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

First Industrial Realty Trust (NYSE:FR) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $2.61-2.65 for the period, compared to the consensus EPS estimate of $2.62. First Industrial Realty Trust also updated its FY 2024 guidance to 2.610-2.650 EPS.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FR. Truist Financial lifted their price target on shares of First Industrial Realty Trust from $54.00 to $60.00 and gave the company a “buy” rating in a report on Monday, August 5th. Barclays lifted their price target on shares of First Industrial Realty Trust from $52.00 to $56.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Wells Fargo & Company lifted 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 report on Wednesday, August 28th. JPMorgan Chase & Co. lifted their price target on shares of First Industrial Realty Trust from $53.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Mizuho lifted their price target on shares of First Industrial Realty Trust from $58.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, September 5th. 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. According to MarketBeat, First Industrial Realty Trust has an average rating of “Moderate Buy” and an average target price of $57.92.

First Industrial Realty Trust Trading Up 1.4 %

Shares of FR opened at $55.91 on Thursday. The company’s fifty day moving average is $55.39 and its 200 day moving average is $51.18. First Industrial Realty Trust has a fifty-two week low of $40.44 and a fifty-two week high of $57.35. The stock has a market capitalization of $7.40 billion, a PE ratio of 25.76 and a beta of 1.08. 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 (NYSE:FR) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.08. First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. The company had revenue of $167.60 million for the quarter, compared to analysts’ expectations of $164.01 million. During the same quarter in the previous year, the business posted $0.62 earnings per share. First Industrial Realty Trust’s quarterly revenue was up 8.1% on a year-over-year basis. Sell-side analysts expect 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 given a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 2.65%. The ex-dividend date is Monday, September 30th. First Industrial Realty Trust’s dividend payout ratio is presently 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.