First Industrial Realty Trust (NYSE:FR) Issues 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 First Industrial Realty Trust stock opened at $48.60 on Thursday. The firm has a market capitalization of $6.43 billion, a P/E ratio of 23.48 and a beta of 1.01. First Industrial Realty Trust has a 52 week low of $40.44 and a 52 week high of $55.22. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.84. The firm’s 50 day moving average is $52.73 and its two-hundred day moving average is $49.91.

First Industrial Realty Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid 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 3.05%. The ex-dividend date was Wednesday, March 27th. First Industrial Realty Trust’s dividend payout ratio is currently 71.50%.

Analysts Set New Price Targets

FR has been the subject of several research analyst reports. Royal Bank of Canada increased their price objective on First Industrial Realty Trust from $55.00 to $60.00 and gave the company an outperform rating in a report on Friday, February 16th. JPMorgan Chase & Co. increased their price objective on First Industrial Realty Trust from $51.00 to $59.00 and gave the company an overweight rating in a report on Tuesday, February 20th. Mizuho reissued a buy rating and issued a $58.00 price objective on shares of First Industrial Realty Trust in a report on Tuesday, April 2nd. The Goldman Sachs Group increased their price objective on First Industrial Realty Trust from $41.00 to $47.00 and gave the company a sell rating in a report on Thursday, January 11th. Finally, Barclays reissued an equal weight rating and issued a $53.00 price objective (down from $63.00) on shares of First Industrial Realty Trust in a report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and an average price target of $55.30.

Institutional Investors Weigh In On First Industrial Realty Trust

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of First Industrial Realty Trust by 1.8% during the first quarter. Vanguard Group Inc. now owns 19,203,142 shares of the real estate investment trust’s stock worth $1,188,867,000 after purchasing an additional 338,812 shares during the period. State Street Corp raised its position in First Industrial Realty Trust by 1.1% in the first quarter. State Street Corp now owns 7,315,813 shares of the real estate investment trust’s stock worth $391,494,000 after acquiring an additional 79,479 shares in the last quarter. Nomura Holdings Inc. raised its position in First Industrial Realty Trust by 192.7% in the first quarter. Nomura Holdings Inc. now owns 3,088,269 shares of the real estate investment trust’s stock worth $164,296,000 after acquiring an additional 2,033,000 shares in the last quarter. JPMorgan Chase & Co. raised its position in First Industrial Realty Trust by 92.2% in the first 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 in the last quarter. Finally, Morgan Stanley raised its position in First Industrial Realty Trust by 16.2% in the third quarter. Morgan Stanley now owns 2,172,699 shares of the real estate investment trust’s stock worth $103,399,000 after acquiring an additional 302,981 shares in the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

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.