First Industrial Realty Trust (NYSE:FR) Updates FY 2024 Earnings Guidance

First Industrial Realty Trust (NYSE:FR) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 2.550-2.650 for the period, compared to the consensus earnings per share estimate of 2.610. The company issued revenue guidance of -. First Industrial Realty Trust also updated its FY24 guidance to $2.53-2.63 EPS.

Analyst Ratings Changes

A number of analysts have recently weighed in on FR shares. The Goldman Sachs Group raised their price target on shares of First Industrial Realty Trust from $41.00 to $47.00 and gave the company a sell rating in a report on Thursday, January 11th. Mizuho restated a buy rating and set a $58.00 price objective on shares of First Industrial Realty Trust in a research note on Tuesday, April 2nd. TheStreet upgraded shares of First Industrial Realty Trust from a c+ rating to a b- rating in a research note on Thursday, January 11th. Royal Bank of Canada lifted their price objective 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. Finally, Barclays reaffirmed an equal weight rating and set a $53.00 target price (down from $63.00) on shares of First Industrial Realty Trust in a report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus price target of $55.30.

First Industrial Realty Trust Price Performance

Shares of NYSE FR opened at $48.60 on Thursday. The firm has a market cap of $6.43 billion, a PE ratio of 23.48 and a beta of 1.01. The firm has a fifty day moving average of $52.73 and a 200 day moving average of $49.91. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.06 and a current ratio of 1.06. First Industrial Realty Trust has a one year low of $40.44 and a one year high of $55.22.

First Industrial Realty Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 3.05%. 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. First Industrial Realty Trust’s payout ratio is presently 71.50%.

Institutional Investors Weigh In On First Industrial Realty Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its holdings in First Industrial Realty Trust by 2.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 623,334 shares of the real estate investment trust’s stock worth $32,832,000 after acquiring an additional 15,600 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in First Industrial Realty Trust by 5.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 9,672 shares of the real estate investment trust’s stock worth $509,000 after acquiring an additional 488 shares in the last quarter. Employees Retirement System of Texas increased its holdings in First Industrial Realty Trust by 103.0% in the 4th quarter. Employees Retirement System of Texas now owns 108,410 shares of the real estate investment trust’s stock worth $5,710,000 after acquiring an additional 55,000 shares in the last quarter. Virtus ETF Advisers LLC boosted its stake in First Industrial Realty Trust by 6.3% during the 4th quarter. Virtus ETF Advisers LLC now owns 4,124 shares of the real estate investment trust’s stock worth $217,000 after purchasing an additional 245 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in First Industrial Realty Trust by 4.7% during the 4th quarter. Legal & General Group Plc now owns 1,101,651 shares of the real estate investment trust’s stock worth $58,024,000 after purchasing an additional 49,710 shares during the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

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.