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

Rexford Industrial Realty (NYSE:REXR) announced its quarterly earnings results 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. The business had revenue of $214.10 million during the quarter, compared to the consensus estimate of $207.39 million. Rexford Industrial Realty had a return on equity of 3.04% and a net margin of 28.84%. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.52 EPS.

Rexford Industrial Realty Stock Down 1.0 %

Rexford Industrial Realty stock opened at $42.74 on Friday. The firm has a market capitalization of $9.31 billion, a price-to-earnings ratio of 39.21, a price-to-earnings-growth ratio of 1.91 and a beta of 0.86. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.35 and a current ratio of 3.21. Rexford Industrial Realty has a fifty-two week low of $41.56 and a fifty-two week high of $58.02. The stock’s fifty day moving average is $50.22 and its two-hundred day moving average is $50.59.

Rexford Industrial Realty Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a $0.417 dividend. The ex-dividend date of this dividend 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 (DPR) is presently 153.21%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. TheStreet upgraded shares of Rexford Industrial Realty from a “c+” rating to a “b-” rating in a report on Thursday, February 1st. Robert W. Baird reiterated a “neutral” rating and issued a $61.00 price target (up previously from $53.00) on shares of Rexford Industrial Realty in a report on Friday, January 5th. Truist Financial reduced their price objective on Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating on the stock in a report on Tuesday. Barclays assumed coverage on Rexford Industrial Realty in a research report on Wednesday, March 27th. They set an “underweight” rating and a $45.00 target price for the company. Finally, Mizuho reissued a “neutral” rating and set a $52.00 price target on shares of Rexford Industrial Realty in a research report on Tuesday, April 2nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Rexford Industrial Realty presently has a consensus rating of “Hold” and an average price target of $55.60.

Insider Transactions at Rexford Industrial Realty

In related news, General Counsel David E. Lanzer sold 18,113 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.69, for a total value of $954,373.97. The sale was disclosed in a legal filing with the SEC, 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 bought and sold shares of the stock. Wetherby Asset Management Inc. raised its holdings in shares of Rexford Industrial Realty by 2.9% in the first quarter. Wetherby Asset Management Inc. now owns 6,932 shares of the real estate investment trust’s stock worth $517,000 after acquiring an additional 196 shares during the last quarter. Eqis Capital Management Inc. raised its stake in Rexford Industrial Realty by 3.2% in the 4th quarter. Eqis Capital Management Inc. now owns 6,604 shares of the real estate investment trust’s stock valued at $361,000 after purchasing an additional 202 shares during the last quarter. Corient Private Wealth LLC raised its stake in Rexford Industrial Realty by 3.5% in the 4th quarter. Corient Private Wealth LLC now owns 6,616 shares of the real estate investment trust’s stock valued at $371,000 after purchasing an additional 224 shares during the last quarter. IFP Advisors Inc lifted its holdings in Rexford Industrial Realty by 7.0% in the 2nd quarter. IFP Advisors Inc now owns 4,458 shares of the real estate investment trust’s stock valued at $233,000 after purchasing an additional 290 shares in the last quarter. Finally, Jane Street Group LLC grew its holdings in shares of Rexford Industrial Realty by 5.2% during the second quarter. Jane Street Group LLC now owns 5,885 shares of the real estate investment trust’s stock worth $339,000 after buying an additional 290 shares in the last quarter. Hedge funds and other institutional investors 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.