Wedbush Equities Analysts Decrease Earnings Estimates for First Industrial Realty Trust, Inc. (NYSE:FR)

First Industrial Realty Trust, Inc. (NYSE:FR) – Equities researchers at Wedbush dropped their FY2024 earnings per share (EPS) estimates for shares of First Industrial Realty Trust in a research report issued to clients and investors on Thursday, April 25th. Wedbush analyst R. Anderson now forecasts that the real estate investment trust will post earnings per share of $2.58 for the year, down from their prior forecast of $2.63. Wedbush currently has a “Neutral” rating and a $49.00 target price on the stock. The consensus estimate for First Industrial Realty Trust’s current full-year earnings is $2.61 per share. Wedbush also issued estimates for First Industrial Realty Trust’s FY2025 earnings at $2.84 EPS.

A number of other research firms have also issued reports on FR. Mizuho reaffirmed a “buy” rating and issued a $58.00 target price on shares of First Industrial Realty Trust in a report on Tuesday, April 2nd. Barclays reissued an “equal weight” rating and set a $53.00 price objective (down previously from $63.00) on shares of First Industrial Realty Trust in a report on Wednesday, March 27th. The Goldman Sachs Group lifted their price objective on First Industrial Realty Trust from $41.00 to $47.00 and gave the stock a “sell” rating in a report on Thursday, January 11th. TheStreet raised First Industrial Realty Trust from a “c+” rating to a “b-” rating in a report on Thursday, January 11th. Finally, JPMorgan Chase & Co. decreased their price objective on First Industrial Realty Trust from $59.00 to $53.00 and set an “overweight” rating on the stock in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $53.11.

First Industrial Realty Trust Stock Performance

Shares of NYSE FR opened at $46.05 on Friday. The firm has a market cap of $6.09 billion, a price-to-earnings ratio of 21.22 and a beta of 1.01. The business’s 50-day simple moving average is $51.73 and its 200-day simple moving average is $49.87. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.06 and a current ratio of 1.25. First Industrial Realty Trust has a 52 week low of $40.44 and a 52 week high of $55.22.

Institutional Investors Weigh In On First Industrial Realty Trust

A number of institutional investors have recently made changes to their positions in FR. State of Michigan Retirement System grew its stake in First Industrial Realty Trust by 0.6% in the fourth quarter. State of Michigan Retirement System now owns 31,768 shares of the real estate investment trust’s stock valued at $1,673,000 after acquiring an additional 200 shares during the period. Covestor Ltd lifted its holdings in shares of First Industrial Realty Trust by 14.0% in the third quarter. Covestor Ltd now owns 1,960 shares of the real estate investment trust’s stock valued at $93,000 after purchasing an additional 241 shares in the last quarter. GYL Financial Synergies LLC lifted its holdings in shares of First Industrial Realty Trust by 0.7% in the third quarter. GYL Financial Synergies LLC now owns 35,469 shares of the real estate investment trust’s stock valued at $1,688,000 after purchasing an additional 242 shares in the last quarter. M&T Bank Corp lifted its holdings in shares of First Industrial Realty Trust by 1.5% in the third quarter. M&T Bank Corp now owns 16,886 shares of the real estate investment trust’s stock valued at $804,000 after purchasing an additional 250 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of First Industrial Realty Trust by 3.1% in the third quarter. PNC Financial Services Group Inc. now owns 9,009 shares of the real estate investment trust’s stock valued at $429,000 after purchasing an additional 275 shares in the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

First Industrial Realty Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a dividend of $0.37 per share. The ex-dividend date was Wednesday, March 27th. This is a boost from First Industrial Realty Trust’s previous quarterly dividend of $0.32. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.21%. First Industrial Realty Trust’s payout ratio is 68.20%.

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.