First Industrial Realty Trust (NYSE:FR) Updates FY24 Earnings Guidance

First Industrial Realty Trust (NYSE:FR) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.53-2.63 for the period, compared to the consensus earnings per share estimate of $2.61. First Industrial Realty Trust also updated its FY 2024 guidance to 2.550-2.650 EPS.

Analyst Ratings Changes

A number of brokerages recently weighed in on FR. JPMorgan Chase & Co. boosted their price objective on shares of First Industrial Realty Trust from $51.00 to $59.00 and gave the stock an overweight rating in a report on Tuesday, February 20th. Barclays restated an equal weight rating and issued a $53.00 price objective (down from $63.00) on shares of First Industrial Realty Trust in a report on Wednesday, March 27th. TheStreet upgraded shares of First Industrial Realty Trust from a c+ rating to a b- rating in a report on Thursday, January 11th. Royal Bank of Canada boosted their price objective on shares of First Industrial Realty Trust from $55.00 to $60.00 and gave the stock an outperform rating in a report on Friday, February 16th. Finally, The Goldman Sachs Group boosted their price objective on shares of First Industrial Realty Trust from $41.00 to $47.00 and gave the stock a sell rating in a report on Thursday, January 11th. Two research 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, the company currently has an average rating of Hold and an average target price of $55.30.

First Industrial Realty Trust Trading Down 1.0 %

Shares of FR stock opened at $45.59 on Friday. First Industrial Realty Trust has a 1 year low of $40.44 and a 1 year high of $55.22. The firm has a fifty day moving average price of $52.54 and a 200-day moving average price of $49.88. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.25 and a quick ratio of 1.06. The company has a market cap of $6.03 billion, a price-to-earnings ratio of 21.01 and a beta of 1.01.

First Industrial Realty Trust Increases Dividend

The company 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. The ex-dividend date was Wednesday, March 27th. This represents a $1.48 annualized dividend and a yield of 3.25%. This is an increase from First Industrial Realty Trust’s previous quarterly dividend of $0.32. First Industrial Realty Trust’s dividend payout ratio is currently 68.20%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Neo Ivy Capital Management bought a new position in First Industrial Realty Trust in the 2nd quarter worth $28,000. Quarry LP boosted its holdings in First Industrial Realty Trust by 1,004.7% in the 2nd quarter. Quarry LP now owns 707 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 643 shares during the period. Brown Brothers Harriman & Co. bought a new position in First Industrial Realty Trust in the 1st quarter worth $46,000. Lazard Asset Management LLC boosted its holdings in First Industrial Realty Trust by 99.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,396 shares of the real estate investment trust’s stock worth $86,000 after buying an additional 695 shares during the period. Finally, Covestor Ltd boosted its holdings in First Industrial Realty Trust by 96.3% in the 1st quarter. Covestor Ltd now owns 1,790 shares of the real estate investment trust’s stock worth $111,000 after buying an additional 878 shares during the period. 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.