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

Rexford Industrial Realty (NYSE:REXR) released its quarterly earnings data on Wednesday. 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 company had revenue of $214.10 million for the quarter, compared to analysts’ expectations of $207.39 million. During the same period last year, the company posted $0.52 EPS. The business’s revenue for the quarter was up 15.0% compared to the same quarter last year. 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 Price Performance

Shares of NYSE:REXR opened at $42.74 on Friday. Rexford Industrial Realty has a fifty-two week low of $41.56 and a fifty-two week high of $58.02. The business has a 50-day simple moving average of $50.22 and a two-hundred day simple moving average of $50.59. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.35 and a current ratio of 3.21. The firm has a market cap of $9.31 billion, a price-to-earnings ratio of 39.21, a price-to-earnings-growth ratio of 1.91 and a beta of 0.86.

Rexford Industrial Realty Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a $0.417 dividend. This represents a $1.67 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date of this dividend is Friday, June 28th. Rexford Industrial Realty’s dividend payout ratio (DPR) is 153.21%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on REXR. 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. Barclays began coverage on Rexford Industrial Realty in a research report on Wednesday, March 27th. They issued an “underweight” rating and a $45.00 price target for the company. Robert W. Baird reaffirmed a “neutral” rating and issued a $61.00 price target (up previously from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. Truist Financial lowered their price target on Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, TheStreet raised Rexford Industrial Realty from a “c+” rating to a “b-” rating in a research report on Thursday, February 1st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target 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 dated Monday, February 12th. The stock was sold at an average price of $52.69, for a total transaction of $954,373.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Rexford Industrial Realty

Large investors have recently made changes to their positions in the company. Money Concepts Capital Corp bought a new stake in shares of Rexford Industrial Realty during the 4th quarter valued at about $246,000. Vident Investment Advisory LLC grew its stake in shares of Rexford Industrial Realty by 26.0% during the 1st quarter. Vident Investment Advisory LLC now owns 3,247 shares of the real estate investment trust’s stock valued at $242,000 after purchasing an additional 669 shares during the period. IFP Advisors Inc grew its stake in shares of Rexford Industrial Realty by 7.0% during the 2nd quarter. IFP Advisors Inc now owns 4,458 shares of the real estate investment trust’s stock valued at $233,000 after purchasing an additional 290 shares during the period. Wexford Capital LP bought a new stake in shares of Rexford Industrial Realty during the 4th quarter valued at about $223,000. Finally, Delphia USA Inc. bought a new stake in shares of Rexford Industrial Realty during the 4th quarter valued at about $215,000. 99.52% of the stock is currently owned by institutional investors.

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.