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

Rexford Industrial Realty (NYSE:REXR) updated its FY24 earnings guidance on Wednesday. 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.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on REXR. Robert W. Baird restated a neutral rating and set a $61.00 price objective (up previously from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. JPMorgan Chase & Co. cut shares of Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 price objective on the stock. in a research report on Wednesday, February 7th. 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 on the stock. TheStreet upgraded shares of Rexford Industrial Realty from a c+ rating to a b- rating in a research report on Thursday, February 1st. Finally, Truist Financial decreased their target price on shares of Rexford Industrial Realty from $57.00 to $53.00 and set a buy rating on the stock in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $55.60.

Rexford Industrial Realty Price Performance

Shares of NYSE:REXR opened at $42.24 on Thursday. The stock has a market cap of $9.20 billion, a PE ratio of 37.71, a PEG ratio of 2.04 and a beta of 0.86. Rexford Industrial Realty has a 52 week low of $41.56 and a 52 week high of $58.02. 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’s fifty day moving average is $50.62 and its 200 day moving average is $50.68.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings results on Wednesday, April 17th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 3.11% and a net margin of 29.75%. Rexford Industrial Realty’s revenue was up 15.0% on a year-over-year basis. During the same period last year, the business earned $0.52 EPS. Research analysts anticipate that Rexford Industrial Realty will post 2.34 earnings per share for the current year.

Rexford Industrial Realty Increases Dividend

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

Insiders Place Their Bets

In other news, General Counsel David E. Lanzer sold 18,113 shares of Rexford Industrial Realty stock in a transaction dated 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 is accessible through this hyperlink. Insiders own 1.10% of the company’s stock.

Institutional Investors Weigh In On Rexford Industrial Realty

Large investors have recently modified their holdings of the stock. Quarry LP bought a new stake in Rexford Industrial Realty during the second quarter worth about $28,000. Belpointe Asset Management LLC boosted its stake 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 worth $70,000 after acquiring an additional 623 shares in the last quarter. First Manhattan Co. bought a new stake in Rexford Industrial Realty during the first quarter worth about $151,000. Ossiam boosted its stake 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 worth $125,000 after acquiring an additional 368 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake 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 worth $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.