$39.44 Million in Sales Expected for Rexford Industrial Realty Inc (REXR) This Quarter
Wall Street analysts expect Rexford Industrial Realty Inc (NASDAQ:REXR) to announce $39.44 million in sales for the current fiscal quarter, according to Zacks. Six analysts have made estimates for Rexford Industrial Realty’s earnings, with the lowest sales estimate coming in at $36.74 million and the highest estimate coming in at $42.20 million. Rexford Industrial Realty posted sales of $33.30 million in the same quarter last year, which suggests a positive year-over-year growth rate of 18.4%. The firm is expected to issue its next earnings results on Wednesday, November 1st.
On average, analysts expect that Rexford Industrial Realty will report full-year sales of $39.44 million for the current financial year, with estimates ranging from $145.41 million to $161.00 million. For the next year, analysts forecast that the business will report sales of $181.24 million per share, with estimates ranging from $153.91 million to $209.80 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Rexford Industrial Realty.
Rexford Industrial Realty (NASDAQ:REXR) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $0.23 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.23. Rexford Industrial Realty had a return on equity of 7.84% and a net margin of 53.98%. The business had revenue of $36.78 million during the quarter, compared to analyst estimates of $36.75 million. During the same period in the prior year, the company posted $0.22 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year.
A number of brokerages have commented on REXR. JPMorgan Chase & Co. cut shares of Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $29.00 price target for the company. in a research note on Tuesday. DA Davidson restated a “buy” rating and set a $33.00 price target (up previously from $30.00) on shares of Rexford Industrial Realty in a research note on Thursday, July 13th. Jefferies Group LLC restated a “buy” rating and set a $34.00 price target on shares of Rexford Industrial Realty in a research note on Tuesday. FBR & Co lifted their target price on shares of Rexford Industrial Realty from $26.00 to $27.00 and gave the company a “mkt perform” rating in a research note on Tuesday, August 8th. Finally, Zacks Investment Research cut shares of Rexford Industrial Realty from a “buy” rating to a “hold” rating in a research note on Wednesday, September 13th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $30.63.
Shares of Rexford Industrial Realty (REXR) traded up 0.10% during trading on Wednesday, reaching $28.62. The company had a trading volume of 710,529 shares. The company has a market cap of $2.03 billion and a P/E ratio of 61.28. The firm has a 50-day moving average of $29.07 and a 200-day moving average of $26.46. Rexford Industrial Realty has a 12-month low of $20.05 and a 12-month high of $30.60.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Stockholders of record on Friday, September 29th will be paid a $0.145 dividend. This represents a $0.58 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Thursday, September 28th.
Several large investors have recently bought and sold shares of REXR. Bank of New York Mellon Corp raised its stake in shares of Rexford Industrial Realty by 5.3% in the first quarter. Bank of New York Mellon Corp now owns 454,521 shares of the company’s stock valued at $10,236,000 after acquiring an additional 22,890 shares during the last quarter. UBS Asset Management Americas Inc. raised its stake in shares of Rexford Industrial Realty by 24.6% in the first quarter. UBS Asset Management Americas Inc. now owns 117,549 shares of the company’s stock valued at $2,647,000 after acquiring an additional 23,175 shares during the last quarter. Karp Capital Management Corp bought a new position in shares of Rexford Industrial Realty in the first quarter valued at approximately $218,000. Ameritas Investment Partners Inc. bought a new position in shares of Rexford Industrial Realty in the first quarter valued at approximately $128,000. Finally, SG Americas Securities LLC bought a new position in shares of Rexford Industrial Realty in the first quarter valued at approximately $114,000.
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About Rexford Industrial Realty
Rexford Industrial Realty, Inc is a self-administered and self-managed full-service real estate investment trust (REIT). The Company is focused on owning, operating and acquiring industrial properties in Southern California infill markets. Rexford Industrial Realty, L.P. is the operating partnership of the Company.
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