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 EPS guidance of 2.550-2.650 for the period, compared to the consensus EPS estimate of 2.610. The company issued revenue guidance of -. First Industrial Realty Trust also updated its FY24 guidance to $2.53-2.63 EPS.

Wall Street Analysts Forecast Growth

Several analysts have commented on FR shares. The Goldman Sachs Group raised their target price on shares of First Industrial Realty Trust from $41.00 to $47.00 and gave the stock a sell rating in a report on Thursday, January 11th. Truist Financial raised their target price on shares of First Industrial Realty Trust from $57.00 to $59.00 and gave the company a buy rating in a research report on Tuesday, February 20th. TheStreet upgraded shares of First Industrial Realty Trust from a c+ rating to a b- rating in a research note on Thursday, January 11th. JPMorgan Chase & Co. raised their price objective on First Industrial Realty Trust from $51.00 to $59.00 and gave the company an overweight rating in a report 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 given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $55.30.

First Industrial Realty Trust Stock Down 5.3 %

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

First Industrial Realty Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.22%. This is an increase from First Industrial Realty Trust’s previous quarterly dividend of $0.32. The ex-dividend date was Wednesday, March 27th. First Industrial Realty Trust’s dividend payout ratio is presently 68.20%.

Institutional Investors Weigh In On First Industrial Realty Trust

A number of large investors have recently bought and sold shares of the company. Neo Ivy Capital Management acquired a new position in First Industrial Realty Trust during the 2nd quarter worth approximately $28,000. Quarry LP boosted its position in shares of First Industrial Realty Trust by 1,004.7% during the 2nd quarter. Quarry LP now owns 707 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 643 shares in the last quarter. Brown Brothers Harriman & Co. bought a new stake in First Industrial Realty Trust in the first quarter valued at $46,000. Lazard Asset Management LLC grew its stake in First Industrial Realty Trust by 99.1% in the first quarter. Lazard Asset Management LLC now owns 1,396 shares of the real estate investment trust’s stock valued at $86,000 after acquiring an additional 695 shares during the period. Finally, Covestor Ltd increased its stake in First Industrial Realty Trust by 96.3% during the 1st quarter. Covestor Ltd now owns 1,790 shares of the real estate investment trust’s stock valued at $111,000 after purchasing an additional 878 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

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.