Rexford Industrial Realty (NYSE:REXR) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Rexford Industrial Realty (NYSE:REXRGet Rating) announced its earnings results on Tuesday. The real estate investment trust reported $0.27 EPS for the quarter, topping the consensus estimate of $0.20 by $0.07, MarketWatch Earnings reports. Rexford Industrial Realty had a net margin of 28.36% and a return on equity of 3.16%. The business had revenue of $140.80 million during the quarter, compared to the consensus estimate of $141.60 million. During the same quarter in the previous year, the firm posted $0.37 EPS. Rexford Industrial Realty’s revenue was up 41.1% compared to the same quarter last year. Rexford Industrial Realty updated its FY 2022 guidance to $1.840-$1.880 EPS and its FY22 guidance to $1.84-$1.88 EPS.

REXR traded up $1.99 during trading on Wednesday, reaching $81.60. 6,710 shares of the company’s stock were exchanged, compared to its average volume of 1,118,964. Rexford Industrial Realty has a one year low of $52.47 and a one year high of $81.68. 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 stock has a market capitalization of $13.10 billion, a PE ratio of 99.51, a price-to-earnings-growth ratio of 4.16 and a beta of 0.76. The firm has a fifty day moving average price of $72.47 and a two-hundred day moving average price of $71.45.

The firm also recently announced a quarterly dividend, which was paid on Friday, April 15th. Shareholders of record on Thursday, March 31st were issued a dividend of $0.315 per share. This represents a $1.26 dividend on an annualized basis and a yield of 1.54%. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.24. The ex-dividend date was Wednesday, March 30th. Rexford Industrial Realty’s payout ratio is presently 157.50%.

In other news, General Counsel David E. Lanzer sold 11,814 shares of the company’s stock in a transaction on Monday, February 14th. The shares were sold at an average price of $70.04, for a total value of $827,452.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 1.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of REXR. Vident Investment Advisory LLC bought a new position in Rexford Industrial Realty during the fourth quarter worth $210,000. LPL Financial LLC raised its holdings in Rexford Industrial Realty by 4.1% during the third quarter. LPL Financial LLC now owns 3,821 shares of the real estate investment trust’s stock worth $217,000 after buying an additional 150 shares during the last quarter. Penserra Capital Management LLC acquired a new position in Rexford Industrial Realty during the fourth quarter worth $593,000. NewEdge Advisors LLC acquired a new position in Rexford Industrial Realty during the fourth quarter worth $595,000. Finally, Citadel Advisors LLC raised its holdings in Rexford Industrial Realty by 64.5% during the second quarter. Citadel Advisors LLC now owns 10,866 shares of the real estate investment trust’s stock worth $619,000 after buying an additional 4,261 shares during the last quarter. 99.23% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts have recently commented on the stock. Zacks Investment Research cut shares of Rexford Industrial Realty from a “buy” rating to a “hold” rating in a research report on Friday, April 1st. Wells Fargo & Company lowered their price objective on shares of Rexford Industrial Realty from $83.00 to $81.00 and set an “overweight” rating for the company in a research report on Tuesday, March 15th. Finally, StockNews.com initiated coverage on shares of Rexford Industrial Realty in a research report on Thursday, March 31st. They set a “hold” rating for the company. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently 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.

Further Reading

Earnings History for Rexford Industrial Realty (NYSE:REXR)

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