First Industrial Realty Trust, Inc. (NYSE:FR) announced a quarterly dividend on Friday, August 6th, Zacks reports. Stockholders of record on Thursday, September 30th will be given a dividend of 0.27 per share by the real estate investment trust on Monday, October 18th. This represents a $1.08 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Wednesday, September 29th.
First Industrial Realty Trust has raised its dividend by 19.1% over the last three years and has raised its dividend every year for the last 7 years. First Industrial Realty Trust has a payout ratio of 73.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect First Industrial Realty Trust to earn $2.08 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 50.0%.
First Industrial Realty Trust stock traded up $0.10 during midday trading on Monday, hitting $53.25. The stock had a trading volume of 648 shares, compared to its average volume of 1,040,344. The firm’s fifty day moving average is $54.80 and its two-hundred day moving average is $51.64. The company has a market capitalization of $6.88 billion, a PE ratio of 29.36 and a beta of 0.87. First Industrial Realty Trust has a 52-week low of $38.85 and a 52-week high of $56.90. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.80.
Several equities research analysts recently issued reports on FR shares. Zacks Investment Research lowered shares of First Industrial Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday. Mizuho restated a “buy” rating and issued a $54.00 price target on shares of First Industrial Realty Trust in a research note on Wednesday, July 14th. Truist Securities upped their price target on First Industrial Realty Trust from $52.00 to $58.00 and gave the stock a “buy” rating in a research note on Saturday, July 31st. Truist upped their price target on First Industrial Realty Trust from $52.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, July 30th. Finally, Royal Bank of Canada upped their price target on First Industrial Realty Trust from $58.00 to $63.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 3rd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $52.59.
An institutional investor recently raised its position in First Industrial Realty Trust stock. Morgan Stanley raised its holdings in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 146.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 358,812 shares of the real estate investment trust’s stock after buying an additional 213,252 shares during the period. Morgan Stanley owned about 0.28% of First Industrial Realty Trust worth $18,740,000 at the end of the most recent reporting period. Institutional investors own 97.37% of the company’s stock.
About First Industrial Realty Trust
First Industrial Realty Trust, Inc operates as a real estate investment trust. It engages in the ownership, management, acquisition, sale, development and redevelopment of industrial real estate. The firm product portfolio includes bulk warehouse, regional warehouse, R&D/flex, and light industrial properties.
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