First Industrial Realty Trust, Inc. (NYSE:FR) to Issue $0.37 Quarterly Dividend

First Industrial Realty Trust, Inc. (NYSE:FR) announced a quarterly dividend on Thursday, August 1st, Wall Street Journal reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.37 per share by the real estate investment trust on Monday, October 21st. This represents a $1.48 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend is Monday, September 30th.

First Industrial Realty Trust has increased its dividend payment by an average of 8.6% per year over the last three years and has raised its dividend annually for the last 11 consecutive years. First Industrial Realty Trust has a dividend payout ratio of 89.7% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect First Industrial Realty Trust to earn $2.89 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 51.2%.

First Industrial Realty Trust Trading Up 1.0 %

Shares of NYSE FR opened at $56.04 on Friday. First Industrial Realty Trust has a 1-year low of $40.44 and a 1-year high of $57.35. The company has a 50-day moving average of $55.02 and a two-hundred day moving average of $50.94. The company has a market cap of $7.42 billion, a PE ratio of 25.82 and a beta of 1.08. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.83.

First Industrial Realty Trust (NYSE:FR) last posted its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.25). The firm had revenue of $164.10 million for the quarter, compared to analyst estimates of $163.48 million. First Industrial Realty Trust had a return on equity of 10.72% and a net margin of 44.46%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.61 EPS. As a group, equities analysts expect that First Industrial Realty Trust will post 2.62 earnings per share for the current fiscal year.

Analyst Ratings Changes

FR has been the subject of a number of recent research reports. BNP Paribas began coverage on shares of First Industrial Realty Trust in a research note on Tuesday, June 4th. They set an “outperform” rating and a $57.00 price target for the company. Mizuho upped their target price on shares of First Industrial Realty Trust from $58.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, September 5th. Wells Fargo & Company increased their price target on First Industrial Realty Trust from $50.00 to $61.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 28th. Truist Financial lifted their price objective on First Industrial Realty Trust from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, Scotiabank increased their target price on First Industrial Realty Trust from $55.00 to $58.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $56.46.

About First Industrial Realty Trust

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.