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

First Industrial Realty Trust (NYSE:FR) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $2.61-2.65 for the period, compared to the consensus EPS estimate of $2.62.

First Industrial Realty Trust Price Performance

Shares of FR traded up $0.74 during trading hours on Wednesday, reaching $55.90. The company had a trading volume of 3,521,999 shares, compared to its average volume of 1,092,640. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.83. The firm has a 50 day simple moving average of $55.32 and a 200-day simple moving average of $51.15. First Industrial Realty Trust has a 12-month low of $40.44 and a 12-month high of $57.35. The company has a market capitalization of $7.40 billion, a price-to-earnings ratio of 25.76 and a beta of 1.08.

First Industrial Realty Trust (NYSE:FR) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.25). First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. The business had revenue of $164.10 million for the quarter, compared to analysts’ expectations of $163.48 million. During the same quarter last year, the business posted $0.61 earnings per share. The business’s revenue was up 7.8% compared to the same quarter last year. Research analysts expect that First Industrial Realty Trust will post 2.62 earnings per share for the current year.

First Industrial Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, September 30th will be issued a dividend of $0.37 per share. The ex-dividend date is Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.65%. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 68.20%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FR shares. Wells Fargo & Company lifted their price target on shares of First Industrial Realty Trust from $50.00 to $61.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 28th. Truist Financial boosted their target price on shares of First Industrial Realty Trust from $54.00 to $60.00 and gave the company a “buy” rating in a report on Monday, August 5th. Scotiabank boosted their target price on shares of First Industrial Realty Trust from $55.00 to $58.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Wolfe Research upgraded shares of First Industrial Realty Trust from a “peer perform” rating to an “outperform” rating and set a $64.00 target price for the company in a report on Tuesday, August 13th. Finally, Barclays boosted their price objective on shares of First Industrial Realty Trust from $52.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $57.92.

About First Industrial Realty Trust

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.