First Industrial Realty Trust (NYSE:FR) Updates 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 earnings per share (EPS) guidance of 2.610-2.650 for the period, compared to the consensus estimate of 2.620. The company issued revenue guidance of -. First Industrial Realty Trust also updated its FY24 guidance to $2.61-2.65 EPS.

First Industrial Realty Trust Stock Performance

Shares of NYSE FR traded up $0.74 during midday trading on Wednesday, reaching $55.90. 3,522,120 shares of the stock were exchanged, compared to its average volume of 1,092,641. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.83. The firm has a market cap of $7.40 billion, a price-to-earnings ratio of 25.76 and a beta of 1.08. The firm has a 50-day simple moving average of $55.32 and a two-hundred day simple moving average of $51.15. First Industrial Realty Trust has a twelve month low of $40.44 and a twelve month high of $57.35.

First Industrial Realty Trust (NYSE:FR) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.25). The business had revenue of $164.10 million for the quarter, compared to analyst estimates of $163.48 million. First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. First Industrial Realty Trust’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the business earned $0.61 earnings per share. As a group, analysts anticipate that First Industrial Realty Trust will post 2.62 EPS for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

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

Analysts Set New Price Targets

FR has been the topic of a number of research reports. Royal Bank of Canada raised their price objective on First Industrial Realty Trust from $57.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Barclays raised their price target on shares of 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. Wolfe Research raised shares of First Industrial Realty Trust from a “peer perform” rating to an “outperform” rating and set a $64.00 price objective for the company in a research note on Tuesday, August 13th. Wells Fargo & Company raised their target price on shares of First Industrial Realty Trust from $50.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 28th. Finally, The Goldman Sachs Group upped their price target on First Industrial Realty Trust from $46.00 to $52.00 and gave the company a “sell” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, First Industrial Realty Trust currently has a consensus rating of “Moderate Buy” and an average target price 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.