First Industrial Realty Trust (NYSE:FR) Releases 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 earnings per share (EPS) guidance of 2.610-2.650 for the period, compared to the consensus estimate of 2.620. The company issued revenue guidance of -. First Industrial Realty Trust also updated its FY24 guidance to $2.61-2.65 EPS.

First Industrial Realty Trust Stock Performance

FR opened at $55.91 on Thursday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.16 and a current ratio of 1.16. First Industrial Realty Trust has a 52-week low of $40.44 and a 52-week high of $57.35. The firm has a market cap of $7.40 billion, a P/E ratio of 25.76 and a beta of 1.08. The business’s fifty day moving average is $55.39 and its 200-day moving average is $51.18.

First Industrial Realty Trust (NYSE:FR) last announced its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.08. The firm had revenue of $167.60 million for the quarter, compared to the consensus estimate of $164.01 million. First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.62 earnings per share. Sell-side analysts expect that First Industrial Realty Trust will post 2.62 EPS for the current fiscal year.

First Industrial Realty Trust Announces Dividend

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

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Scotiabank lifted their price objective on shares of First Industrial Realty Trust from $55.00 to $58.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Wells Fargo & Company lifted their price objective on shares of First Industrial Realty Trust from $50.00 to $61.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 28th. JPMorgan Chase & Co. lifted their price objective on shares of First Industrial Realty Trust from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Mizuho lifted their price objective on shares of First Industrial Realty Trust from $58.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, September 5th. Finally, The Goldman Sachs Group lifted their price objective on shares of First Industrial Realty Trust from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.