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

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

Wall Street Analysts Forecast Growth

Several research firms have commented on REXR. Robert W. Baird reaffirmed a neutral rating and issued a $61.00 price target (up previously from $53.00) on shares of Rexford Industrial Realty in a report on Friday, January 5th. TheStreet raised shares of Rexford Industrial Realty from a c+ rating to a b- rating in a report on Thursday, February 1st. Truist Financial reduced their price objective 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. Barclays assumed 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 target for the company. Finally, JPMorgan Chase & Co. downgraded Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 price objective on the stock. in a report on Wednesday, February 7th. Two equities research 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. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $55.60.

Rexford Industrial Realty Price Performance

REXR opened at $43.19 on Friday. Rexford Industrial Realty has a 12 month low of $41.56 and a 12 month high of $58.02. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.28. The stock has a market cap of $9.41 billion, a P/E ratio of 39.62, a P/E/G ratio of 1.85 and a beta of 0.86. The company has a fifty day simple moving average of $50.62 and a 200 day simple moving average of $50.68.

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). Rexford Industrial Realty had a return on equity of 3.10% and a net margin of 28.84%. The firm had revenue of $214.10 million for the quarter, compared to the consensus estimate of $207.39 million. During the same quarter last year, the company posted $0.52 EPS. Rexford Industrial Realty’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, research analysts expect that Rexford Industrial Realty will post 2.35 EPS for the current year.

Rexford Industrial Realty Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $0.4175 dividend. 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 3.87%. The ex-dividend date of this dividend was Wednesday, March 27th. Rexford Industrial Realty’s payout ratio is presently 153.21%.

Insider Transactions at Rexford Industrial Realty

In related 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 transaction of $954,373.97. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.10% of the company’s stock.

Institutional Trading of Rexford Industrial Realty

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Rexford Industrial Realty by 4.5% in the fourth quarter. Vanguard Group Inc. now owns 28,981,854 shares of the real estate investment trust’s stock valued at $1,625,882,000 after buying an additional 1,235,894 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Rexford Industrial Realty by 1.7% in the first quarter. BlackRock Inc. now owns 24,373,926 shares of the real estate investment trust’s stock valued at $1,453,905,000 after purchasing an additional 412,984 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Rexford Industrial Realty by 9.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,735,524 shares of the real estate investment trust’s stock valued at $882,765,000 after purchasing an additional 1,366,351 shares during the period. State Street Corp lifted its stake in shares of Rexford Industrial Realty by 5.8% during the 1st quarter. State Street Corp now owns 10,520,590 shares of the real estate investment trust’s stock worth $631,483,000 after buying an additional 579,957 shares during the last quarter. Finally, Norges Bank acquired a new position in Rexford Industrial Realty in the 4th quarter valued at about $283,319,000. 99.52% of the stock is owned by institutional investors.

Rexford Industrial Realty Company Profile

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.