First Industrial Realty Trust (NYSE:FR) Issues Earnings Results, Beats Estimates 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, topping analysts’ consensus estimates of $0.67 by $0.08, Zacks reports. First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. The firm had revenue of $167.60 million during the quarter, compared to analyst estimates of $164.01 million. During the same quarter last year, the business posted $0.62 EPS. 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 Stock Down 2.1 %

First Industrial Realty Trust stock opened at $54.72 on Friday. The company has a market capitalization of $7.24 billion, a P/E ratio of 25.22 and a beta of 1.08. The firm’s fifty day simple moving average is $55.42 and its 200-day simple moving average is $51.21. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.83. First Industrial Realty Trust has a 1-year low of $40.44 and a 1-year high of $57.35.

First Industrial Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, September 30th will be issued a dividend of $0.37 per share. The ex-dividend date is Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.70%. First Industrial Realty Trust’s dividend payout ratio is currently 68.20%.

Analysts Set New Price Targets

A number of research firms recently commented on FR. Truist Financial raised their price objective on shares of First Industrial Realty Trust from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. raised their price objective on shares of First Industrial Realty Trust from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Mizuho lifted their target price on shares of First Industrial Realty Trust from $58.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, September 5th. The Goldman Sachs Group lifted their target price on shares of First Industrial Realty Trust from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Friday, July 26th. Finally, Barclays lifted their target price on shares of 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. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.