Rexford Industrial Realty (NYSE:REXR) Shares Gap Down After Earnings Miss

Rexford Industrial Realty, Inc. (NYSE:REXR)’s share price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $49.41, but opened at $47.60. Rexford Industrial Realty shares last traded at $47.30, with a volume of 366,618 shares traded.

The real estate investment trust reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.28). The company had revenue of $241.84 million for the quarter, compared to the consensus estimate of $235.81 million. Rexford Industrial Realty had a return on equity of 3.31% and a net margin of 30.71%. Rexford Industrial Realty’s quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.56 earnings per share.

Rexford Industrial Realty Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.4175 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.67 dividend on an annualized basis and a yield of 3.71%. Rexford Industrial Realty’s dividend payout ratio (DPR) is presently 153.21%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Truist Financial upped their price objective on Rexford Industrial Realty from $50.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. StockNews.com upgraded Rexford Industrial Realty from a “sell” rating to a “hold” rating in a report on Monday, July 22nd. Mizuho cut their price objective on Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. 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. Finally, Scotiabank upped their target price on Rexford Industrial Realty from $51.00 to $55.00 and gave the company a “sector outperform” rating in a report on Monday, August 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $52.50.

Insider Activity at Rexford Industrial Realty

In other Rexford Industrial Realty news, CFO Laura E. Clark sold 14,185 shares of the company’s stock in a transaction dated 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 document filed with the SEC, which is available through this hyperlink. In other news, CFO Laura E. Clark sold 14,185 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $50.15, for a total transaction of $711,377.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Howard Schwimmer sold 30,358 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $48.86, for a total value of $1,483,291.88. Following the sale, the chief executive officer now owns 50,673 shares of the company’s stock, valued at approximately $2,475,882.78. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.20% of the stock is owned by insiders.

Institutional Trading of Rexford Industrial Realty

Several hedge funds have recently added to or reduced their stakes in the business. Los Angeles Capital Management LLC boosted its stake in Rexford Industrial Realty by 2.3% during the 1st quarter. Los Angeles Capital Management LLC now owns 9,165 shares of the real estate investment trust’s stock valued at $461,000 after purchasing an additional 210 shares during the period. Fulton Bank N.A. boosted its stake in Rexford Industrial Realty by 4.7% during the 3rd quarter. Fulton Bank N.A. now owns 5,038 shares of the real estate investment trust’s stock valued at $253,000 after purchasing an additional 224 shares during the period. Inspire Investing LLC boosted its stake in Rexford Industrial Realty by 4.9% during the 1st quarter. Inspire Investing LLC now owns 7,126 shares of the real estate investment trust’s stock valued at $358,000 after purchasing an additional 331 shares during the period. Hennion & Walsh Asset Management Inc. lifted its position in shares of Rexford Industrial Realty by 2.4% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 14,641 shares of the real estate investment trust’s stock worth $653,000 after acquiring an additional 337 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of Rexford Industrial Realty by 0.8% in the 2nd quarter. Victory Capital Management Inc. now owns 46,066 shares of the real estate investment trust’s stock worth $2,054,000 after acquiring an additional 345 shares during the period. Institutional investors own 99.52% of the company’s stock.

Rexford Industrial Realty Price Performance

The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.73 and a current ratio of 1.73. The stock has a 50-day simple moving average of $49.97 and a 200 day simple moving average of $47.36. The company has a market cap of $9.79 billion, a P/E ratio of 41.25, a P/E/G ratio of 1.93 and a beta of 0.93.

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.