Rexford Industrial Realty, Inc. (NYSE:REXR) Raises Dividend to $0.43 Per Share

Rexford Industrial Realty, Inc. (NYSE:REXR) declared a quarterly dividend on Thursday, February 6th,Wall Street Journal reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.43 per share by the real estate investment trust on Tuesday, April 15th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date of this dividend is Monday, March 31st. This is a boost from Rexford Industrial Realty’s previous quarterly dividend of $0.42.

Rexford Industrial Realty has increased its dividend by an average of 29.3% per year over the last three years. Rexford Industrial Realty has a dividend payout ratio of 116.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Rexford Industrial Realty to earn $2.47 per share next year, which means the company should continue to be able to cover its $1.67 annual dividend with an expected future payout ratio of 67.6%.

Rexford Industrial Realty Price Performance

Rexford Industrial Realty stock opened at $40.55 on Friday. The business’s 50 day simple moving average is $39.77 and its 200 day simple moving average is $44.94. Rexford Industrial Realty has a 12 month low of $36.92 and a 12 month high of $53.88. The company has a market cap of $9.02 billion, a price-to-earnings ratio of 32.97, a PEG ratio of 2.21 and a beta of 0.95. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 0.40.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.31. Rexford Industrial Realty had a return on equity of 3.35% and a net margin of 30.40%. Sell-side analysts forecast that Rexford Industrial Realty will post 2.34 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. StockNews.com lowered shares of Rexford Industrial Realty from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Rexford Industrial Realty in a report on Tuesday, January 14th. They set a “hold” rating and a $40.00 target price on the stock. Industrial Alliance Securities set a $55.00 price target on Rexford Industrial Realty in a research report on Friday, October 18th. Bank of America downgraded shares of Rexford Industrial Realty from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $66.00 to $49.00 in a research note on Monday, October 21st. Finally, Mizuho decreased their target price on shares of Rexford Industrial Realty from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Rexford Industrial Realty has a consensus rating of “Hold” and an average price target of $49.42.

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.