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

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 the consensus estimate of $0.57 by ($0.30), Yahoo Finance reports. The business had revenue of $214.10 million for the quarter, compared to analysts’ expectations of $207.39 million. Rexford Industrial Realty had a net margin of 29.75% and a return on equity of 3.11%. Rexford Industrial Realty’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $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 Stock Performance

Shares of NYSE:REXR opened at $42.24 on Thursday. The company has a market capitalization of $9.20 billion, a price-to-earnings ratio of 37.71, a PEG ratio of 2.04 and a beta of 0.86. Rexford Industrial Realty has a 12 month low of $41.56 and a 12 month high of $58.02. The firm’s 50-day moving average is $50.62 and its 200 day moving average is $50.68. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.28.

Rexford Industrial Realty Increases Dividend

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

Analyst Upgrades and Downgrades

REXR has been the subject of several analyst reports. Robert W. Baird reissued a “neutral” rating and set a $61.00 price target (up previously from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. Barclays began coverage on shares of Rexford Industrial Realty in a research report on Wednesday, March 27th. They set an “underweight” rating and a $45.00 price objective for the company. Truist Financial cut their price objective on shares of Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. cut shares of 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. Finally, Mizuho reiterated a “neutral” rating and issued a $52.00 price target 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 issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $55.60.

Insider Activity at Rexford Industrial Realty

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of the company’s stock in a transaction dated 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 filing with the SEC, which is available through this link. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rexford Industrial Realty

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP purchased a new stake in Rexford Industrial Realty during the second quarter valued at approximately $28,000. Belpointe Asset Management LLC lifted its position in Rexford Industrial Realty by 112.7% during the first 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 during the last quarter. Ossiam lifted its position in Rexford Industrial Realty by 21.3% during the first 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 during the last quarter. First Manhattan Co. purchased a new stake in Rexford Industrial Realty during the first quarter valued at approximately $151,000. Finally, International Assets Investment Management LLC lifted its position in Rexford Industrial Realty by 5,510.9% during the fourth 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 during the last quarter. Hedge funds and other 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.