Rexford Industrial Realty (NYSE:REXR) Issues Quarterly Earnings Results, Misses Expectations By $0.28 EPS

Rexford Industrial Realty (NYSE:REXR - Get Free Report) released its quarterly earnings data on Wednesday. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.28), Zacks reports. The business had revenue of $241.84 million during 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%. Rexford Industrial Realty's revenue was up 17.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.56 EPS. Rexford Industrial Realty updated its FY24 guidance to $2.33-2.35 EPS and its FY 2024 guidance to 2.330-2.350 EPS.

Rexford Industrial Realty Stock Down 9.0 %

NYSE REXR traded down $4.45 on Thursday, hitting $44.96. 5,468,419 shares of the stock traded hands, compared to its average volume of 1,697,044. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.41. The stock has a 50-day moving average of $50.07 and a 200 day moving average of $47.38. 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 $9.79 billion, a P/E ratio of 42.98, a price-to-earnings-growth ratio of 1.93 and a beta of 0.93.

Rexford Industrial Realty Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be paid a $0.4175 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.67 dividend on an annualized basis and a yield of 3.71%. Rexford Industrial Realty's dividend payout ratio (DPR) is 153.21%.

Analyst Ratings Changes

Several research analysts have commented on REXR shares. JPMorgan Chase & Co. raised their price objective on Rexford Industrial Realty from $47.00 to $52.00 and gave the company a "neutral" rating in a research report on Thursday, July 25th. Scotiabank boosted their price target on Rexford Industrial Realty from $51.00 to $55.00 and gave the stock a "sector outperform" rating in a research report on Monday, August 26th. Wells Fargo & Company decreased their price target on Rexford Industrial Realty from $66.00 to $61.00 and set an "overweight" rating for the company in a report on Wednesday, August 28th. Evercore ISI boosted their target price on shares of Rexford Industrial Realty from $57.00 to $58.00 and gave the stock an "outperform" rating in a research report on Monday, September 16th. Finally, Truist Financial raised their price target on shares of Rexford Industrial Realty from $50.00 to $54.00 and gave the company a "buy" rating in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $52.50.

Insider Activity

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