Rexford Industrial Realty (NYSE:REXR) Issues Quarterly Earnings Results

Rexford Industrial Realty (NYSE:REXR) issued its quarterly earnings results on Wednesday. The real estate investment trust reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.28), Zacks reports. The company had revenue of $241.84 million during the quarter, compared to analysts’ expectations of $235.81 million. Rexford Industrial Realty had a net margin of 30.71% and a return on equity of 3.31%. The company’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.56 earnings per share. Rexford Industrial Realty updated its FY24 guidance to $2.33-2.35 EPS and its FY 2024 guidance to 2.330-2.350 EPS.

Rexford Industrial Realty Stock Performance

Shares of Rexford Industrial Realty stock traded up $0.96 on Friday, reaching $45.89. 1,004,221 shares of the stock were exchanged, compared to its average volume of 1,693,617. Rexford Industrial Realty has a 1-year low of $41.56 and a 1-year high of $58.02. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.41. The business has a fifty day moving average price of $49.97 and a two-hundred day moving average price of $47.36. The firm has a market capitalization of $10.07 billion, a PE ratio of 37.47, a PEG ratio of 1.94 and a beta of 0.93.

Rexford Industrial Realty Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.4175 per share. The ex-dividend date is Tuesday, December 31st. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.64%. Rexford Industrial Realty’s dividend payout ratio (DPR) is 139.17%.

Insider Transactions at Rexford Industrial Realty

In other news, CEO Howard Schwimmer sold 30,358 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $48.86, for a total value of $1,483,291.88. Following the sale, the chief executive officer now directly owns 50,673 shares in the company, valued at $2,475,882.78. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Howard Schwimmer sold 30,358 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $48.86, for a total value of $1,483,291.88. Following the sale, the chief executive officer now directly owns 50,673 shares in the company, valued at $2,475,882.78. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Laura E. Clark sold 14,185 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total transaction of $711,377.75. The disclosure for this sale can be found here. Company insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on REXR. Scotiabank raised their target price on shares of Rexford Industrial Realty from $51.00 to $55.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 26th. Truist Financial raised their target price on shares of Rexford Industrial Realty from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. lifted their target price on shares of Rexford Industrial Realty from $47.00 to $52.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. Mizuho dropped their price target on shares of Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Finally, Evercore ISI boosted their price target on shares of Rexford Industrial Realty from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $52.50.

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.