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 2.320-2.340 for the period, compared to the consensus earnings per share estimate of 2.350. The company issued revenue guidance of -. Rexford Industrial Realty also updated its FY24 guidance to $2.32-2.34 EPS.

Rexford Industrial Realty Price Performance

REXR stock opened at $49.74 on Thursday. Rexford Industrial Realty has a 1 year low of $41.56 and a 1 year high of $58.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 3.21 and a current ratio of 3.21. The stock’s 50 day moving average price is $45.35 and its 200 day moving average price is $48.79. The firm has a market cap of $10.83 billion, a P/E ratio of 45.63, a PEG ratio of 2.01 and a beta of 0.92.

Rexford Industrial Realty (NYSE:REXR) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.21). Rexford Industrial Realty had a return on equity of 3.04% and a net margin of 28.84%. The firm had revenue of $237.60 million during the quarter, compared to analysts’ expectations of $227.70 million. During the same period last year, the business posted $0.54 earnings per share. The company’s quarterly revenue was up 21.3% compared to the same quarter last year. On average, sell-side analysts expect that Rexford Industrial Realty will post 2.34 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Scotiabank lowered their target price on Rexford Industrial Realty from $55.00 to $51.00 and set a sector outperform rating for the company in a research note on Thursday, May 16th. Barclays lifted their price target on Rexford Industrial Realty from $45.00 to $46.00 and gave the company an underweight rating in a report on Tuesday, April 23rd. Mizuho cut their price target on Rexford Industrial Realty from $52.00 to $50.00 and set a neutral rating on the stock in a report on Friday, May 31st. Robert W. Baird lowered their price objective on shares of Rexford Industrial Realty from $57.00 to $49.00 and set a neutral rating on the stock in a research note on Wednesday, May 1st. Finally, Wedbush started coverage on shares of Rexford Industrial Realty in a research report on Monday, April 22nd. They issued a neutral rating and a $45.00 price target on the stock. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Rexford Industrial Realty currently has an average rating of Hold and a consensus price target of $52.60.

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.