Wedbush Weighs in on Rexford Industrial Realty, Inc.’s Q2 2024 Earnings (NYSE:REXR)

Rexford Industrial Realty, Inc. (NYSE:REXR) – Investment analysts at Wedbush issued their Q2 2024 earnings per share estimates for Rexford Industrial Realty in a report released on Monday, April 22nd. Wedbush analyst R. Anderson expects that the real estate investment trust will post earnings of $0.57 per share for the quarter. Wedbush has a “Neutral” rating and a $45.00 price target on the stock. The consensus estimate for Rexford Industrial Realty’s current full-year earnings is $2.33 per share. Wedbush also issued estimates for Rexford Industrial Realty’s Q3 2024 earnings at $0.58 EPS, Q4 2024 earnings at $0.59 EPS, FY2024 earnings at $2.32 EPS, Q1 2025 earnings at $0.61 EPS, Q2 2025 earnings at $0.63 EPS, Q3 2025 earnings at $0.64 EPS, Q4 2025 earnings at $0.65 EPS and FY2025 earnings at $2.54 EPS.

Rexford Industrial Realty (NYSE:REXR) last posted its quarterly earnings results on Thursday, April 18th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by ($0.30). The company had revenue of $214.10 million during the quarter, compared to the consensus estimate of $207.39 million. Rexford Industrial Realty had a net margin of 28.84% and a return on equity of 3.04%. Rexford Industrial Realty’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 EPS.

Several other equities analysts have also recently commented on the stock. TheStreet upgraded shares of Rexford Industrial Realty from a “c+” rating to a “b-” rating in a report on Thursday, February 1st. Mizuho restated a “neutral” rating and set a $52.00 target price on shares of Rexford Industrial Realty in a report on Tuesday, April 2nd. Truist Financial decreased their price target on Rexford Industrial Realty from $57.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, April 16th. JPMorgan Chase & Co. downgraded Rexford Industrial Realty from an “overweight” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research note on Wednesday, February 7th. Finally, Barclays upped their price objective on shares of Rexford Industrial Realty from $45.00 to $46.00 and gave the stock an “underweight” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $54.73.

Rexford Industrial Realty Stock Down 2.7 %

REXR stock opened at $42.54 on Wednesday. The company’s 50 day simple moving average is $49.70 and its 200-day simple moving average is $50.51. Rexford Industrial Realty has a 52-week low of $41.56 and a 52-week high of $58.02. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.21 and a quick ratio of 1.35. The firm has a market capitalization of $9.27 billion, a P/E ratio of 39.03, a P/E/G ratio of 1.90 and a beta of 0.86.

Institutional Investors Weigh In On Rexford Industrial Realty

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC acquired a new position in shares of Rexford Industrial Realty during the 4th quarter worth about $41,000. Fifth Third Bancorp grew its holdings in Rexford Industrial Realty by 58.2% during the third quarter. Fifth Third Bancorp now owns 1,117 shares of the real estate investment trust’s stock valued at $55,000 after purchasing an additional 411 shares during the period. Quarry LP increased its stake in Rexford Industrial Realty by 195.8% in the fourth quarter. Quarry LP now owns 1,118 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 740 shares in the last quarter. Principal Securities Inc. acquired a new stake in Rexford Industrial Realty in the fourth quarter worth $96,000. Finally, Ninepoint Partners LP bought a new position in shares of Rexford Industrial Realty during the third quarter worth $108,000. Institutional investors and hedge funds own 99.52% of the company’s stock.

Insider Activity

In other Rexford Industrial Realty news, General Counsel David E. Lanzer sold 18,113 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $52.69, for a total transaction of $954,373.97. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.10% of the stock is owned by corporate insiders.

Rexford Industrial Realty Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a dividend of $0.417 per share. The ex-dividend date is Friday, June 28th. This represents a $1.67 dividend on an annualized basis and a dividend yield of 3.92%. Rexford Industrial Realty’s payout ratio is presently 153.21%.

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.