First Industrial Realty Trust (NYSE:FR) Posts Quarterly Earnings Results, Beats Estimates By $0.34 EPS

First Industrial Realty Trust (NYSE:FR) released its quarterly earnings data on Wednesday. The real estate investment trust reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.34, Zacks reports. First Industrial Realty Trust had a return on equity of 12.99% and a net margin of 47.97%.

First Industrial Realty Trust Trading Up 0.5%

Shares of NYSE:FR traded up $0.29 during trading on Wednesday, hitting $59.48. The company had a trading volume of 1,296,135 shares, compared to its average volume of 1,062,595. The stock has a market cap of $7.89 billion, a price-to-earnings ratio of 21.71 and a beta of 1.03. First Industrial Realty Trust has a one year low of $54.23 and a one year high of $69.88. The company has a fifty day simple moving average of $61.17 and a two-hundred day simple moving average of $62.36. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 1.44.

First Industrial Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 19th. Shareholders of record on Wednesday, September 30th were given a dividend of $0.50 per share. The ex-dividend date was Wednesday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 3.4%. First Industrial Realty Trust’s dividend payout ratio is 72.99%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FR. Scotiabank lifted their target price on First Industrial Realty Trust from $63.00 to $66.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 12th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $71.00 price target on shares of First Industrial Realty Trust in a report on Monday, July 27th. Robert W. Baird boosted their price target on shares of First Industrial Realty Trust from $71.00 to $74.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Citigroup boosted their price target on shares of First Industrial Realty Trust from $63.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 28th. Finally, Truist Financial increased their price objective on shares of First Industrial Realty Trust from $67.00 to $73.00 and gave the company a “buy” rating in a report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $68.08.

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.