First Industrial Realty Trust, Inc. (NYSE:FR) declared a quarterly dividend on Friday, August 6th, Zacks reports. Shareholders of record on Thursday, September 30th will be paid a dividend of 0.27 per share by the real estate investment trust on Monday, October 18th. This represents a $1.08 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Wednesday, September 29th.
First Industrial Realty Trust has raised its dividend payment by 19.1% over the last three years and has raised its dividend annually for the last 7 consecutive years. First Industrial Realty Trust has a dividend payout ratio of 73.8% meaning its dividend is sufficiently covered by earnings. Analysts expect First Industrial Realty Trust to earn $2.08 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 50.0%.
Shares of NYSE:FR traded up $0.10 during trading on Monday, reaching $53.25. The stock had a trading volume of 648 shares, compared to its average volume of 1,040,344. The firm’s fifty day moving average is $54.80 and its 200 day moving average is $51.64. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.16 and a current ratio of 1.16. First Industrial Realty Trust has a 52 week low of $38.85 and a 52 week high of $56.90. The stock has a market cap of $6.88 billion, a price-to-earnings ratio of 29.36 and a beta of 0.87.
An institutional investor recently raised its position in First Industrial Realty Trust stock. Morgan Stanley increased its position in First Industrial Realty Trust, Inc. (NYSE:FR) by 146.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 358,812 shares of the real estate investment trust’s stock after buying an additional 213,252 shares during the quarter. Morgan Stanley owned 0.28% of First Industrial Realty Trust worth $18,740,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 97.37% of the company’s stock.
Several research analysts recently issued reports on FR shares. Barclays started coverage on shares of First Industrial Realty Trust in a research note on Wednesday, September 1st. They set an “overweight” rating and a $65.00 target price on the stock. Wolfe Research began coverage on shares of First Industrial Realty Trust in a research note on Monday, June 14th. They set a “peer perform” rating and a $54.00 target price on the stock. Truist Securities upped their price objective on shares of First Industrial Realty Trust from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Saturday, July 31st. Zacks Investment Research downgraded shares of First Industrial Realty Trust from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Mizuho restated a “buy” rating and set a $54.00 price objective on shares of First Industrial Realty Trust in a report on Wednesday, July 14th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $52.59.
About First Industrial Realty Trust
First Industrial Realty Trust, Inc operates as a real estate investment trust. It engages in the ownership, management, acquisition, sale, development and redevelopment of industrial real estate. The firm product portfolio includes bulk warehouse, regional warehouse, R&D/flex, and light industrial properties.
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