First Industrial Realty Trust (NYSE:FR) Posts Quarterly Earnings Results, Beats Estimates By $0.08 EPS

First Industrial Realty Trust (NYSE:FR) issued its earnings results on Wednesday. The real estate investment trust reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.08, Zacks reports. The business 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 firm’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.62 earnings per share. First Industrial Realty Trust updated its FY24 guidance to $2.61-2.65 EPS and its FY 2024 guidance to 2.610-2.650 EPS.

First Industrial Realty Trust Trading Up 1.4 %

Shares of First Industrial Realty Trust stock 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. The firm has a 50-day moving average of $55.39 and a 200-day moving average of $51.18. First Industrial Realty Trust has a 52-week low of $40.44 and a 52-week high of $57.35. The stock has a market cap of $7.40 billion, a PE ratio of 25.76 and a beta of 1.08.

First Industrial Realty Trust Dividend Announcement

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

Analyst Ratings Changes

Several research analysts have recently weighed in on FR shares. Royal Bank of Canada boosted their price objective on shares of First Industrial Realty Trust from $57.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. boosted their price target on First Industrial Realty Trust from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Wells Fargo & Company raised their price objective on First Industrial Realty Trust from $50.00 to $61.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 28th. Barclays lifted their target price on First Industrial Realty Trust from $52.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 10th. Finally, Scotiabank increased their price target on 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. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company 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.