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 EPS guidance of 2.310-2.340 for the period, compared to the consensus EPS 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 Analyst Weigh In

A number of equities analysts have issued reports on the company. Mizuho reaffirmed a neutral rating and issued a $52.00 target price on shares of Rexford Industrial Realty in a research report on Tuesday, April 2nd. TheStreet raised Rexford Industrial Realty from a c+ rating to a b- rating in a research report on Thursday, February 1st. Truist Financial cut their target price on Rexford Industrial Realty from $57.00 to $53.00 and set a buy rating on the stock in a research report on Tuesday. Barclays began coverage on Rexford Industrial Realty in a research report on Wednesday, March 27th. They issued an underweight rating and a $45.00 target price on the stock. Finally, Robert W. Baird reissued a neutral rating and set a $61.00 price target (up from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. Two 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. According to data from MarketBeat, the stock has an average rating of Hold and an average target price of $55.60.

Rexford Industrial Realty Price Performance

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

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings data 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 3.04%. The company had revenue of $214.10 million for the quarter, compared to the consensus estimate of $207.39 million. During the same quarter in the prior year, the firm earned $0.52 earnings per share. Rexford Industrial Realty’s revenue for the quarter was up 15.0% compared to the same quarter last year. Equities analysts expect that Rexford Industrial Realty will post 2.33 EPS for the current year.

Rexford Industrial Realty Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.417 per share. This represents a $1.67 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date of this dividend is Friday, June 28th. Rexford Industrial Realty’s payout ratio is currently 153.21%.

Insider Buying and Selling

In related 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rexford Industrial Realty

A number of institutional investors have recently bought and sold shares of REXR. Vanguard Group Inc. boosted its position in Rexford Industrial Realty by 4.5% during the 4th quarter. Vanguard Group Inc. now owns 28,981,854 shares of the real estate investment trust’s stock worth $1,625,882,000 after acquiring an additional 1,235,894 shares during the period. BlackRock Inc. boosted its position in Rexford Industrial Realty by 1.7% during the 1st quarter. BlackRock Inc. now owns 24,373,926 shares of the real estate investment trust’s stock worth $1,453,905,000 after acquiring an additional 412,984 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Rexford Industrial Realty by 9.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 15,735,524 shares of the real estate investment trust’s stock worth $882,765,000 after acquiring an additional 1,366,351 shares during the period. State Street Corp boosted its position in 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 acquiring an additional 579,957 shares during the period. Finally, Norges Bank acquired a new stake in Rexford Industrial Realty during the 4th quarter worth about $283,319,000. 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.