Rexford Industrial Realty (NYSE:REXR) Releases FY 2024 Earnings Guidance

Rexford Industrial Realty (NYSE:REXR) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 2.310-2.340 for the period, compared to the consensus estimate of 2.360. The company issued revenue guidance of -. Rexford Industrial Realty also updated its FY24 guidance to $2.31-2.34 EPS.

Analyst Ratings Changes

Several research firms have weighed in on REXR. Barclays began coverage on Rexford Industrial Realty in a research report on Wednesday, March 27th. They set an underweight rating and a $45.00 price target for the company. Mizuho reaffirmed a neutral rating and issued a $52.00 price objective on shares of Rexford Industrial Realty in a research report on Tuesday, April 2nd. Robert W. Baird reaffirmed a neutral rating and issued a $61.00 price objective (up previously from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. Truist Financial lowered their price objective 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, 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 research report on Wednesday, February 7th. Two equities research 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’s stock. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $55.60.

Rexford Industrial Realty Stock Performance

Shares of NYSE:REXR opened at $42.24 on Thursday. The firm has a market capitalization of $9.20 billion, a PE ratio of 37.71, a P/E/G ratio of 2.04 and a beta of 0.86. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.35 and a quick ratio of 1.35. The business has a 50-day moving average of $50.62 and a two-hundred day moving average of $50.68. Rexford Industrial Realty has a 12 month low of $41.56 and a 12 month high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings results on Wednesday, April 17th. The real estate investment trust reported $0.27 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.30). The firm had revenue of $214.10 million for the quarter, compared to analyst estimates of $207.39 million. Rexford Industrial Realty had a return on equity of 3.11% and a net margin of 29.75%. The business’s revenue was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 earnings per share. As a group, research analysts forecast 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 paid a dividend of $0.4175 per share. The ex-dividend date was Wednesday, March 27th. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.38. This represents a $1.67 annualized dividend and a yield of 3.95%. Rexford Industrial Realty’s dividend payout ratio is currently 149.11%.

Insider Transactions at Rexford Industrial Realty

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

Institutional Investors Weigh In On Rexford Industrial Realty

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new stake in shares of Rexford Industrial Realty in the second quarter worth about $28,000. Belpointe Asset Management LLC boosted its position in shares of Rexford Industrial Realty by 112.7% in the first quarter. Belpointe Asset Management LLC now owns 1,176 shares of the real estate investment trust’s stock worth $70,000 after buying an additional 623 shares during the period. Ossiam boosted its position in shares of Rexford Industrial Realty by 21.3% in the first quarter. Ossiam now owns 2,096 shares of the real estate investment trust’s stock worth $125,000 after buying an additional 368 shares during the period. First Manhattan Co. purchased a new stake in shares of Rexford Industrial Realty in the first quarter worth about $151,000. Finally, International Assets Investment Management LLC boosted its holdings in Rexford Industrial Realty by 5,510.9% in the fourth quarter. International Assets Investment Management LLC now owns 3,086 shares of the real estate investment trust’s stock valued at $173,000 after purchasing 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.