First Industrial Realty Trust, Inc. Announces Quarterly Dividend of $0.37 (NYSE:FR)

First Industrial Realty Trust, Inc. (NYSE:FR) announced a quarterly dividend on Tuesday, April 30th, Wall Street Journal reports. Stockholders of record on Friday, June 28th will be paid a dividend of 0.37 per share by the real estate investment trust on Monday, July 15th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date is Friday, June 28th.

First Industrial Realty Trust has raised its dividend by an average of 8.6% per year over the last three years and has increased its dividend annually for the last 11 consecutive years. First Industrial Realty Trust has a payout ratio of 90.8% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect First Industrial Realty Trust to earn $2.87 per share next year, which means the company should continue to be able to cover its $1.48 annual dividend with an expected future payout ratio of 51.6%.

First Industrial Realty Trust Stock Up 1.3 %

Shares of FR opened at $46.02 on Thursday. The firm has a market capitalization of $6.09 billion, a P/E ratio of 21.21 and a beta of 1.05. First Industrial Realty Trust has a 12-month low of $40.44 and a 12-month high of $55.22. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.83. The firm has a fifty day moving average price of $51.02 and a 200-day moving average price of $49.89.

Analysts Set New Price Targets

A number of analysts recently weighed in on FR shares. TheStreet raised shares of First Industrial Realty Trust from a “c+” rating to a “b-” rating in a research note on Thursday, January 11th. Barclays reaffirmed an “equal weight” rating and issued a $53.00 price objective (down from $63.00) on shares of First Industrial Realty Trust in a research note on Wednesday, March 27th. JPMorgan Chase & Co. lowered their price objective on shares of First Industrial Realty Trust from $59.00 to $53.00 and set an “overweight” rating for the company in a research note on Wednesday, April 24th. Truist Financial increased their price target on shares of First Industrial Realty Trust from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday, February 20th. Finally, The Goldman Sachs Group increased their price target on shares of First Industrial Realty Trust from $41.00 to $47.00 and gave the company a “sell” rating in a research report on Thursday, January 11th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, First Industrial Realty Trust presently has an average rating of “Hold” and an average price target of $53.40.

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.