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

Rexford Industrial Realty (NYSE:REXR) released its quarterly earnings data on Thursday. The real estate investment trust reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.30), Yahoo Finance reports. Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.04%. The firm had revenue of $214.10 million during the quarter, compared to the consensus estimate of $207.39 million. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The business’s revenue was up 15.0% compared to the same quarter last year.

Rexford Industrial Realty Stock Performance

REXR opened at $42.74 on Friday. The company has a current ratio of 3.21, a quick ratio of 1.35 and a debt-to-equity ratio of 0.41. Rexford Industrial Realty has a 12-month low of $41.56 and a 12-month high of $58.02. The firm has a 50 day moving average of $50.42 and a two-hundred day moving average of $50.63. The firm has a market capitalization of $9.31 billion, a PE ratio of 39.21, a P/E/G ratio of 1.91 and a beta of 0.86.

Rexford Industrial Realty Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be given a $0.417 dividend. The ex-dividend date is Friday, June 28th. This represents a $1.67 dividend on an annualized basis and a yield of 3.90%. Rexford Industrial Realty’s dividend payout ratio is currently 153.21%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Mizuho restated a “neutral” rating and issued a $52.00 price target on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. JPMorgan Chase & Co. lowered shares of Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a report on Wednesday, February 7th. Truist Financial lowered their target price on Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday. Barclays started coverage on Rexford Industrial Realty in a research note on Wednesday, March 27th. They set an “underweight” rating and a $45.00 price objective for the company. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $61.00 target price (up previously from $53.00) on shares of Rexford Industrial Realty in a research note on Friday, January 5th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $55.60.

Insider Activity

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $52.69, for a total transaction of $954,373.97. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.10% of the company’s stock.

Institutional Trading of Rexford Industrial Realty

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank acquired a new position in Rexford Industrial Realty in the fourth quarter valued at approximately $283,319,000. Price T Rowe Associates Inc. MD boosted its holdings in Rexford Industrial Realty by 64.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,432,222 shares of the real estate investment trust’s stock worth $570,016,000 after buying an additional 4,107,405 shares in the last quarter. Vanguard Group Inc. increased its holdings in Rexford Industrial Realty by 7.5% in the first quarter. Vanguard Group Inc. now owns 22,698,814 shares of the real estate investment trust’s stock valued at $1,693,104,000 after buying an additional 1,587,612 shares in the last quarter. State Street Corp raised its position in shares of Rexford Industrial Realty by 19.0% in the first quarter. State Street Corp now owns 8,626,789 shares of the real estate investment trust’s stock worth $646,126,000 after acquiring an additional 1,375,680 shares during the period. Finally, Deutsche Bank AG boosted its stake in shares of Rexford Industrial Realty by 61.0% during the 1st quarter. Deutsche Bank AG now owns 2,573,212 shares of the real estate investment trust’s stock worth $153,492,000 after acquiring an additional 974,709 shares in the last quarter. 99.52% of the stock is owned by institutional investors and hedge funds.

Rexford Industrial Realty Company Profile

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.