Rexford Industrial Realty (NYSE:REXR) Issues FY24 Earnings Guidance

Rexford Industrial Realty (NYSE:REXR) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $2.31-2.34 for the period, compared to the consensus EPS estimate of $2.36.

Analysts Set New Price Targets

REXR has been the topic of a number of research analyst reports. Robert W. Baird reissued a neutral rating and set a $61.00 price objective (up previously from $53.00) on shares of Rexford Industrial Realty in a report on Friday, January 5th. Barclays initiated coverage on shares of Rexford Industrial Realty in a report on Wednesday, March 27th. They set an underweight rating and a $45.00 price objective on the stock. Truist Financial decreased their price objective on shares of Rexford Industrial Realty from $57.00 to $53.00 and set a buy rating on the stock in a report on Tuesday. JPMorgan Chase & Co. downgraded shares of Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 price target on the stock. in a report on Wednesday, February 7th. Finally, Mizuho reaffirmed a neutral rating and issued a $52.00 price target on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Rexford Industrial Realty has a consensus rating of Hold and an average price target of $55.60.

Rexford Industrial Realty Price Performance

Shares of Rexford Industrial Realty stock traded down $2.42 during trading on Wednesday, reaching $42.24. The company’s stock had a trading volume of 5,016,637 shares, compared to its average volume of 1,852,973. The stock has a 50-day moving average price of $50.97 and a two-hundred day moving average price of $50.77. 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 one year low of $41.56 and a one year high of $58.02. The stock has a market capitalization of $9.09 billion, a P/E ratio of 39.88, a price-to-earnings-growth ratio of 2.06 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. Stockholders of record on Thursday, March 28th were paid a $0.4175 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This is a boost from Rexford Industrial Realty’s previous quarterly dividend of $0.38. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.95%. Rexford Industrial Realty’s dividend payout ratio is 149.11%.

Insider Activity at Rexford Industrial Realty

In related news, General Counsel David E. Lanzer sold 18,113 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.69, for a total value of $954,373.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Rexford Industrial Realty

Hedge funds have recently added to or reduced their stakes in the business. Money Concepts Capital Corp acquired a new stake in shares of Rexford Industrial Realty during the fourth quarter worth $246,000. Vident Investment Advisory LLC increased its position in shares of Rexford Industrial Realty by 26.0% in the first quarter. Vident Investment Advisory LLC now owns 3,247 shares of the real estate investment trust’s stock worth $242,000 after purchasing an additional 669 shares during the period. IFP Advisors Inc increased its position in shares of Rexford Industrial Realty by 7.0% in the second quarter. IFP Advisors Inc now owns 4,458 shares of the real estate investment trust’s stock worth $233,000 after purchasing an additional 290 shares during the period. Wexford Capital LP bought a new position in shares of Rexford Industrial Realty in the fourth quarter worth $223,000. Finally, Delphia USA Inc. bought a new position in Rexford Industrial Realty in the fourth quarter valued at about $215,000. Institutional investors and hedge funds own 99.52% 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.