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

First Industrial Realty Trust (NYSE:FR) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $2.53-2.63 for the period, compared to the consensus estimate of $2.61. First Industrial Realty Trust also updated its FY 2024 guidance to 2.550-2.650 EPS.

First Industrial Realty Trust Price Performance

Shares of NYSE:FR opened at $48.60 on Thursday. First Industrial Realty Trust has a 1-year low of $40.44 and a 1-year high of $55.22. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.06 and a quick ratio of 1.06. The business has a fifty day moving average price of $52.73 and a 200-day moving average price of $49.91. The company has a market capitalization of $6.43 billion, a PE ratio of 23.48 and a beta of 1.01.

First Industrial Realty Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.37 per share. The ex-dividend date was Wednesday, March 27th. This is an increase from First Industrial Realty Trust’s previous quarterly dividend of $0.32. This represents a $1.48 annualized dividend and a dividend yield of 3.05%. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 71.50%.

Wall Street Analyst Weigh In

FR has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price target 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. 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 research report on Thursday, January 11th. Royal Bank of Canada raised their target price on First Industrial Realty Trust from $55.00 to $60.00 and gave the stock an outperform rating in a research report on Friday, February 16th. Mizuho reissued 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, TheStreet raised First Industrial Realty Trust from a c+ rating to a b- rating in a research report on Thursday, January 11th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $55.30.

Institutional Trading of First Industrial Realty Trust

Large investors have recently added to or reduced their stakes in the company. State of Wyoming increased its stake in First Industrial Realty Trust by 17.0% in the 4th quarter. State of Wyoming now owns 4,326 shares of the real estate investment trust’s stock worth $209,000 after acquiring an additional 627 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of First Industrial Realty Trust in the 4th quarter worth approximately $207,000. International Assets Investment Management LLC purchased a new position in shares of First Industrial Realty Trust in the 4th quarter worth approximately $153,000. First Manhattan Co. purchased a new position in shares of First Industrial Realty Trust in the 1st quarter worth approximately $151,000. Finally, SRS Capital Advisors Inc. boosted its holdings in shares of First Industrial Realty Trust by 23.7% in the 2nd quarter. SRS Capital Advisors Inc. now owns 2,449 shares of the real estate investment trust’s stock worth $129,000 after purchasing an additional 470 shares during the period. Institutional investors own 99.85% of the company’s stock.

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.