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.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Barclays reaffirmed an equal weight rating and issued a $53.00 price target (down from $63.00) on shares of First Industrial Realty Trust in a research note on Wednesday, March 27th. Royal Bank of Canada increased 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 report on Friday, February 16th. Mizuho reiterated a buy rating and issued a $58.00 price objective on shares of First Industrial Realty Trust in a report on Tuesday, April 2nd. The Goldman Sachs Group increased their price objective 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. Finally, Truist Financial increased their price objective on shares of First Industrial Realty Trust from $57.00 to $59.00 and gave the company a buy rating in a report on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, First Industrial Realty Trust presently has a consensus rating of Hold and an average price target of $55.30.

First Industrial Realty Trust Stock Down 1.0 %

First Industrial Realty Trust stock opened at $45.59 on Friday. First Industrial Realty Trust has a fifty-two week low of $40.44 and a fifty-two week high of $55.22. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.06 and a current ratio of 1.25. The firm has a 50 day moving average price of $52.36 and a 200 day moving average price of $49.87. The company has a market capitalization of $6.03 billion, a PE ratio of 21.01 and a beta of 1.01.

First Industrial Realty Trust Increases Dividend

The business also recently announced 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 3.25%. The ex-dividend date 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 68.20%.

Institutional Trading of First Industrial Realty Trust

Several institutional investors have recently added to or reduced their stakes in FR. Raymond James & Associates boosted its position in First Industrial Realty Trust by 74.1% in the 1st quarter. Raymond James & Associates now owns 8,818 shares of the real estate investment trust’s stock valued at $546,000 after buying an additional 3,753 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new position in First Industrial Realty Trust in the 1st quarter valued at approximately $232,000. American Century Companies Inc. purchased a new position in First Industrial Realty Trust in the 1st quarter valued at approximately $263,000. Natixis Advisors L.P. boosted its position in First Industrial Realty Trust by 22.6% in the 1st quarter. Natixis Advisors L.P. now owns 16,759 shares of the real estate investment trust’s stock valued at $1,038,000 after buying an additional 3,086 shares during the period. Finally, Great West Life Assurance Co. Can lifted its position in shares of First Industrial Realty Trust by 4.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 176,557 shares of the real estate investment trust’s stock worth $11,298,000 after purchasing an additional 7,724 shares during the last quarter. Institutional investors and hedge funds 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.