per share estimate of 2.360. The company issued revenue guidance of -. Rexford Industrial Realty also updated its FY24 guidance to $2.31-2.34 EPS.

Rexford Industrial Realty Stock Performance

Shares of NYSE REXR opened at $42.74 on Friday. The stock has a 50 day moving average price of $50.42 and a 200 day moving average price of $50.63. Rexford Industrial Realty has a 52 week low of $41.56 and a 52 week high of $58.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.35 and a current ratio of 3.21. The stock has a market capitalization of $9.31 billion, a PE ratio of 39.21, a price-to-earnings-growth ratio of 1.91 and a beta of 0.86.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.30). Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.04%. The company had revenue of $214.10 million for the quarter, compared to analyst estimates of $207.39 million. During the same period last year, the company posted $0.52 earnings per share. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. Analysts predict that Rexford Industrial Realty will post 2.33 earnings per share for the current fiscal year.

Rexford Industrial Realty Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a dividend of $0.417 per share. The ex-dividend date is Friday, June 28th. This represents a $1.67 annualized dividend and a yield of 3.90%. Rexford Industrial Realty’s dividend payout ratio (DPR) is presently 153.21%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Barclays assumed coverage on Rexford Industrial Realty in a research report on Wednesday, March 27th. They issued an underweight rating and a $45.00 price objective for the company. Robert W. Baird reaffirmed a neutral rating and issued a $61.00 price objective (up from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. TheStreet raised Rexford Industrial Realty from a c+ rating to a b- rating in a research report on Thursday, February 1st. Truist Financial cut their price objective 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, JPMorgan Chase & Co. cut Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 price objective for the company. in a research report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Rexford Industrial Realty currently 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 Rexford Industrial Realty stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.69, for a total value of $954,373.97. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Rexford Industrial Realty

Hedge funds and other institutional investors have recently modified their holdings of the business. Quarry LP bought a new position in shares of Rexford Industrial Realty in the 2nd quarter valued at $28,000. Belpointe Asset Management LLC boosted its holdings 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 acquiring an additional 623 shares in the last quarter. First Manhattan Co. acquired a new stake in shares of Rexford Industrial Realty during the 1st quarter valued at $151,000. Ossiam boosted its holdings 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 acquiring an additional 368 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its holdings 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 acquiring an additional 3,031 shares in the last quarter. Institutional investors own 99.52% of the company’s stock.

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.