First Industrial Realty Trust (NYSE:FR) Announces Quarterly Earnings Results, Beats Estimates By $0.08 EPS

First Industrial Realty Trust (NYSE:FR) posted its quarterly earnings results on Wednesday. The real estate investment trust reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.08, Zacks reports. First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. The business had revenue of $167.60 million during the quarter, compared to analysts’ expectations of $164.01 million. During the same period last year, the company posted $0.62 earnings per share. The business’s quarterly revenue was up 8.1% on a year-over-year basis. First Industrial Realty Trust updated its FY24 guidance to $2.61-2.65 EPS and its FY 2024 guidance to 2.610-2.650 EPS.

First Industrial Realty Trust Price Performance

Shares of NYSE FR opened at $54.72 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $7.24 billion, a PE ratio of 25.22 and a beta of 1.08. The stock’s 50 day moving average price is $55.42 and its 200-day moving average price is $51.21. First Industrial Realty Trust has a twelve month low of $40.44 and a twelve month high of $57.35.

First Industrial Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, September 30th will be given a dividend of $0.37 per share. The ex-dividend date is Monday, September 30th. This represents a $1.48 annualized dividend and a dividend yield of 2.70%. First Industrial Realty Trust’s dividend payout ratio is currently 68.20%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Royal Bank of Canada boosted their target price on First Industrial Realty Trust from $57.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. boosted their price objective on First Industrial Realty Trust from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Truist Financial increased their target price on First Industrial Realty Trust from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Mizuho lifted their price target on shares of First Industrial Realty Trust from $58.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, September 5th. Finally, Wells Fargo & Company raised their price objective on shares of First Industrial Realty Trust from $50.00 to $61.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, First Industrial Realty Trust currently has an average rating of “Moderate Buy” and an average target price of $57.92.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains.