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

First Industrial Realty Trust (NYSE:FR) updated its FY24 earnings guidance on Wednesday. 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 also updated its FY 2024 guidance to 2.610-2.650 EPS.

Analyst Upgrades and Downgrades

A number of analysts have commented on FR shares. Scotiabank boosted their price target 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. Royal Bank of Canada upped their target price on shares of First Industrial Realty Trust from $57.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th. Barclays raised their price target on shares of First Industrial Realty Trust from $52.00 to $56.00 and gave the company an “equal weight” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. boosted their price objective on First Industrial Realty Trust from $53.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, The Goldman Sachs Group increased their price objective on First Industrial Realty Trust from $46.00 to $52.00 and gave the stock a “sell” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, First Industrial Realty Trust presently has an average rating of “Moderate Buy” and an average price target of $57.92.

First Industrial Realty Trust Stock Performance

Shares of FR stock opened at $54.72 on Friday. The firm’s 50-day simple moving average is $55.42 and its two-hundred day simple moving average is $51.21. 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 $7.24 billion, a price-to-earnings ratio of 25.22 and a beta of 1.08.

First Industrial Realty Trust (NYSE:FR) last released its earnings results 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. First Industrial Realty Trust had a return on equity of 10.72% and a net margin of 44.46%. The business had revenue of $167.60 million during the quarter, compared to the consensus estimate of $164.01 million. During the same period last year, the business posted $0.62 earnings per share. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. As a group, equities analysts forecast that First Industrial Realty Trust will post 2.62 earnings per share for the current year.

First Industrial Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, September 30th will be paid a $0.37 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.48 annualized dividend and a dividend yield of 2.70%. First Industrial Realty Trust’s payout ratio is 68.20%.

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.