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

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

Rexford Industrial Realty Stock Performance

Rexford Industrial Realty stock opened at $42.74 on Friday. The firm has a fifty day simple moving average of $50.42 and a two-hundred day simple moving average of $50.63. The company has a quick ratio of 1.35, a current ratio of 3.21 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 company 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 firm also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.417 per share. This represents a $1.67 annualized dividend and a dividend yield of 3.90%. The ex-dividend date is Friday, June 28th. Rexford Industrial Realty’s dividend payout ratio is currently 153.21%.

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 dated Monday, February 12th. The stock was 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 is available at this link. Company insiders own 1.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. FIL Ltd raised its holdings in Rexford Industrial Realty by 149.4% during the 4th quarter. FIL Ltd now owns 92,272 shares of the real estate investment trust’s stock valued at $5,176,000 after buying an additional 55,272 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Rexford Industrial Realty by 3.0% in the fourth quarter. Public Employees Retirement System of Ohio now owns 391,798 shares of the real estate investment trust’s stock valued at $21,980,000 after acquiring an additional 11,272 shares during the period. Employees Retirement System of Texas raised its stake in shares of Rexford Industrial Realty by 4.0% during the fourth quarter. Employees Retirement System of Texas now owns 130,000 shares of the real estate investment trust’s stock valued at $7,293,000 after acquiring an additional 5,000 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Rexford Industrial Realty by 11.9% during the fourth quarter. Legal & General Group Plc now owns 1,953,530 shares of the real estate investment trust’s stock valued at $109,593,000 after acquiring an additional 208,467 shares during the last quarter. Finally, Wexford Capital LP purchased a new stake in shares of Rexford Industrial Realty during the fourth quarter worth about $223,000. Institutional investors own 99.52% of the company’s stock.

Analyst Upgrades and Downgrades

REXR has been the subject of a number of recent research reports. Robert W. Baird reissued a “neutral” rating and issued a $61.00 target price (up 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 issued an “underweight” rating and a $45.00 price target on the stock. Mizuho reaffirmed a “neutral” rating and issued a $52.00 price objective on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. TheStreet raised shares of Rexford Industrial Realty from a “c+” rating to a “b-” rating in a report on Thursday, February 1st. Finally, Truist Financial reduced their price target on Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Rexford Industrial Realty has an average rating of “Hold” and a consensus target price of $55.60.

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.