Rexford Industrial Realty (NYSE:REXR) Issues Quarterly Earnings Results, Misses Estimates By $0.30 EPS

Rexford Industrial Realty (NYSE:REXR - Get Free Report) announced its quarterly earnings results on Wednesday. The real estate investment trust reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.57 by ($0.30), Yahoo Finance reports. The business had revenue of $214.10 million for the quarter, compared to analyst estimates of $207.39 million. Rexford Industrial Realty had a return on equity of 3.11% and a net margin of 29.75%. Rexford Industrial Realty's quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the firm earned $0.52 EPS. Rexford Industrial Realty updated its FY24 guidance to $2.31-2.34 EPS and its FY 2024 guidance to 2.310-2.340 EPS.

Rexford Industrial Realty Price Performance

NYSE REXR traded up $0.95 on Thursday, hitting $43.19. 4,558,782 shares of the company's stock were exchanged, compared to its average volume of 1,982,614. The stock has a 50-day moving average of $50.62 and a 200-day moving average of $50.68. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.28. Rexford Industrial Realty has a 52 week low of $41.56 and a 52 week high of $58.02. The stock has a market cap of $9.41 billion, a price-to-earnings ratio of 38.56, a P/E/G ratio of 2.04 and a beta of 0.86.

Rexford Industrial Realty Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $0.4175 dividend. This is a boost from Rexford Industrial Realty's previous quarterly dividend of $0.38. This represents a $1.67 annualized dividend and a dividend yield of 3.87%. The ex-dividend date was Wednesday, March 27th. Rexford Industrial Realty's payout ratio is 149.11%.

Insiders Place Their Bets

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of the company's stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.10% of the company's stock.

Institutional Investors Weigh In On Rexford Industrial Realty

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Rexford Industrial Realty by 4.5% in the fourth quarter. Vanguard Group Inc. now owns 28,981,854 shares of the real estate investment trust's stock valued at $1,625,882,000 after purchasing an additional 1,235,894 shares during the last quarter. BlackRock Inc. raised its position in Rexford Industrial Realty by 1.7% in the first quarter. BlackRock Inc. now owns 24,373,926 shares of the real estate investment trust's stock valued at $1,453,905,000 after purchasing an additional 412,984 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Rexford Industrial Realty by 9.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 15,735,524 shares of the real estate investment trust's stock valued at $882,765,000 after purchasing an additional 1,366,351 shares during the last quarter. State Street Corp raised its position in Rexford Industrial Realty by 5.8% in the first quarter. State Street Corp now owns 10,520,590 shares of the real estate investment trust's stock valued at $631,483,000 after purchasing an additional 579,957 shares during the last quarter. Finally, Norges Bank bought a new position in Rexford Industrial Realty in the fourth quarter valued at about $283,319,000. 99.52% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on REXR. Robert W. Baird reaffirmed a "neutral" rating and issued a $61.00 target price (up previously from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. TheStreet raised Rexford Industrial Realty from a "c+" rating to a "b-" rating in a research report on Thursday, February 1st. 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. JPMorgan Chase & Co. downgraded Rexford Industrial Realty from an "overweight" rating to a "neutral" rating and set a $55.00 target price on the stock. in a research report on Wednesday, February 7th. Finally, 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. Two analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $55.60.

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.