Equities research analysts expect Rexford Industrial Realty Inc (NYSE:REXR) to announce sales of $70.12 million for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Rexford Industrial Realty’s earnings, with estimates ranging from $68.67 million to $72.30 million. Rexford Industrial Realty reported sales of $57.01 million during the same quarter last year, which indicates a positive year over year growth rate of 23%. The firm is expected to report its next quarterly earnings results on Tuesday, February 11th.
According to Zacks, analysts expect that Rexford Industrial Realty will report full-year sales of $261.26 million for the current financial year, with estimates ranging from $259.48 million to $262.80 million. For the next year, analysts expect that the business will post sales of $304.18 million, with estimates ranging from $286.94 million to $315.60 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Rexford Industrial Realty.
Rexford Industrial Realty (NYSE:REXR) last posted its earnings results on Tuesday, October 29th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.01. Rexford Industrial Realty had a return on equity of 2.61% and a net margin of 21.32%. The firm had revenue of $68.06 million during the quarter, compared to analysts’ expectations of $67.50 million. During the same period in the previous year, the firm earned $0.28 earnings per share. The company’s revenue was up 23.3% on a year-over-year basis.
A number of research analysts have recently issued reports on the stock. Citigroup lifted their price objective on shares of Rexford Industrial Realty from $42.00 to $47.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. JPMorgan Chase & Co. upped their target price on shares of Rexford Industrial Realty from $43.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday. ValuEngine cut shares of Rexford Industrial Realty from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Zacks Investment Research downgraded Rexford Industrial Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $45.40.
In related news, CFO Adeel Khan sold 49,721 shares of Rexford Industrial Realty stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $46.01, for a total transaction of $2,287,663.21. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael S. Frankel sold 12,536 shares of the business’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $47.46, for a total value of $594,958.56. Following the completion of the transaction, the chief executive officer now directly owns 71,834 shares in the company, valued at approximately $3,409,241.64. The disclosure for this sale can be found here. Insiders have sold a total of 97,720 shares of company stock worth $4,583,782 over the last ninety days. Insiders own 1.70% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in REXR. Nuveen Asset Management LLC grew its stake in Rexford Industrial Realty by 1,220.3% in the 2nd quarter. Nuveen Asset Management LLC now owns 6,183,483 shares of the real estate investment trust’s stock valued at $249,626,000 after buying an additional 5,715,137 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Rexford Industrial Realty by 8,836.3% during the second quarter. Price T Rowe Associates Inc. MD now owns 3,593,894 shares of the real estate investment trust’s stock valued at $145,086,000 after buying an additional 3,553,677 shares during the period. Invesco Ltd. increased its position in shares of Rexford Industrial Realty by 2,091.0% during the second quarter. Invesco Ltd. now owns 2,515,501 shares of the real estate investment trust’s stock valued at $101,551,000 after buying an additional 2,400,690 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Rexford Industrial Realty by 6.7% in the second quarter. Vanguard Group Inc. now owns 14,905,784 shares of the real estate investment trust’s stock worth $601,746,000 after buying an additional 929,535 shares in the last quarter. Finally, Centersquare Investment Management LLC lifted its holdings in shares of Rexford Industrial Realty by 7,328.9% in the second quarter. Centersquare Investment Management LLC now owns 456,879 shares of the real estate investment trust’s stock worth $18,444,000 after buying an additional 450,729 shares in the last quarter. 99.51% of the stock is owned by institutional investors and hedge funds.
Shares of REXR traded up $0.44 during trading hours on Friday, hitting $47.88. The stock had a trading volume of 475,822 shares, compared to its average volume of 564,808. Rexford Industrial Realty has a 1-year low of $28.17 and a 1-year high of $48.80. The firm has a market capitalization of $5.31 billion, a P/E ratio of 42.75, a price-to-earnings-growth ratio of 5.57 and a beta of 0.77. The firm has a 50 day simple moving average of $46.84 and a 200-day simple moving average of $43.02. The company has a debt-to-equity ratio of 0.38, a current ratio of 5.82 and a quick ratio of 5.82.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 1.55%. The ex-dividend date is Monday, December 30th. Rexford Industrial Realty’s dividend payout ratio (DPR) is presently 66.07%.
Rexford Industrial Realty Company Profile
Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns 179 properties with approximately 22.1 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet.
Featured Article: What does the Producer Price Index (PPI) tell investors?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Rexford Industrial Realty Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rexford Industrial Realty and related companies with MarketBeat.com's FREE daily email newsletter.