First Industrial Realty Trust (NYSE:FR) Announces Earnings Results, Beats Expectations By $0.08 EPS

First Industrial Realty Trust (NYSE:FR) released its earnings results on Wednesday. The real estate investment trust reported $0.75 EPS for the quarter, beating the consensus estimate of $0.67 by $0.08, Zacks reports. The firm had revenue of $167.60 million for the quarter, compared to analysts’ expectations of $164.01 million. First Industrial Realty Trust had a return on equity of 10.72% and a net margin of 44.46%. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.62 EPS. 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 Stock Performance

NYSE FR 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 company has a market capitalization of $7.40 billion, a PE ratio of 25.76 and a beta of 1.08. The company has a 50-day simple moving average of $55.39 and a 200 day simple 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.

First Industrial Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Stockholders 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 dividend yield of 2.65%. The ex-dividend date of this dividend is Monday, September 30th. First Industrial Realty Trust’s dividend payout ratio is presently 68.20%.

Analyst Upgrades and Downgrades

FR has been the topic of several analyst reports. Scotiabank upped their target price on First Industrial Realty Trust from $55.00 to $58.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Mizuho upped their price objective on First Industrial Realty Trust from $58.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, September 5th. Barclays raised their target price on shares of First Industrial Realty Trust from $52.00 to $56.00 and gave the company 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 target on the stock in a research report on Tuesday, August 13th. Finally, Wells Fargo & Company increased their price target on shares of First Industrial Realty Trust from $50.00 to $61.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, First Industrial Realty Trust currently has an average rating of “Moderate Buy” and an average target price of $57.92.

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.