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 guidance of $2.53-2.63 for the period, compared to the consensus earnings per share estimate of $2.61.

First Industrial Realty Trust Stock Down 3.7 %

Shares of FR traded down $1.85 during mid-day trading on Wednesday, reaching $48.60. 2,168,643 shares of the stock traded hands, compared to its average volume of 1,159,941. First Industrial Realty Trust has a 12-month low of $40.44 and a 12-month high of $55.22. 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 company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.84. The stock has a fifty day simple moving average of $52.73 and a 200 day simple moving average of $49.91.

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 issued a dividend of $0.37 per share. The ex-dividend date 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 dividend yield of 3.05%. First Industrial Realty Trust’s dividend payout ratio is 71.50%.

Wall Street Analyst Weigh In

FR has been the topic of several recent analyst reports. Royal Bank of Canada boosted their target price on shares of First Industrial Realty Trust from $55.00 to $60.00 and gave the company an outperform rating in a research note on Friday, February 16th. Barclays reaffirmed an equal weight rating and issued a $53.00 target price (down from $63.00) on shares of First Industrial Realty Trust in a research report on Wednesday, March 27th. Mizuho reiterated a buy rating and issued a $58.00 price target on shares of First Industrial Realty Trust in a research report on Tuesday, April 2nd. TheStreet raised shares of First Industrial Realty Trust from a c+ rating to a b- rating in a report on Thursday, January 11th. Finally, JPMorgan Chase & Co. raised their price objective on shares of First Industrial Realty Trust from $51.00 to $59.00 and gave the company an overweight rating in a research note on Tuesday, February 20th. Two research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $55.30.

Institutional Investors Weigh In On First Industrial Realty Trust

Institutional investors have recently modified their holdings of the stock. Raymond James & Associates raised its position in shares of 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 during the period. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of First Industrial Realty Trust in the first quarter worth approximately $232,000. American Century Companies Inc. purchased a new stake in shares of First Industrial Realty Trust during the first quarter valued at $263,000. Natixis Advisors L.P. grew its stake in 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 worth $1,038,000 after acquiring an additional 3,086 shares in the last quarter. Finally, Great West Life Assurance Co. Can lifted its holdings 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 during the period. 99.85% of the stock is owned by hedge funds and other 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.