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

First Industrial Realty Trust (NYSE:FR) issued its quarterly earnings results on Wednesday. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.25), Yahoo Finance reports. First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.76%. The business had revenue of $164.10 million during the quarter, compared to the consensus estimate of $163.48 million. During the same quarter in the previous year, the business posted $0.61 EPS. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. First Industrial Realty Trust updated its FY24 guidance to $2.59-2.67 EPS and its FY 2024 guidance to 2.570-2.650 EPS.

First Industrial Realty Trust Stock Down 0.2 %

First Industrial Realty Trust stock traded down $0.13 during midday trading on Friday, reaching $52.81. The stock had a trading volume of 398,890 shares, compared to its average volume of 1,059,608. First Industrial Realty Trust has a 12 month low of $40.44 and a 12 month high of $55.15. The company has a market capitalization of $6.99 billion, a P/E ratio of 24.40 and a beta of 1.07. The company has a fifty day moving average price of $47.68 and a two-hundred day moving average price of $50.23. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.83.

First Industrial Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $1.48 annualized dividend and a dividend yield of 2.80%. First Industrial Realty Trust’s dividend payout ratio is currently 68.20%.

Wall Street Analyst Weigh In

FR has been the topic of several research analyst reports. BNP Paribas began coverage on First Industrial Realty Trust in a research note on Tuesday, June 4th. They issued an “outperform” rating and a $57.00 price objective on the stock. Robert W. Baird decreased their price target on shares of First Industrial Realty Trust from $62.00 to $56.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Scotiabank dropped their price objective on shares of First Industrial Realty Trust from $55.00 to $50.00 and set a “sector perform” rating for the company in a research note on Thursday, May 16th. Mizuho restated a “buy” rating and issued a $58.00 target price on shares of First Industrial Realty Trust in a research report on Tuesday, April 2nd. Finally, Wedbush cut First Industrial Realty Trust from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $59.00 to $49.00 in a research note on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, First Industrial Realty Trust currently has a consensus rating of “Hold” and a consensus target price of $53.42.

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.