First Industrial Realty Trust, Inc. Announces Quarterly Dividend of $0.37 (NYSE:FR)

First Industrial Realty Trust, Inc. (NYSE:FR) announced a quarterly dividend on Tuesday, April 30th, Wall Street Journal reports. Shareholders of record on Friday, June 28th will be paid a dividend of 0.37 per share by the real estate investment trust on Monday, July 15th. This represents a $1.48 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend is Friday, June 28th.

First Industrial Realty Trust has raised its dividend by an average of 8.6% annually over the last three years and has increased its dividend every year for the last 11 years. First Industrial Realty Trust has a payout ratio of 90.8% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Analysts expect First Industrial Realty Trust to earn $2.87 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 51.6%.

First Industrial Realty Trust Trading Up 1.3 %

Shares of NYSE FR opened at $46.02 on Thursday. The stock’s 50 day moving average price is $51.02 and its two-hundred day moving average price is $49.89. First Industrial Realty Trust has a 52-week low of $40.44 and a 52-week high of $55.22. The stock has a market capitalization of $6.09 billion, a P/E ratio of 21.21 and a beta of 1.05. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.83.

Analysts Set New Price Targets

Several brokerages have issued reports on FR. Barclays restated an “equal weight” rating and set a $53.00 price objective (down previously from $63.00) on shares of First Industrial Realty Trust in a research note on Wednesday, March 27th. Wedbush lowered First Industrial Realty Trust from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $59.00 to $49.00 in a report on Thursday, April 25th. Truist Financial upped their target price on First Industrial Realty Trust from $57.00 to $59.00 and gave the company a “buy” rating in a report on Tuesday, February 20th. Robert W. Baird lowered their target price on First Industrial Realty Trust from $62.00 to $56.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, The Goldman Sachs Group upped their target price 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. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, First Industrial Realty Trust presently has an average rating of “Hold” and a consensus target price of $53.40.

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.