First Industrial Realty Trust (NYSE:FR) Releases 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.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FR. Royal Bank of Canada upped their target price on shares of First Industrial Realty Trust from $55.00 to $60.00 and gave the company an outperform rating in a report on Friday, February 16th. Mizuho reiterated a buy rating and set a $58.00 price target on shares of First Industrial Realty Trust in a research note on Tuesday, April 2nd. Barclays reiterated an equal weight rating and set a $53.00 price target (down previously from $63.00) on shares of First Industrial Realty Trust in a research note on Wednesday, March 27th. Truist Financial increased their price target on shares of First Industrial Realty Trust from $57.00 to $59.00 and gave the stock a buy rating in a research note on Tuesday, February 20th. Finally, TheStreet upgraded shares of First Industrial Realty Trust from a c+ rating to a b- rating in a research note on Thursday, January 11th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $55.30.

First Industrial Realty Trust Stock Performance

First Industrial Realty Trust stock traded down $1.85 during trading hours on Wednesday, reaching $48.60. 2,168,643 shares of the stock were exchanged, compared to its average volume of 1,159,941. The stock has a market cap of $6.43 billion, a P/E ratio of 23.48 and a beta of 1.01. 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 52-week low of $40.44 and a 52-week high of $55.22. The firm’s 50 day moving average is $52.73 and its 200 day moving average is $49.91.

First Industrial Realty Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend was Wednesday, March 27th. This is an increase from First Industrial Realty Trust’s previous quarterly dividend of $0.32. First Industrial Realty Trust’s dividend payout ratio (DPR) is currently 71.50%.

Hedge Funds Weigh In On First Industrial Realty Trust

A number of large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 valued at $32,832,000 after purchasing an additional 15,600 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its stake 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 valued at $509,000 after acquiring an additional 488 shares during the last quarter. Employees Retirement System of Texas grew its stake 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 valued at $5,710,000 after acquiring an additional 55,000 shares during the last quarter. Virtus ETF Advisers LLC grew its stake in First Industrial Realty Trust by 6.3% in the 4th quarter. Virtus ETF Advisers LLC now owns 4,124 shares of the real estate investment trust’s stock valued at $217,000 after acquiring an additional 245 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in First Industrial Realty Trust by 4.7% in the 4th quarter. Legal & General Group Plc now owns 1,101,651 shares of the real estate investment trust’s stock valued at $58,024,000 after acquiring an additional 49,710 shares during the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

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.