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

Rexford Industrial Realty (NYSE:REXR) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 2.330-2.350 for the period, compared to the consensus EPS estimate of 2.350. The company issued revenue guidance of -. Rexford Industrial Realty also updated its FY24 guidance to $2.33-2.35 EPS.

Wall Street Analysts Forecast Growth

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

Rexford Industrial Realty Trading Down 9.0 %

Shares of REXR opened at $44.96 on Friday. The stock has a market capitalization of $9.87 billion, a PE ratio of 37.47, a P/E/G ratio of 1.94 and a beta of 0.93. The company’s fifty day moving average is $49.97 and its 200 day moving average is $47.36. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.73 and a current ratio of 1.73. Rexford Industrial Realty has a fifty-two week low of $41.56 and a fifty-two week high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.28). The business had revenue of $241.84 million for 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 firm’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.56 earnings per share. Sell-side analysts expect that Rexford Industrial Realty will post 2.34 earnings per share for the current fiscal year.

Rexford Industrial Realty Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.4175 per share. This represents a $1.67 annualized dividend and a dividend yield of 3.71%. The ex-dividend date is Tuesday, December 31st. Rexford Industrial Realty’s dividend payout ratio is currently 139.17%.

Insider Buying and Selling

In other Rexford Industrial Realty news, CEO Howard Schwimmer sold 30,358 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $48.86, for a total transaction of $1,483,291.88. Following the transaction, the chief executive officer now owns 50,673 shares in the company, valued at $2,475,882.78. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Howard Schwimmer sold 30,358 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $48.86, for a total transaction of $1,483,291.88. Following the transaction, the chief executive officer now owns 50,673 shares of the company’s stock, valued at approximately $2,475,882.78. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Laura E. Clark sold 14,185 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total value of $711,377.75. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.

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.