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 earnings per share (EPS) guidance of 2.330-2.350 for the period, compared to the consensus estimate of 2.350. The company issued revenue guidance of -. Rexford Industrial Realty also updated its FY24 guidance to $2.33-2.35 EPS.

Rexford Industrial Realty Stock Up 3.5 %

Shares of Rexford Industrial Realty stock opened at $49.42 on Thursday. The stock has a market capitalization of $10.76 billion, a P/E ratio of 45.34, a PEG ratio of 1.93 and a beta of 0.93. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.41. The stock has a 50 day moving average price of $50.07 and a two-hundred day moving average price of $47.38. Rexford Industrial Realty has a 12-month low of $41.56 and a 12-month 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 analysts’ consensus estimates of $0.58 by ($0.28). Rexford Industrial Realty had a return on equity of 3.31% and a net margin of 30.71%. The company had revenue of $241.84 million for the quarter, compared to the consensus estimate of $235.81 million. During the same period in the previous year, the company earned $0.56 EPS. The firm’s revenue for the quarter was up 17.7% compared to the same quarter last year. Equities analysts expect that Rexford Industrial Realty will post 2.34 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Evercore ISI increased their price objective on Rexford Industrial Realty from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. Mizuho reduced their price objective on Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. increased their price objective on Rexford Industrial Realty from $47.00 to $52.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. StockNews.com raised Rexford Industrial Realty from a “sell” rating to a “hold” rating in a research report on Monday, July 22nd. Finally, Truist Financial increased their price objective on Rexford Industrial Realty from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $52.50.

Insiders Place Their Bets

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