Rexford Industrial Realty, Inc. (NYSE:REXR) Announces $0.42 Quarterly Dividend

Rexford Industrial Realty, Inc. (NYSE:REXR) declared a quarterly dividend on Thursday, October 17th, Wall Street Journal reports. Investors of record on Tuesday, December 31st will be paid a dividend of 0.4175 per share by the real estate investment trust on Wednesday, January 15th. This represents a $1.67 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date is Tuesday, December 31st.

Rexford Industrial Realty has raised its dividend by an average of 24.5% per year over the last three years. Rexford Industrial Realty has a payout ratio of 123.7% indicating that 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 Price Performance

Shares of REXR stock traded down $4.48 on Thursday, reaching $44.93. The company had a trading volume of 5,273,128 shares, compared to its average volume of 1,696,075. The stock has a market capitalization of $9.79 billion, a PE ratio of 42.98, a price-to-earnings-growth ratio of 1.93 and a beta of 0.93. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.41. The business’s 50-day moving average is $50.07 and its 200 day moving average is $47.38. Rexford Industrial Realty has a one year low of $41.56 and a one year high of $58.02.

Rexford Industrial Realty (NYSE:REXR) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.28). Rexford Industrial Realty had a net margin of 30.71% and a return on equity of 3.31%. The firm had revenue of $241.84 million during the quarter, compared to the consensus estimate of $235.81 million. During the same quarter in the previous year, the company posted $0.56 earnings per share. The firm’s revenue was up 17.7% on a year-over-year basis. Equities research analysts forecast that Rexford Industrial Realty will post 2.34 EPS for the current fiscal year.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Several brokerages have commented on REXR. Truist Financial lifted their target price on Rexford Industrial Realty from $50.00 to $54.00 and gave the stock 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. Scotiabank raised their price target on shares of Rexford Industrial Realty from $51.00 to $55.00 and gave the stock a “sector outperform” rating in a report on Monday, August 26th. Mizuho dropped their price target on shares of Rexford Industrial Realty from $50.00 to $49.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Finally, Evercore ISI increased their price objective 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. One research 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. According to data from MarketBeat.com, the stock has an average 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.