Rexford Industrial Realty (NYSE:REXR) Posts Earnings Results

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

Rexford Industrial Realty Stock Performance

NYSE REXR opened at $42.74 on Friday. The firm’s fifty day moving average price is $50.22 and its two-hundred day moving average price is $50.59. The stock has a market cap of $9.31 billion, a PE ratio of 39.21, a PEG 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.

Rexford Industrial Realty Cuts Dividend

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

Wall Street Analyst Weigh In

REXR has been the subject of several analyst reports. 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 research report on Thursday, February 1st. 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 report on Friday, January 5th. JPMorgan Chase & Co. cut shares of Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 target price for the company. in a research report on Wednesday, February 7th. Finally, Truist Financial reduced their price target on shares of Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday. Two analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $55.60.

Insider Activity

In related news, General Counsel David E. Lanzer sold 18,113 shares of the business’s stock in a transaction on 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 document filed with the SEC, which is accessible through this link. 1.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rexford Industrial Realty

A number of institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Rexford Industrial Realty by 139.7% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 7,339 shares of the real estate investment trust’s stock worth $547,000 after purchasing an additional 4,277 shares during the period. Natixis Advisors L.P. acquired a new position in Rexford Industrial Realty during the 1st quarter worth about $882,000. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Rexford Industrial Realty by 37.5% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,575 shares of the real estate investment trust’s stock valued at $1,087,000 after buying an additional 3,978 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of 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 during the period. Finally, Mackenzie Financial Corp acquired a new stake in shares of Rexford Industrial Realty in the first quarter valued at about $1,157,000. 99.52% of the stock is owned by institutional investors.

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.