Rexford Industrial Realty (NYSE:REXR) Releases Earnings Results, Misses Estimates By $0.18 EPS

Rexford Industrial Realty (NYSE:REXRGet Rating) announced its quarterly earnings results on Tuesday. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.18), MarketWatch Earnings reports. Rexford Industrial Realty had a return on equity of 3.16% and a net margin of 28.36%. The business had revenue of $140.80 million for the quarter, compared to analysts’ expectations of $141.60 million. During the same period last year, the firm earned $0.37 earnings per share. The firm’s quarterly revenue was up 41.1% on a year-over-year basis. Rexford Industrial Realty updated its FY 2022 guidance to $1.840-$1.880 EPS and its FY22 guidance to $1.84-$1.88 EPS.

NYSE:REXR opened at $79.61 on Wednesday. Rexford Industrial Realty has a 12-month low of $52.47 and a 12-month high of $81.68. The firm has a market cap of $12.78 billion, a price-to-earnings ratio of 99.51, a price-to-earnings-growth ratio of 4.16 and a beta of 0.76. The company’s 50-day moving average is $72.47 and its two-hundred day moving average is $71.45. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.28.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 15th. Stockholders of record on Thursday, March 31st were paid a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a dividend yield of 1.58%. This is a boost from Rexford Industrial Realty’s previous quarterly dividend of $0.24. The ex-dividend date was Wednesday, March 30th. Rexford Industrial Realty’s dividend payout ratio (DPR) is 157.50%.

In related news, General Counsel David E. Lanzer sold 11,814 shares of the firm’s stock in a transaction that occurred on Monday, February 14th. The shares were sold at an average price of $70.04, for a total transaction of $827,452.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.50% of the company’s stock.

A number of large investors have recently modified their holdings of REXR. Vident Investment Advisory LLC purchased a new stake in Rexford Industrial Realty during the 4th quarter worth $210,000. Comerica Bank grew its position in shares of Rexford Industrial Realty by 9.0% during the fourth quarter. Comerica Bank now owns 92,957 shares of the real estate investment trust’s stock worth $6,605,000 after buying an additional 7,676 shares in the last quarter. NewEdge Advisors LLC acquired a new stake in shares of Rexford Industrial Realty in the 4th quarter valued at about $595,000. Allianz Asset Management GmbH increased its holdings in shares of Rexford Industrial Realty by 2.7% in the 4th quarter. Allianz Asset Management GmbH now owns 302,861 shares of the real estate investment trust’s stock valued at $24,565,000 after acquiring an additional 7,834 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Rexford Industrial Realty by 4.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 318,799 shares of the real estate investment trust’s stock valued at $25,858,000 after purchasing an additional 13,956 shares during the last quarter. 99.23% of the stock is currently owned by hedge funds and other institutional investors.

REXR has been the subject of several research reports. StockNews.com began coverage on shares of Rexford Industrial Realty in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Zacks Investment Research downgraded shares of Rexford Industrial Realty from a “buy” rating to a “hold” rating in a research report on Friday, April 1st. Finally, Wells Fargo & Company dropped their target price on Rexford Industrial Realty from $83.00 to $81.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 15th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Rexford Industrial Realty currently has an average rating of “Buy” and an average target price of $78.80.

About Rexford Industrial Realty (Get Rating)

Rexford Industrial Realty, Inc is a self-administered and self-managed real estate investment trust, which engages in owning, operating, and acquiring industrial properties. The company was founded on January 18, 2013, and is headquartered in Los Angeles, CA.

See Also

Earnings History for Rexford Industrial Realty (NYSE:REXR)

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