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

Rexford Industrial Realty (NYSE:REXR) issued its quarterly earnings data on Thursday. 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), Yahoo Finance reports. The company had revenue of $214.10 million for the quarter, compared to the consensus estimate of $207.39 million. Rexford Industrial Realty had a return on equity of 3.04% and a net margin of 28.84%. Rexford Industrial Realty’s revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.52 earnings per share.

Rexford Industrial Realty Stock Down 1.0 %

Shares of NYSE:REXR opened at $42.74 on Friday. The stock has a market cap of $9.31 billion, a price-to-earnings ratio of 39.21, a PEG 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. Rexford Industrial Realty has a 12-month low of $41.56 and a 12-month high of $58.02. The business’s 50 day moving average is $50.22 and its 200 day moving average is $50.59.

Rexford Industrial Realty Cuts Dividend

The business also recently announced 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 dividend yield of 3.90%. Rexford Industrial Realty’s payout ratio is 153.21%.

Analysts Set New Price Targets

A number of brokerages have weighed in on REXR. Robert W. Baird reiterated a “neutral” rating and issued a $61.00 target price (up from $53.00) on shares of Rexford Industrial Realty in a report on Friday, January 5th. Barclays assumed coverage on Rexford Industrial Realty in a report on Wednesday, March 27th. They set an “underweight” rating and a $45.00 price objective for the company. TheStreet upgraded Rexford Industrial Realty from a “c+” rating to a “b-” rating in a report on Thursday, February 1st. Truist Financial decreased their price objective on Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday. Finally, JPMorgan Chase & Co. downgraded Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 price objective for the company. in a report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $55.60.

Insiders Place Their Bets

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of the business’s 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of REXR. Quarry LP purchased a new position in shares of Rexford Industrial Realty during the 2nd quarter valued at $28,000. Belpointe Asset Management LLC lifted its position 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 buying an additional 623 shares during the last quarter. Ossiam lifted its position 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 buying an additional 368 shares during the last quarter. First Manhattan Co. purchased a new position in shares of Rexford Industrial Realty during the 1st quarter valued at $151,000. Finally, International Assets Investment Management LLC lifted its position 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 buying an additional 3,031 shares during the last quarter. Hedge funds and other institutional investors own 99.52% of the company’s stock.

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.