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

Rexford Industrial Realty (NYSE:REXR) issued its quarterly earnings data on Wednesday. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.28), Zacks reports. The business had revenue of $241.84 million during the quarter, compared to the consensus estimate of $235.81 million. Rexford Industrial Realty had a return on equity of 3.31% and a net margin of 30.71%. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.56 earnings per share. 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 Trading Up 3.5 %

Shares of REXR opened at $49.42 on Thursday. The stock’s fifty day simple moving average is $50.07 and its 200-day simple moving average is $47.38. The firm has a market capitalization of $10.76 billion, a PE ratio of 45.34, a price-to-earnings-growth ratio of 1.93 and a beta of 0.93. Rexford Industrial Realty has a 12-month low of $41.56 and a 12-month high of $58.02. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.41.

Insider Buying and Selling at Rexford Industrial Realty

In other Rexford Industrial Realty news, CFO Laura E. Clark sold 14,185 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total value of $711,377.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Howard Schwimmer sold 30,358 shares of Rexford Industrial Realty stock in a transaction that occurred 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 transaction, the chief executive officer now owns 50,673 shares of the company’s stock, valued at $2,475,882.78. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Laura E. Clark sold 14,185 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $50.15, for a total transaction of $711,377.75. The disclosure for this sale can be found here. Corporate insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on REXR shares. Wells Fargo & Company reduced their price objective on shares of Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating for the company in a research note on Wednesday, August 28th. Mizuho decreased their price target on shares of Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Truist Financial lifted their price objective on Rexford Industrial Realty from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Evercore ISI increased their target price on Rexford Industrial Realty from $57.00 to $58.00 and gave the company an “outperform” rating in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. raised their target price on Rexford Industrial Realty from $47.00 to $52.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Rexford Industrial Realty has a consensus rating of “Hold” and an average target price of $52.50.

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.