First Industrial Realty Trust (NYSE:FR) Posts Quarterly Earnings Results, Misses Expectations By $0.38 EPS

First Industrial Realty Trust (NYSE:FR) announced its quarterly earnings data on Wednesday. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.38), Zacks reports. First Industrial Realty Trust had a net margin of 46.12% and a return on equity of 12.65%. The business had revenue of $197.12 million during the quarter, compared to analyst estimates of $196.41 million. During the same quarter last year, the firm posted $0.76 EPS. The company’s revenue for the quarter was up 8.6% on a year-over-year basis.

First Industrial Realty Trust Stock Down 6.9%

First Industrial Realty Trust stock opened at $55.33 on Friday. The company has a market capitalization of $7.34 billion, a P/E ratio of 19.29 and a beta of 1.03. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.44 and a current ratio of 1.44. First Industrial Realty Trust has a fifty-two week low of $54.23 and a fifty-two week high of $69.88. The stock has a 50-day simple moving average of $60.93 and a 200-day simple moving average of $62.34.

First Industrial Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 19th. Shareholders of record on Wednesday, September 30th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.00 annualized dividend and a dividend yield of 3.6%. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 72.99%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FR. Royal Bank Of Canada lifted their price objective on First Industrial Realty Trust from $68.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Robert W. Baird increased their price objective on shares of First Industrial Realty Trust from $71.00 to $74.00 and gave the company an “outperform” rating in a research report on Wednesday, July 29th. Cantor Fitzgerald restated a “neutral” rating and issued a $71.00 price objective on shares of First Industrial Realty Trust in a report on Monday, July 27th. Barclays lifted their price objective on shares of First Industrial Realty Trust from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Finally, UBS Group set a $71.00 target price on shares of First Industrial Realty Trust in a research note on Friday. Seven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.54.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc (NYSE: FR) is a real estate investment trust focused on the ownership, management, acquisition, development and redevelopment of industrial properties in the United States. Its portfolio primarily serves businesses that require space for distribution, warehousing, manufacturing, light industrial operations and other logistics-related activities.

The company leases its properties to a diverse group of tenants, including retailers, manufacturers, logistics providers and third-party distribution companies.