First Industrial Realty Trust (NYSE:FR) Issues FY24 Earnings Guidance

First Industrial Realty Trust (NYSE:FR) updated its FY24 earnings guidance on Wednesday. The company provided EPS guidance of $2.53-2.63 for the period, compared to the consensus EPS estimate of $2.61. First Industrial Realty Trust also updated its FY 2024 guidance to 2.550-2.650 EPS.

Analyst Ratings Changes

Several research analysts recently commented on the company. The Goldman Sachs Group increased their price objective on First Industrial Realty Trust from $41.00 to $47.00 and gave the company a sell rating in a research note on Thursday, January 11th. Mizuho reissued a buy rating and issued a $58.00 price objective on shares of First Industrial Realty Trust in a research note on Tuesday, April 2nd. Barclays restated an equal weight rating and issued a $53.00 target price (down from $63.00) on shares of First Industrial Realty Trust in a report on Wednesday, March 27th. JPMorgan Chase & Co. upped their target price on First Industrial Realty Trust from $51.00 to $59.00 and gave the company an overweight rating in a report on Tuesday, February 20th. Finally, Royal Bank of Canada upped their target price on First Industrial Realty Trust from $55.00 to $60.00 and gave the company an outperform rating in a report on Friday, February 16th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, First Industrial Realty Trust currently has a consensus rating of Hold and a consensus price target of $55.30.

First Industrial Realty Trust Price Performance

FR stock opened at $45.59 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.25 and a quick ratio of 1.06. The firm has a market capitalization of $6.03 billion, a P/E ratio of 21.01 and a beta of 1.01. The business’s 50-day moving average is $52.54 and its two-hundred day moving average is $49.88. First Industrial Realty Trust has a 1 year low of $40.44 and a 1 year high of $55.22.

First Industrial Realty Trust Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.25%. 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 dividend payout ratio (DPR) is 68.20%.

Institutional Investors Weigh In On First Industrial Realty Trust

Hedge funds and other institutional investors have recently made changes to their positions in the business. Neo Ivy Capital Management purchased a new position in First Industrial Realty Trust during the 2nd quarter worth approximately $28,000. Quarry LP grew its stake in First Industrial Realty Trust by 1,004.7% during the 2nd quarter. Quarry LP now owns 707 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 643 shares during the last quarter. Brown Brothers Harriman & Co. purchased a new position in First Industrial Realty Trust during the 1st quarter worth approximately $46,000. Lazard Asset Management LLC grew its stake in First Industrial Realty Trust by 99.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,396 shares of the real estate investment trust’s stock worth $86,000 after buying an additional 695 shares during the last quarter. Finally, KBC Group NV purchased a new position in shares of First Industrial Realty Trust in the 4th quarter valued at approximately $111,000. Institutional investors and hedge funds 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.