Rexford Industrial Realty (NYSE:REXR) Updates FY 2024 Earnings Guidance

Rexford Industrial Realty (NYSE:REXR) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.310-2.340 for the period, compared to the consensus earnings per share estimate of 2.360. The company issued revenue guidance of -. Rexford Industrial Realty also updated its FY24 guidance to $2.31-2.34 EPS.

Wall Street Analyst Weigh In

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

Rexford Industrial Realty Price Performance

REXR traded down $2.42 during midday trading on Wednesday, hitting $42.24. The stock had a trading volume of 5,013,432 shares, compared to its average volume of 1,947,785. The company has a market cap of $9.09 billion, a P/E ratio of 37.71, a price-to-earnings-growth ratio of 2.06 and a beta of 0.86. The business has a fifty day moving average of $50.62 and a 200 day moving average of $50.68. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.35 and a current ratio of 1.35. Rexford Industrial Realty has a 1 year low of $41.56 and a 1 year high of $58.02.

Rexford Industrial Realty Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $0.4175 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.67 annualized dividend and a yield of 3.95%. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.38. Rexford Industrial Realty’s dividend payout ratio is currently 149.11%.

Insiders Place Their Bets

In other news, General Counsel David E. Lanzer sold 18,113 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $52.69, for a total transaction of $954,373.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.10% of the stock is owned by insiders.

Institutional Trading of Rexford Industrial Realty

A number of institutional investors have recently made changes to their positions in REXR. Norges Bank bought a new position in shares of Rexford Industrial Realty during the fourth quarter valued at approximately $283,319,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Rexford Industrial Realty by 64.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,432,222 shares of the real estate investment trust’s stock valued at $570,016,000 after acquiring an additional 4,107,405 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Rexford Industrial Realty by 7.5% during 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 acquiring an additional 1,587,612 shares in the last quarter. State Street Corp raised its holdings in shares of Rexford Industrial Realty by 19.0% during the first quarter. State Street Corp now owns 8,626,789 shares of the real estate investment trust’s stock valued at $646,126,000 after acquiring an additional 1,375,680 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Rexford Industrial Realty by 61.0% during the first quarter. Deutsche Bank AG now owns 2,573,212 shares of the real estate investment trust’s stock valued at $153,492,000 after acquiring an additional 974,709 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.