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

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on FR. Wolfe Research upgraded shares of First Industrial Realty Trust from a “peer perform” rating to an “outperform” rating and set a $64.00 price objective for the company in a research note on Tuesday, August 13th. Truist Financial raised their target price on shares of First Industrial Realty Trust from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company raised their target price on shares of 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. JPMorgan Chase & Co. raised their target price on shares of First Industrial Realty Trust from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Royal Bank of Canada raised their target price on shares of First Industrial Realty Trust from $57.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, First Industrial Realty Trust presently has an average rating of “Moderate Buy” and a consensus target price of $57.92.

First Industrial Realty Trust Stock Up 1.3 %

Shares of NYSE:FR traded up $0.74 during trading hours on Wednesday, reaching $55.90. The stock had a trading volume of 3,521,999 shares, compared to its average volume of 1,092,640. First Industrial Realty Trust has a 1 year low of $40.44 and a 1 year high of $57.35. The firm’s 50 day moving average is $55.32 and its 200-day moving average is $51.15. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market capitalization of $7.40 billion, a price-to-earnings ratio of 25.76 and a beta of 1.08.

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 the consensus estimate of $0.64 by ($0.25). The company had revenue of $164.10 million during the quarter, compared to analyst estimates of $163.48 million. First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.61 EPS. Research analysts predict that First Industrial Realty Trust will post 2.62 earnings per share for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Investors 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 yield of 2.65%. The ex-dividend date is Monday, September 30th. First Industrial Realty Trust’s dividend payout ratio is currently 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.