First Industrial Realty Trust, Inc. (NYSE:FR – Get Free Report) announced a quarterly dividend on Tuesday, November 3rd. Shareholders of record on Thursday, December 31st will be given a dividend of $0.50 per share by the real estate investment trust on Tuesday, January 19th. This represents a $2.00 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Thursday, December 31st.
First Industrial Realty Trust has increased its dividend by an average of 0.1% annually over the last three years and has raised its dividend annually for the last 12 consecutive years. First Industrial Realty Trust has a payout ratio of 117.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect First Industrial Realty Trust to earn $3.41 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 58.7%.
First Industrial Realty Trust Stock Performance
NYSE:FR opened at $55.45 on Thursday. The company has a market capitalization of $7.35 billion, a price-to-earnings ratio of 17.83 and a beta of 1.01. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.06 and a quick ratio of 1.06. First Industrial Realty Trust has a 1-year low of $54.16 and a 1-year high of $69.88. The business has a 50 day moving average of $59.50 and a 200 day moving average of $61.28.
First Industrial Realty Trust (NYSE:FR – Get Free Report) last released its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.38). The firm had revenue of $197.12 million for the quarter, compared to the consensus estimate of $196.41 million. First Industrial Realty Trust had a net margin of 46.12% and a return on equity of 12.60%. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.76 earnings per share. On average, sell-side analysts predict that First Industrial Realty Trust will post 3.15 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of analysts have recently commented on the company. Truist Financial upped their target price on First Industrial Realty Trust from $67.00 to $73.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Royal Bank Of Canada reduced their price target on First Industrial Realty Trust from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Friday, October 30th. UBS Group set a $71.00 price target on First Industrial Realty Trust in a report on Friday, October 23rd. Barclays upped their price objective on 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, Wells Fargo & Company dropped their price objective on shares of First Industrial Realty Trust from $66.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Monday. Seven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, First Industrial Realty Trust has a consensus rating of “Hold” and an average target price of $65.67.
First Industrial Realty Trust Company Profile
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.
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