First Industrial Realty Trust, Inc. (FR) To Go Ex-Dividend on September 28th
First Industrial Realty Trust, Inc. (NYSE:FR) announced a quarterly dividend on Thursday, August 3rd, Wall Street Journal reports. Shareholders of record on Friday, September 29th will be paid a dividend of 0.21 per share by the real estate investment trust on Monday, October 16th. This represents a $0.84 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date of this dividend is Thursday, September 28th.
First Industrial Realty Trust has increased its dividend by an average of 39.9% per year over the last three years and has raised its dividend every year for the last 3 years. First Industrial Realty Trust has a dividend payout ratio of 54.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect First Industrial Realty Trust to earn $1.63 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 51.5%.
Shares of First Industrial Realty Trust (FR) opened at 30.84 on Friday. First Industrial Realty Trust has a one year low of $24.85 and a one year high of $31.83. The company has a market cap of $3.70 billion, a price-to-earnings ratio of 31.41 and a beta of 1.00. The firm has a 50-day moving average of $30.65 and a 200-day moving average of $28.86.
First Industrial Realty Trust (NYSE:FR) last announced its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.18. First Industrial Realty Trust had a net margin of 29.91% and a return on equity of 8.88%. The business had revenue of $97.60 million for the quarter, compared to the consensus estimate of $97.62 million. During the same quarter in the prior year, the firm posted $0.36 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities research analysts forecast that First Industrial Realty Trust will post $0.82 EPS for the current fiscal year.
Several brokerages have recently weighed in on FR. KeyCorp reissued a “hold” rating on shares of First Industrial Realty Trust in a research note on Friday, August 25th. Stifel Nicolaus reissued a “buy” rating and issued a $31.50 target price on shares of First Industrial Realty Trust in a research note on Friday, July 14th. Zacks Investment Research raised shares of First Industrial Realty Trust from a “sell” rating to a “hold” rating in a research note on Monday, July 31st. BidaskClub raised shares of First Industrial Realty Trust from a “hold” rating to a “buy” rating in a research note on Monday, July 24th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $32.00 target price (up previously from $30.00) on shares of First Industrial Realty Trust in a research note on Thursday, August 24th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $30.60.
In other news, EVP David Harker sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $30.45, for a total value of $609,000.00. Following the transaction, the executive vice president now directly owns 118,470 shares in the company, valued at $3,607,411.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Bruce W. Duncan sold 16,855 shares of the company’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $31.50, for a total transaction of $530,932.50. Following the completion of the transaction, the director now owns 917,530 shares in the company, valued at $28,902,195. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 99,279 shares of company stock worth $3,004,548. Company insiders own 1.83% of the company’s stock.
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About First Industrial Realty Trust
First Industrial Realty Trust, Inc is a real estate investment trust (REIT). The Trust is a self-administered real estate company, which owns, manages, acquires, sells, develops and redevelops industrial real estate. As of December 31, 2016, the Company’s in-service portfolio consisted of 215 light industrial properties, 53 research and development (R&D)/flex properties, 167 bulk warehouse properties and 100 regional warehouse properties containing an aggregate of approximately 62.2 million square feet of gross leasable area (GLA) located in 23 states.
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