First Industrial Realty Trust (NYSE:FR) Updates FY 2024 Earnings Guidance

First Industrial Realty Trust (NYSE:FR) issued an update on its FY 2024 earnings guidance on Wednesday morning. 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.

First Industrial Realty Trust Stock Down 1.0 %

FR 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 business’s 50 day moving average price is $52.36 and its two-hundred day moving average price 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. The company has a market capitalization 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. Shareholders of record on Thursday, March 28th were issued a dividend of $0.37 per share. This is an increase from First Industrial Realty Trust’s previous quarterly dividend of $0.32. The ex-dividend date was Wednesday, March 27th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.25%. First Industrial Realty Trust’s dividend payout ratio is 68.20%.

Analyst Ratings Changes

A number of research analysts recently weighed in on FR shares. TheStreet raised First Industrial Realty Trust from a c+ rating to a b- rating in a research report on Thursday, January 11th. Barclays reaffirmed 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 research report on Wednesday, March 27th. Royal Bank of Canada lifted their target price on First Industrial Realty Trust from $55.00 to $60.00 and gave the stock an outperform rating in a report on Friday, February 16th. JPMorgan Chase & Co. lifted their target price on First Industrial Realty Trust from $51.00 to $59.00 and gave the stock an overweight rating in a report on Tuesday, February 20th. Finally, The Goldman Sachs Group lifted their target price 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. 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’s stock. According to MarketBeat, the company presently has an average rating of Hold and a consensus target price of $55.30.

Hedge Funds Weigh In On First Industrial Realty Trust

A number of institutional investors and hedge funds have recently modified their holdings of FR. Vanguard Group Inc. lifted its position in First Industrial Realty Trust by 1.8% during the first quarter. Vanguard Group Inc. now owns 19,203,142 shares of the real estate investment trust’s stock valued at $1,188,867,000 after purchasing an additional 338,812 shares in the last quarter. State Street Corp lifted its position in First Industrial Realty Trust by 1.1% during the first quarter. State Street Corp now owns 7,315,813 shares of the real estate investment trust’s stock valued at $391,494,000 after purchasing an additional 79,479 shares in the last quarter. Nomura Holdings Inc. lifted its position in First Industrial Realty Trust by 192.7% during the first quarter. Nomura Holdings Inc. now owns 3,088,269 shares of the real estate investment trust’s stock valued at $164,296,000 after purchasing an additional 2,033,000 shares in the last quarter. JPMorgan Chase & Co. lifted its position in First Industrial Realty Trust by 92.2% during the first quarter. JPMorgan Chase & Co. now owns 2,799,425 shares of the real estate investment trust’s stock valued at $148,929,000 after purchasing an additional 1,342,783 shares in the last quarter. Finally, Morgan Stanley lifted its position in shares of First Industrial Realty Trust by 16.2% in the third quarter. Morgan Stanley now owns 2,172,699 shares of the real estate investment trust’s stock valued at $103,399,000 after acquiring an additional 302,981 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

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.