First Industrial Realty Trust, Inc. Declares 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 of this dividend is Friday, June 28th.

First Industrial Realty Trust has raised its dividend payment by an average of 8.6% annually over the last three years and has increased its dividend every year for the last 11 years. First Industrial Realty Trust has a dividend 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 tumble. Equities 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 Price Performance

Shares of NYSE FR opened at $46.02 on Thursday. The business’s 50 day moving average price is $51.02 and its 200 day moving average price is $49.89. The firm has a market cap of $6.09 billion, a P/E ratio of 21.21 and a beta of 1.05. First Industrial Realty Trust has a 52 week low of $40.44 and a 52 week high of $55.22. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.83.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wedbush lowered First Industrial Realty Trust from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $59.00 to $49.00 in a research report on Thursday, April 25th. The Goldman Sachs Group boosted their price target on First Industrial Realty Trust from $41.00 to $47.00 and gave the company a “sell” rating in a report on Thursday, January 11th. Mizuho reissued a “buy” rating and issued a $58.00 price target on shares of First Industrial Realty Trust in a report on Tuesday, April 2nd. Robert W. Baird decreased their price target on First Industrial Realty Trust from $62.00 to $56.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, JPMorgan Chase & Co. decreased their price target on First Industrial Realty Trust from $59.00 to $53.00 and set an “overweight” rating for the company in a report on Wednesday, April 24th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, First Industrial Realty Trust currently has an average rating of “Hold” and a consensus 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.