Rexford Industrial Realty (NYSE:REXR) Issues FY24 Earnings Guidance

Rexford Industrial Realty (NYSE:REXR) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $2.31-2.34 for the period, compared to the consensus EPS estimate of $2.36. Rexford Industrial Realty also updated its FY 2024 guidance to 2.310-2.340 EPS.

Analysts Set New Price Targets

Several brokerages recently weighed in on REXR. JPMorgan Chase & Co. downgraded shares of Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 target price on the stock. in a research note on Wednesday, February 7th. Barclays assumed coverage on Rexford Industrial Realty in a research report on Wednesday, March 27th. They set an underweight rating and a $45.00 price objective on the stock. Truist Financial decreased their target price on Rexford Industrial Realty from $57.00 to $53.00 and set a buy rating for the company in a report on Tuesday. Robert W. Baird restated a neutral rating and set a $61.00 price target (up previously from $53.00) on shares of Rexford Industrial Realty in a report on Friday, January 5th. 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 issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $55.60.

Rexford Industrial Realty Price Performance

Shares of NYSE REXR opened at $42.74 on Friday. The stock’s 50-day simple moving average is $50.42 and its 200-day simple moving average is $50.63. The firm has a market capitalization of $9.31 billion, a PE ratio of 39.21, a price-to-earnings-growth ratio of 1.91 and a beta of 0.86. Rexford Industrial Realty has a fifty-two week low of $41.56 and a fifty-two week high of $58.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.35 and a current ratio of 3.21.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 EPS for the quarter, missing the consensus estimate of $0.57 by ($0.30). The company had revenue of $214.10 million during the quarter, compared to analysts’ expectations of $207.39 million. Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.04%. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.52 earnings per share. As a group, equities research analysts forecast that Rexford Industrial Realty will post 2.33 EPS for the current fiscal year.

Rexford Industrial Realty Cuts Dividend

The business also recently declared 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 at Rexford Industrial Realty

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of the firm’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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rexford Industrial Realty

A number of institutional investors and hedge funds have recently added to or reduced their stakes in REXR. Norges Bank acquired a new position in shares of Rexford Industrial Realty in the 4th quarter valued at $283,319,000. Price T Rowe Associates Inc. MD increased its stake in Rexford Industrial Realty by 64.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,432,222 shares of the real estate investment trust’s stock valued at $570,016,000 after purchasing an additional 4,107,405 shares during the period. Vanguard Group Inc. raised its holdings in shares of Rexford Industrial Realty by 7.5% in the first quarter. Vanguard Group Inc. now owns 22,698,814 shares of the real estate investment trust’s stock valued at $1,693,104,000 after buying an additional 1,587,612 shares during the last quarter. State Street Corp raised its holdings in shares of Rexford Industrial Realty by 19.0% in the first quarter. State Street Corp now owns 8,626,789 shares of the real estate investment trust’s stock valued at $646,126,000 after buying an additional 1,375,680 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of Rexford Industrial Realty by 61.0% during the first quarter. Deutsche Bank AG now owns 2,573,212 shares of the real estate investment trust’s stock worth $153,492,000 after buying an additional 974,709 shares during the period. 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.