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

Rexford Industrial Realty (NYSE:REXR) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.310-2.340 for the period, compared to the consensus earnings per share estimate of 2.360. The company issued revenue guidance of -. Rexford Industrial Realty also updated its FY24 guidance to $2.31-2.34 EPS.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. TheStreet upgraded shares of Rexford Industrial Realty from a c+ rating to a b- rating in a research report on Thursday, February 1st. Robert W. Baird restated a neutral rating and issued a $61.00 price objective (up previously from $53.00) on shares of Rexford Industrial Realty in a research report on Friday, January 5th. Barclays started coverage on shares of Rexford Industrial Realty in a research report on Wednesday, March 27th. They set an underweight rating and a $45.00 price target for the company. Truist Financial lowered their price target on shares of Rexford Industrial Realty from $57.00 to $53.00 and set a buy rating for the company in a research report on Tuesday. Finally, JPMorgan Chase & Co. cut shares of Rexford Industrial Realty from an overweight rating to a neutral rating and set a $55.00 price target for the company. in a research report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $55.60.

Rexford Industrial Realty Stock Down 5.4 %

REXR traded down $2.42 during trading on Wednesday, reaching $42.24. The company had a trading volume of 5,013,432 shares, compared to its average volume of 1,947,785. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.35 and a quick ratio of 1.35. Rexford Industrial Realty has a 12 month low of $41.56 and a 12 month high of $58.02. The business’s fifty day moving average price is $50.62 and its 200 day moving average price is $50.68. The company has a market cap of $9.09 billion, a P/E ratio of 37.71, a PEG 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. Shareholders of record on Thursday, March 28th were paid a $0.4175 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.67 dividend on an annualized basis and a yield of 3.95%. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.38. Rexford Industrial Realty’s payout ratio is presently 149.11%.

Insider Buying and Selling at Rexford Industrial Realty

In other news, General Counsel David E. Lanzer sold 18,113 shares of Rexford Industrial Realty stock in a transaction that occurred 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 filing with the SEC, which can be accessed through the SEC website. Insiders own 1.10% of the company’s stock.

Hedge Funds Weigh In On Rexford Industrial Realty

Institutional investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new position in Rexford Industrial Realty during the second quarter worth $28,000. Belpointe Asset Management LLC increased its holdings in shares of Rexford Industrial Realty by 112.7% in the first quarter. Belpointe Asset Management LLC now owns 1,176 shares of the real estate investment trust’s stock valued at $70,000 after purchasing an additional 623 shares during the last quarter. Ossiam increased its holdings in shares of Rexford Industrial Realty by 21.3% in the first quarter. Ossiam now owns 2,096 shares of the real estate investment trust’s stock valued at $125,000 after purchasing an additional 368 shares during the last quarter. First Manhattan Co. acquired a new position in shares of Rexford Industrial Realty in the first quarter valued at $151,000. Finally, International Assets Investment Management LLC increased its holdings in shares of Rexford Industrial Realty by 5,510.9% in the fourth quarter. International Assets Investment Management LLC now owns 3,086 shares of the real estate investment trust’s stock valued at $173,000 after purchasing an additional 3,031 shares during the last quarter. 99.52% of the stock is currently owned by institutional investors and hedge funds.

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.