First Industrial Realty Trust (NYSE:FR) Issues Earnings Results

First Industrial Realty Trust (NYSE:FR) announced its quarterly earnings results on Wednesday. The real estate investment trust reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.08, Zacks reports. First Industrial Realty Trust had a return on equity of 10.72% and a net margin of 44.46%. The firm had revenue of $167.60 million for the quarter, compared to analysts’ expectations of $164.01 million. During the same period in the prior year, the business posted $0.62 earnings per share. The company’s 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 First Industrial Realty Trust stock opened at $55.91 on Thursday. 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 has a 52-week low of $40.44 and a 52-week high of $57.35. The company has a fifty day moving average of $55.39 and a 200-day moving average of $51.18. 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 Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts recently commented on FR shares. Wolfe Research raised 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. Wells Fargo & Company boosted their price target on shares of First Industrial Realty Trust from $50.00 to $61.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 28th. JPMorgan Chase & Co. increased their price objective on First Industrial Realty Trust from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Truist Financial lifted their price objective on 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. Finally, Scotiabank upped their target price on First Industrial Realty Trust from $55.00 to $58.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.