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

Rexford Industrial Realty (NYSE:REXR) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. TheStreet upgraded Rexford Industrial Realty from a c+ rating to a b- rating in a report on Thursday, February 1st. Mizuho reiterated a neutral rating and set a $52.00 price objective on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. JPMorgan Chase & Co. downgraded Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 price target for the company. in a research report on Wednesday, February 7th. Barclays began coverage on shares of Rexford Industrial Realty in a research report on Wednesday, March 27th. They issued an underweight rating and a $45.00 price objective on the stock. Finally, Truist Financial reduced their target price on shares of Rexford Industrial Realty from $57.00 to $53.00 and set a buy rating for the company in a report on Tuesday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $55.60.

Rexford Industrial Realty Trading Up 2.2 %

NYSE REXR opened at $43.19 on Friday. The firm’s fifty day moving average is $50.62 and its two-hundred day moving average is $50.68. Rexford Industrial Realty has a one year low of $41.56 and a one year high of $58.02. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.35 and a current ratio of 1.35. The firm has a market cap of $9.41 billion, a PE ratio of 39.62, a P/E/G ratio of 1.85 and a beta of 0.86.

Rexford Industrial Realty (NYSE:REXR) last released its earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.30). The firm 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 3.10%. Rexford Industrial Realty’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter last year, the company posted $0.52 earnings per share. Analysts expect that Rexford Industrial Realty will post 2.35 earnings per share for the current year.

Rexford Industrial Realty Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a yield of 3.87%. This is an increase from Rexford Industrial Realty’s previous quarterly dividend of $0.38. The ex-dividend date was Wednesday, March 27th. Rexford Industrial Realty’s dividend payout ratio is 153.21%.

Insider Activity at Rexford Industrial Realty

In related news, General Counsel David E. Lanzer sold 18,113 shares of Rexford Industrial Realty stock in a transaction on Monday, February 12th. The shares were 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 SEC, which is available at the SEC website. 1.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rexford Industrial Realty

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in shares of Rexford Industrial Realty during the 2nd quarter worth approximately $28,000. Belpointe Asset Management LLC lifted its stake in shares of Rexford Industrial Realty by 112.7% during the 1st 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 last quarter. First Manhattan Co. bought a new stake in shares of Rexford Industrial Realty during the first quarter worth approximately $151,000. Ossiam grew its holdings in Rexford Industrial Realty by 21.3% in the 1st quarter. Ossiam now owns 2,096 shares of the real estate investment trust’s stock valued at $125,000 after buying an additional 368 shares in the last quarter. Finally, International Assets Investment Management LLC grew its stake in shares of 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 acquiring an additional 3,031 shares in the last quarter. 99.52% of the stock is 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.