Rexford Industrial Realty (NYSE:REXR) Issues FY24 Earnings Guidance

Rexford Industrial Realty (NYSE:REXR) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.33-2.35 for the period, compared to the consensus earnings per share estimate of $2.36.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Scotiabank lifted their price objective on Rexford Industrial Realty from $51.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Monday, August 26th. 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 report on Thursday, July 25th. Evercore ISI upped their price target on Rexford Industrial Realty from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Monday, September 16th. StockNews.com upgraded shares of Rexford Industrial Realty from a “sell” rating to a “hold” rating in a report on Monday, July 22nd. Finally, Wells Fargo & Company decreased their price objective on shares of Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating on the stock in a report on Wednesday, August 28th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $52.50.

Rexford Industrial Realty Stock Up 3.5 %

Shares of REXR stock traded up $1.66 during trading hours on Wednesday, hitting $49.41. 2,257,791 shares of the company were exchanged, compared to its average volume of 1,678,181. Rexford Industrial Realty has a one year low of $41.56 and a one year high of $58.02. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.73 and a current ratio of 1.73. The stock has a market capitalization of $10.76 billion, a price-to-earnings ratio of 43.81, a P/E/G ratio of 1.93 and a beta of 0.93. The business’s 50-day simple moving average is $50.06 and its two-hundred day simple moving average is $47.36.

Rexford Industrial Realty (NYSE:REXR) last released its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.37 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.21). The firm had revenue of $237.60 million for the quarter, compared to the consensus estimate of $227.70 million. Rexford Industrial Realty had a return on equity of 3.31% and a net margin of 30.71%. The firm’s revenue was up 21.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.54 EPS. Sell-side analysts predict that Rexford Industrial Realty will post 2.34 EPS for the current fiscal year.

Insider Activity

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