First Industrial Realty Trust (NYSE:FR) Releases FY 2024 Earnings Guidance

First Industrial Realty Trust (NYSE:FR) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 2.550-2.650 for the period, compared to the consensus EPS estimate of 2.610. The company issued revenue guidance of -. First Industrial Realty Trust also updated its FY24 guidance to $2.53-2.63 EPS.

First Industrial Realty Trust Stock Performance

Shares of FR opened at $46.03 on Friday. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market cap of $6.09 billion, a price-to-earnings ratio of 21.21 and a beta of 1.01. The company has a 50-day moving average of $52.54 and a two-hundred day moving average of $49.88. First Industrial Realty Trust has a one year low of $40.44 and a one year high of $55.22.

First Industrial Realty Trust Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $0.37 dividend. This is a positive change from First Industrial Realty Trust’s previous quarterly dividend of $0.32. This represents a $1.48 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend was Wednesday, March 27th. First Industrial Realty Trust’s dividend payout ratio is presently 68.20%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. TheStreet raised First Industrial Realty Trust from a c+ rating to a b- rating in a research report on Thursday, January 11th. Truist Financial increased their price target on shares of First Industrial Realty Trust from $57.00 to $59.00 and gave the company a buy rating in a research report on Tuesday, February 20th. The Goldman Sachs Group lifted their price target on First Industrial Realty Trust from $41.00 to $47.00 and gave the company a sell rating in a research note on Thursday, January 11th. Barclays restated an equal weight rating and set a $53.00 target price (down from $63.00) on shares of First Industrial Realty Trust in a report on Wednesday, March 27th. Finally, Mizuho restated a buy rating and set a $58.00 price objective on shares of First Industrial Realty Trust in a research report on Tuesday, April 2nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $55.30.

Hedge Funds Weigh In On First Industrial Realty Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of First Industrial Realty Trust by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 19,203,142 shares of the real estate investment trust’s stock valued at $1,188,867,000 after acquiring an additional 338,812 shares during the last quarter. State Street Corp raised its holdings in First Industrial Realty Trust by 1.1% in the 1st quarter. State Street Corp now owns 7,315,813 shares of the real estate investment trust’s stock valued at $391,494,000 after buying an additional 79,479 shares during the last quarter. Nomura Holdings Inc. boosted its position in First Industrial Realty Trust by 192.7% during the 1st quarter. Nomura Holdings Inc. now owns 3,088,269 shares of the real estate investment trust’s stock worth $164,296,000 after buying an additional 2,033,000 shares during the period. JPMorgan Chase & Co. grew its holdings in First Industrial Realty Trust by 92.2% during the 1st quarter. JPMorgan Chase & Co. now owns 2,799,425 shares of the real estate investment trust’s stock worth $148,929,000 after acquiring an additional 1,342,783 shares during the last quarter. Finally, Morgan Stanley increased its position in First Industrial Realty Trust by 16.2% in the 3rd quarter. Morgan Stanley now owns 2,172,699 shares of the real estate investment trust’s stock valued at $103,399,000 after acquiring an additional 302,981 shares during the period. Institutional investors own 99.85% of the company’s stock.

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.