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

Rexford Industrial Realty (NYSE:REXR) announced its quarterly earnings results on Wednesday. The real estate investment trust reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30), Yahoo Finance reports. The firm had revenue of $214.10 million during the quarter, compared to the consensus estimate of $207.39 million. Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.10%. The firm’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.52 earnings per share. 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 Stock Down 0.6 %

Shares of REXR traded down $0.28 during trading hours on Friday, hitting $42.91. The stock had a trading volume of 435,896 shares, compared to its average volume of 1,961,645. 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 firm has a 50 day simple moving average of $50.42 and a 200-day simple moving average of $50.63. The firm has a market capitalization of $9.35 billion, a P/E ratio of 39.31, a price-to-earnings-growth ratio of 1.85 and a beta of 0.86. Rexford Industrial Realty has a 1-year low of $41.56 and a 1-year high of $58.02.

Rexford Industrial Realty Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be paid a $0.417 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $1.67 annualized dividend and a dividend yield of 3.89%. Rexford Industrial Realty’s dividend payout ratio is presently 153.21%.

Insider Activity

In other 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 value of $954,373.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rexford Industrial Realty

Hedge funds have recently added to or reduced their stakes in the stock. Money Concepts Capital Corp acquired a new position in Rexford Industrial Realty during the 4th quarter valued at about $246,000. Vident Investment Advisory LLC boosted its stake in 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 last quarter. IFP Advisors Inc boosted its stake in 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 last quarter. Wexford Capital LP acquired a new position in Rexford Industrial Realty during the 4th quarter valued at about $223,000. Finally, Delphia USA Inc. acquired a new position in Rexford Industrial Realty during the 4th quarter valued at about $215,000. Institutional investors and hedge funds own 99.52% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on REXR shares. Robert W. Baird reaffirmed a “neutral” rating and set a $61.00 target price (up from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. TheStreet raised Rexford Industrial Realty from a “c+” rating to a “b-” rating in a research report on Thursday, February 1st. JPMorgan Chase & Co. lowered Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 target price for the company. in a research report on Wednesday, February 7th. Mizuho reaffirmed a “neutral” rating and set a $52.00 target price on shares of Rexford Industrial Realty in a research report on Tuesday, April 2nd. Finally, Truist Financial decreased their price target on Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $55.60.

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.