Rexford Industrial Realty (NYSE:REXR) Announces Quarterly Earnings Results

Rexford Industrial Realty (NYSE:REXR) issued its quarterly earnings results on Thursday. The real estate investment trust reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30), Yahoo Finance reports. Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.04%. The firm had revenue of $214.10 million during the quarter, compared to the consensus estimate of $207.39 million. During the same quarter last year, the firm posted $0.52 earnings per share. Rexford Industrial Realty’s revenue was up 15.0% compared to the same quarter last year.

Rexford Industrial Realty Trading Down 1.0 %

Shares of NYSE REXR opened at $42.74 on Friday. Rexford Industrial Realty has a 12 month low of $41.56 and a 12 month high of $58.02. The company has a market cap of $9.31 billion, a price-to-earnings ratio of 39.21, a P/E/G ratio of 1.91 and a beta of 0.86. The company has a quick ratio of 1.35, a current ratio of 3.21 and a debt-to-equity ratio of 0.41. The business has a fifty day simple moving average of $50.22 and a 200-day simple moving average of $50.59.

Rexford Industrial Realty Cuts Dividend

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

Insider Activity

In other news, General Counsel David E. Lanzer sold 18,113 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $52.69, for a total transaction of $954,373.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rexford Industrial Realty

Hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new stake in shares of Rexford Industrial Realty during the second quarter valued at $28,000. Belpointe Asset Management LLC lifted its holdings in shares of 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 purchasing an additional 623 shares during the last quarter. Ossiam lifted its holdings in shares of 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 purchasing an additional 368 shares during the last quarter. First Manhattan Co. purchased a new stake in Rexford Industrial Realty in the 1st quarter worth about $151,000. Finally, International Assets Investment Management LLC lifted its stake in Rexford Industrial Realty by 5,510.9% in the 4th 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. 99.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Barclays assumed coverage on Rexford Industrial Realty in a report on Wednesday, March 27th. They issued an “underweight” rating and a $45.00 price target for the company. Mizuho reiterated a “neutral” rating and issued a $52.00 price target on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. TheStreet upgraded Rexford Industrial Realty from a “c+” rating to a “b-” rating in a report on Thursday, February 1st. JPMorgan Chase & Co. downgraded Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 price target for the company. in a report on Wednesday, February 7th. Finally, 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. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $55.60.

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.