First Industrial Realty Trust, Inc. (NYSE:FR) Plans $0.37 Quarterly Dividend

First Industrial Realty Trust, Inc. (NYSE:FR) announced a quarterly dividend on Wednesday, October 30th, Zacks reports. Investors of record on Tuesday, December 31st will be given a dividend of 0.37 per share by the real estate investment trust on Tuesday, January 21st. This represents a $1.48 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date of this dividend is Tuesday, December 31st.

First Industrial Realty Trust has raised its dividend by an average of 8.6% per year over the last three years and has increased its dividend every year for the last 11 years. First Industrial Realty Trust has a dividend payout ratio of 89.7% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Analysts expect First Industrial Realty Trust to earn $2.87 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 51.6%.

First Industrial Realty Trust Price Performance

FR traded up $0.65 during midday trading on Friday, reaching $53.14. 46,495 shares of the company’s stock were exchanged, compared to its average volume of 1,099,626. First Industrial Realty Trust has a one year low of $42.38 and a one year high of $57.35. The firm has a market capitalization of $7.03 billion, a price-to-earnings ratio of 22.52 and a beta of 1.08. The business has a 50-day simple moving average of $55.39 and a two-hundred day simple moving average of $51.36. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.80.

First Industrial Realty Trust (NYSE:FR) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.08. First Industrial Realty Trust had a return on equity of 11.53% and a net margin of 47.34%. The company had revenue of $167.60 million during the quarter, compared to analysts’ expectations of $164.01 million. During the same period last year, the business earned $0.62 earnings per share. The business’s revenue was up 8.1% on a year-over-year basis. As a group, research analysts predict that First Industrial Realty Trust will post 2.63 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FR. Royal Bank of Canada lifted their target price on shares of First Industrial Realty Trust from $57.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. boosted their price objective on First Industrial Realty Trust from $53.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group raised their target price on First Industrial Realty Trust from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Friday, July 26th. Wells Fargo & Company upped their price target on shares of First Industrial Realty Trust from $50.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 28th. Finally, Scotiabank raised their price objective on shares of First Industrial Realty Trust from $55.00 to $58.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. Based on 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.