Rexford Industrial Realty (NYSE:REXR) Issues 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.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on REXR shares. Barclays initiated coverage on shares of Rexford Industrial Realty in a research note on Wednesday, March 27th. They issued an underweight rating and a $45.00 target price for the company. JPMorgan Chase & Co. downgraded Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 target price for the company. in a research note on Wednesday, February 7th. Truist Financial dropped their price target on Rexford Industrial Realty from $57.00 to $53.00 and set a buy rating on the stock in a research note on Tuesday. Robert W. Baird reaffirmed a neutral rating and set a $61.00 price objective (up from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. Finally, TheStreet raised shares of Rexford Industrial Realty from a c+ rating to a b- rating in a research report on Thursday, February 1st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Rexford Industrial Realty has an average rating of Hold and an average target price of $55.60.

Rexford Industrial Realty Stock Performance

Shares of NYSE:REXR opened at $43.19 on Friday. The company’s 50 day simple moving average is $50.62 and its 200 day simple moving average is $50.68. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.35 and a quick ratio of 1.35. Rexford Industrial Realty has a 1 year low of $41.56 and a 1 year high of $58.02. The stock has a market capitalization of $9.41 billion, a price-to-earnings ratio of 39.62, a price-to-earnings-growth ratio of 1.85 and a beta of 0.86.

Rexford Industrial Realty (NYSE:REXR) last issued its earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30). Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.10%. The company had revenue of $214.10 million during the quarter, compared to analyst estimates of $207.39 million. During the same quarter in the prior year, the business earned $0.52 EPS. The business’s quarterly revenue was up 15.0% on a year-over-year basis. As a group, research analysts predict that Rexford Industrial Realty will post 2.35 EPS for the current fiscal year.

Rexford Industrial Realty Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.4175 per share. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date of this dividend was Wednesday, March 27th. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.38. Rexford Industrial Realty’s payout ratio is 153.21%.

Insider Activity at Rexford Industrial Realty

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of Rexford Industrial Realty 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 filing with the SEC, which is available through this hyperlink. 1.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rexford Industrial Realty

Several large investors have recently modified their holdings of REXR. Quarry LP acquired a new position in Rexford Industrial Realty in the second quarter valued at $28,000. Belpointe Asset Management LLC lifted its stake in shares of Rexford Industrial Realty by 112.7% in 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 purchasing an additional 623 shares during the period. First Manhattan Co. bought a new stake in shares of Rexford Industrial Realty during the 1st quarter valued at about $151,000. Ossiam grew its stake in Rexford Industrial Realty by 21.3% during the first quarter. Ossiam now owns 2,096 shares of the real estate investment trust’s stock worth $125,000 after purchasing an additional 368 shares during the period. Finally, International Assets Investment Management LLC increased 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 worth $173,000 after purchasing an additional 3,031 shares in the last quarter. 99.52% of the stock is currently owned by institutional investors and hedge funds.

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.