Rexford Industrial Realty (NYSE:REXR) Updates FY 2024 Earnings Guidance

Rexford Industrial Realty (NYSE:REXR) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 2.330-2.350 for the period, compared to the consensus estimate of 2.350. The company issued revenue guidance of -. Rexford Industrial Realty also updated its FY24 guidance to $2.33-2.35 EPS.

Analysts Set New Price Targets

Several research firms have recently commented on REXR. Wells Fargo & Company cut their price objective on Rexford Industrial Realty from $66.00 to $61.00 and set an “overweight” rating for the company in a report on Wednesday, August 28th. Scotiabank increased their price target on shares of 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. Mizuho lowered their price objective on shares of Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Evercore ISI upped their target price on shares of Rexford Industrial Realty from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. lifted 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $52.50.

Rexford Industrial Realty Stock Performance

Shares of NYSE:REXR traded up $1.66 during trading on Wednesday, reaching $49.41. 2,259,270 shares of the stock were exchanged, compared to its average volume of 1,678,188. Rexford Industrial Realty has a 12 month low of $41.56 and a 12 month high of $58.02. The stock has a 50-day moving average price of $50.06 and a 200-day moving average price of $47.36. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.41. The firm has a market cap of $10.76 billion, a PE ratio of 43.81, a PEG ratio of 1.93 and a beta of 0.93.

Rexford Industrial Realty (NYSE:REXR) last issued its quarterly earnings data 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). The firm had revenue of $237.60 million during the quarter, compared to analyst estimates of $227.70 million. Rexford Industrial Realty had a net margin of 30.71% and a return on equity of 3.31%. The business’s quarterly revenue was up 21.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.54 earnings per share. Research analysts expect that Rexford Industrial Realty will post 2.34 EPS for the current fiscal year.

Insider Activity at Rexford Industrial Realty

In related news, CFO Laura E. Clark sold 14,185 shares of the firm’s stock in a transaction dated 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 document filed with the SEC, which is available through this link. In other news, CEO Howard Schwimmer sold 30,358 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $48.86, for a total transaction of $1,483,291.88. Following the sale, the chief executive officer now directly owns 50,673 shares of the company’s stock, valued at approximately $2,475,882.78. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Laura E. Clark sold 14,185 shares of the firm’s 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 disclosure for this sale can be found here. 1.20% of the stock is currently owned by corporate insiders.

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.