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

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

NYSE:FR opened at $54.72 on Friday. 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 $7.24 billion, a PE ratio of 25.22 and a beta of 1.08. First Industrial Realty Trust has a 12 month low of $40.44 and a 12 month high of $57.35. The company’s 50-day moving average price is $55.42 and its two-hundred day moving average price is $51.21.

First Industrial Realty Trust Dividend Announcement

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. The ex-dividend date is Monday, September 30th. This represents a $1.48 annualized dividend and a dividend yield of 2.70%. First Industrial Realty Trust’s dividend payout ratio (DPR) is currently 68.20%.

Wall Street Analysts Forecast Growth

FR has been the topic of several research reports. Barclays boosted their price objective on shares of First Industrial Realty Trust from $52.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. The Goldman Sachs Group boosted their price objective on shares of First Industrial Realty Trust from $46.00 to $52.00 and gave the stock a “sell” rating in a report on Friday, July 26th. Scotiabank boosted their price objective on shares of 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. Wolfe Research upgraded shares of First Industrial Realty Trust from a “peer perform” rating to an “outperform” rating and set a $64.00 price objective on the stock in a report on Tuesday, August 13th. Finally, Wells Fargo & Company boosted their price objective on shares of First Industrial Realty Trust from $50.00 to $61.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 28th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company 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.