Rexford Industrial Realty, Inc. (NYSE:REXR) to Issue Dividend Increase – $0.42 Per Share

Rexford Industrial Realty, Inc. (NYSE:REXR) announced a quarterly dividend on Wednesday, July 17th, Wall Street Journal reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.4175 per share by the real estate investment trust on Tuesday, October 15th. This represents a $1.67 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Monday, September 30th. This is a positive change from Rexford Industrial Realty’s previous quarterly dividend of $0.42.

Rexford Industrial Realty has raised its dividend payment by an average of 24.5% annually over the last three years. Rexford Industrial Realty has a payout ratio of 123.7% 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 $2.61 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 64.0%.

Rexford Industrial Realty Stock Down 0.1 %

REXR opened at $50.51 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.73 and a quick ratio of 1.73. Rexford Industrial Realty has a 12 month low of $41.56 and a 12 month high of $58.02. The stock has a market capitalization of $11.09 billion, a P/E ratio of 46.34, a P/E/G ratio of 2.13 and a beta of 0.93. The business has a 50 day simple moving average of $50.32 and a 200-day simple moving average of $47.66.

Rexford Industrial Realty (NYSE:REXR) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.21). Rexford Industrial Realty had a net margin of 30.71% and a return on equity of 3.31%. The business had revenue of $237.60 million during the quarter, compared to analyst estimates of $227.70 million. During the same period last year, the business posted $0.54 EPS. Rexford Industrial Realty’s revenue was up 21.3% compared to the same quarter last year. On average, equities analysts anticipate that Rexford Industrial Realty will post 2.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rexford Industrial Realty news, CEO Howard Schwimmer sold 30,358 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 50,673 shares in the company, valued at approximately $2,475,882.78. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Laura E. Clark sold 14,185 shares of Rexford Industrial Realty stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $50.15, for a total value of $711,377.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Howard Schwimmer sold 30,358 shares of the company’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 completion of the transaction, the chief executive officer now owns 50,673 shares of the company’s stock, valued at $2,475,882.78. The disclosure for this sale can be found here. 1.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

REXR has been the topic of several recent analyst reports. Evercore ISI upped their target price on shares of Rexford Industrial Realty from $57.00 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, September 16th. JPMorgan Chase & Co. upped their price target on Rexford Industrial Realty from $47.00 to $52.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. 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 report on Tuesday, July 30th. Wells Fargo & Company lowered their target price on Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating on the stock in a report on Wednesday, August 28th. Finally, Mizuho cut their price target on Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $52.50.

Rexford Industrial Realty Company Profile

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.