First Industrial Realty Trust (NYSE:FR) Updates FY24 Earnings Guidance

First Industrial Realty Trust (NYSE:FR) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.61-2.65 for the period, compared to the consensus earnings per share estimate of $2.62.

Analyst Ratings Changes

Several research firms recently commented on FR. Wells Fargo & Company raised their target price on First Industrial Realty Trust from $50.00 to $61.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 28th. Barclays raised their target price on First Industrial Realty Trust from $52.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. JPMorgan Chase & Co. raised their target price on First Industrial Realty Trust from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. The Goldman Sachs Group raised their price objective on First Industrial Realty Trust from $46.00 to $52.00 and gave the company a “sell” rating in a report on Friday, July 26th. Finally, Truist Financial raised their price objective on First Industrial Realty Trust from $54.00 to $60.00 and gave the company a “buy” rating in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.92.

First Industrial Realty Trust Stock Performance

FR traded up $0.74 on Wednesday, hitting $55.90. 2,691,569 shares of the company traded hands, compared to its average volume of 1,088,488. The stock has a market capitalization of $7.40 billion, a PE ratio of 25.41 and a beta of 1.08. The company has a 50 day moving average of $55.32 and a 200-day moving average of $51.15. First Industrial Realty Trust has a 12-month low of $40.44 and a 12-month high of $57.35. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.83.

First Industrial Realty Trust (NYSE:FR) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.25). The business had revenue of $164.10 million for the quarter, compared to analysts’ expectations of $163.48 million. First Industrial Realty Trust had a return on equity of 10.72% and a net margin of 44.46%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period last year, the company posted $0.61 earnings per share. Sell-side analysts anticipate that First Industrial Realty Trust will post 2.62 earnings per share for the current year.

First Industrial Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, September 30th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Monday, September 30th. First Industrial Realty Trust’s dividend payout ratio (DPR) is 68.20%.

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.