Rexford Industrial Realty (NYSE:REXR) Issues Earnings Results, Misses Estimates By $0.28 EPS

Rexford Industrial Realty (NYSE:REXR) posted its earnings results on Wednesday. The real estate investment trust reported $0.30 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.28), Zacks reports. Rexford Industrial Realty had a return on equity of 3.31% and a net margin of 30.71%. The business had revenue of $241.84 million for the quarter, compared to analyst estimates of $235.81 million. During the same quarter in the prior year, the business earned $0.56 earnings per share. The firm’s quarterly revenue was up 17.7% on a year-over-year basis. 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 Trading Up 0.4 %

REXR opened at $45.13 on Friday. The company has a market cap of $9.91 billion, a P/E ratio of 37.47, a price-to-earnings-growth ratio of 1.94 and a beta of 0.93. The company has a fifty day moving average price of $49.97 and a two-hundred day moving average price of $47.36. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.41. Rexford Industrial Realty has a 1-year low of $41.56 and a 1-year high of $58.02.

Rexford Industrial Realty Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.4175 dividend. This represents a $1.67 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date is Tuesday, December 31st. Rexford Industrial Realty’s payout ratio is 139.17%.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 28th. Truist Financial raised their price objective 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. Scotiabank lifted their price objective on 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. JPMorgan Chase & Co. increased their target price on shares of Rexford Industrial Realty from $47.00 to $52.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. Finally, Mizuho dropped their price target on shares of Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $52.50.

Insider Activity

In other Rexford Industrial Realty news, CEO Howard Schwimmer sold 30,358 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $2,475,882.78. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Rexford Industrial Realty news, CEO Howard Schwimmer sold 30,358 shares of the company’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 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 is accessible through this hyperlink. Also, CFO Laura E. Clark sold 14,185 shares of Rexford Industrial Realty stock in a transaction dated 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. 1.20% of the stock is currently owned by company insiders.

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.