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

First Industrial Realty Trust (NYSE:FR) issued an update on its FY24 earnings guidance on Wednesday morning. 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 Stock Performance

Shares of First Industrial Realty Trust stock traded down $1.85 during trading on Wednesday, reaching $48.60. The company’s stock had a trading volume of 2,168,643 shares, compared to its average volume of 1,159,941. First Industrial Realty Trust has a one year low of $40.44 and a one year high of $55.22. 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 firm has a market cap of $6.43 billion, a price-to-earnings ratio of 23.48 and a beta of 1.01. The business’s fifty day moving average price is $52.73 and its 200-day moving average price is $49.91.

First Industrial Realty Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $0.37 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $1.48 dividend on an annualized basis and a yield of 3.05%. This is a positive change from First Industrial Realty Trust’s previous quarterly dividend of $0.32. First Industrial Realty Trust’s dividend payout ratio (DPR) is 71.50%.

Analyst Ratings Changes

A number of analysts have issued reports on FR shares. Royal Bank of Canada raised their target price on First Industrial Realty Trust from $55.00 to $60.00 and gave the company an outperform rating in a report on Friday, February 16th. JPMorgan Chase & Co. raised their target price 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. Mizuho reaffirmed a buy rating and issued a $58.00 target price on shares of First Industrial Realty Trust in a report on Tuesday, April 2nd. Truist Financial lifted their price objective on First Industrial Realty Trust from $57.00 to $59.00 and gave the stock a buy rating in a report on Tuesday, February 20th. Finally, TheStreet raised First Industrial Realty Trust from a c+ rating to a b- rating in a report on Thursday, January 11th. 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $55.30.

Hedge Funds Weigh In On First Industrial Realty Trust

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Neo Ivy Capital Management bought a new position in First Industrial Realty Trust in the 2nd quarter valued at $28,000. Quarry LP raised its position in First Industrial Realty Trust by 1,004.7% in 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 during the last quarter. Brown Brothers Harriman & Co. bought a new position in First Industrial Realty Trust in the 1st quarter valued at $46,000. Lazard Asset Management LLC raised its position in First Industrial Realty Trust by 99.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,396 shares of the real estate investment trust’s stock valued at $86,000 after purchasing an additional 695 shares during the last quarter. Finally, KBC Group NV bought a new position in First Industrial Realty Trust in the 4th quarter valued at $111,000. Institutional investors own 99.85% of the company’s stock.

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.