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

Rexford Industrial Realty (NYSE:REXR) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $2.33-2.35 for the period, compared to the consensus EPS estimate of $2.36. Rexford Industrial Realty also updated its FY 2024 guidance to 2.330-2.350 EPS.

Rexford Industrial Realty Price Performance

Shares of NYSE REXR opened at $46.04 on Friday. The company has a market capitalization of $10.11 billion, a PE ratio of 38.37, a P/E/G ratio of 1.94 and a beta of 0.93. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.41. Rexford Industrial Realty has a twelve month low of $41.56 and a twelve month high of $58.02. The firm has a fifty day simple moving average of $49.90 and a 200 day simple moving average of $47.34.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.28). The business had revenue of $241.84 million for the quarter, compared to analyst estimates of $235.81 million. Rexford Industrial Realty had a return on equity of 3.31% and a net margin of 30.71%. The business’s revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.56 earnings per share. On average, sell-side analysts forecast that Rexford Industrial Realty will post 2.34 EPS for the current year.

Rexford Industrial Realty Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.4175 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.67 dividend on an annualized basis and a yield of 3.63%. Rexford Industrial Realty’s payout ratio is currently 139.17%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on REXR. JPMorgan Chase & Co. raised their price objective on shares of Rexford Industrial Realty from $47.00 to $52.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Industrial Alliance Securities set a $55.00 price target on shares of Rexford Industrial Realty in a report on Friday. Scotiabank upped their price objective on shares of Rexford Industrial Realty from $51.00 to $55.00 and gave the company a “sector outperform” rating in a report on Monday, August 26th. Wells Fargo & Company cut their price objective on shares of Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 28th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Rexford Industrial Realty in a research report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $52.73.

Insider Transactions at Rexford Industrial Realty

In related news, CFO Laura E. Clark sold 14,185 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total value of $711,377.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Laura E. Clark sold 14,185 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $50.15, for a total value of $711,377.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Howard Schwimmer sold 30,358 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $48.86, for a total value of $1,483,291.88. Following the transaction, the chief executive officer now owns 50,673 shares in the company, valued at approximately $2,475,882.78. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by insiders.

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.