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 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 Trading Down 5.3 %

NYSE FR opened at $46.03 on Friday. The stock has a market capitalization of $6.09 billion, a P/E ratio of 21.21 and a beta of 1.01. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.84. First Industrial Realty Trust has a 52-week low of $40.44 and a 52-week high of $55.22. The firm has a 50-day moving average price of $52.54 and a 200 day moving average price of $49.88.

First Industrial Realty Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $0.37 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This is a positive change from First Industrial Realty Trust’s previous quarterly dividend of $0.32. This represents a $1.48 annualized dividend and a yield of 3.22%. First Industrial Realty Trust’s dividend payout ratio (DPR) is currently 68.20%.

Wall Street Analyst Weigh In

FR has been the topic of several recent research reports. TheStreet raised shares of First Industrial Realty Trust from a c+ rating to a b- rating in a research note on Thursday, January 11th. Mizuho reissued a buy rating and set a $58.00 target price on shares of First Industrial Realty Trust in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. lifted their price target on shares of First Industrial Realty Trust from $51.00 to $59.00 and gave the stock an overweight rating in a report on Tuesday, February 20th. Truist Financial boosted their price target on shares of First Industrial Realty Trust from $57.00 to $59.00 and gave the stock a buy rating in a research note on Tuesday, February 20th. Finally, Barclays reiterated an equal weight rating and set a $53.00 target price (down previously from $63.00) on shares of First Industrial Realty Trust in a report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, First Industrial Realty Trust presently has a consensus rating of Hold and a consensus target price of $55.30.

Institutional Trading of First Industrial Realty Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in FR. Raymond James & Associates increased its stake in First Industrial Realty Trust by 74.1% during the 1st quarter. Raymond James & Associates now owns 8,818 shares of the real estate investment trust’s stock valued at $546,000 after purchasing an additional 3,753 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in First Industrial Realty Trust in the 1st quarter valued at $232,000. American Century Companies Inc. purchased a new position in First Industrial Realty Trust during the 1st quarter worth approximately $263,000. Natixis Advisors L.P. raised its stake in shares of First Industrial Realty Trust by 22.6% in the 1st quarter. Natixis Advisors L.P. now owns 16,759 shares of the real estate investment trust’s stock valued at $1,038,000 after acquiring an additional 3,086 shares during the period. Finally, Great West Life Assurance Co. Can raised its stake in shares of First Industrial Realty Trust by 4.6% in the 1st quarter. Great West Life Assurance Co. Can now owns 176,557 shares of the real estate investment trust’s stock worth $11,298,000 after buying an additional 7,724 shares in the last quarter. 99.85% of the stock is owned by institutional investors.

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.