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

First Industrial Realty Trust (NYSE:FR) posted its quarterly earnings data on Wednesday. The real estate investment trust reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.08, Zacks reports. The firm had revenue of $167.60 million for the quarter, compared to the consensus estimate of $164.01 million. First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. The firm’s revenue was up 8.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.62 EPS. 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 Stock Up 0.4 %

NYSE FR traded up $0.20 during trading on Friday, hitting $54.89. The stock had a trading volume of 112,751 shares, compared to its average volume of 1,093,533. The company has a market capitalization of $7.26 billion, a PE ratio of 25.22 and a beta of 1.08. First Industrial Realty Trust has a 12 month low of $40.44 and a 12 month high of $57.35. The company’s 50-day moving average price is $55.42 and its two-hundred day moving average price is $51.21. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.16 and a current ratio of 1.16.

First Industrial Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Stockholders 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%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FR. Barclays lifted their target price on First Industrial Realty Trust from $52.00 to $56.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. The Goldman Sachs Group upped their price target on shares of First Industrial Realty Trust from $46.00 to $52.00 and gave the stock a “sell” rating in a research note on Friday, July 26th. Truist Financial raised their price objective on shares of First Industrial Realty Trust from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company boosted their price objective on First Industrial Realty Trust from $50.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 28th. Finally, Royal Bank of Canada raised their target price on First Industrial Realty Trust from $57.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.92.

First Industrial Realty Trust Company Profile

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.