Wedbush Has Positive Outlook of FR FY2024 Earnings

First Industrial Realty Trust, Inc. (NYSE:FR) – Wedbush lifted their FY2024 earnings estimates for First Industrial Realty Trust in a research note issued to investors on Friday, October 18th. Wedbush analyst R. Anderson now anticipates that the real estate investment trust will post earnings of $2.65 per share for the year, up from their prior estimate of $2.63. The consensus estimate for First Industrial Realty Trust’s current full-year earnings is $2.62 per share. Wedbush also issued estimates for First Industrial Realty Trust’s Q4 2024 earnings at $0.70 EPS and FY2025 earnings at $2.93 EPS.

First Industrial Realty Trust (NYSE:FR) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.08. First Industrial Realty Trust had a return on equity of 10.72% and a net margin of 44.46%. The firm had revenue of $167.60 million for the quarter, compared to analysts’ expectations of $164.01 million. During the same quarter in the prior year, the firm earned $0.62 EPS. First Industrial Realty Trust’s quarterly revenue was up 8.1% on a year-over-year basis.

A number of other research analysts also recently commented on the stock. Royal Bank of Canada upped their price objective on shares of First Industrial Realty Trust from $57.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. Truist Financial upped their price target on First Industrial Realty Trust from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company raised their price target on shares of First Industrial Realty Trust from $50.00 to $61.00 and gave the company an “equal weight” rating in a report on Wednesday, August 28th. Mizuho upped their price objective 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. Finally, Barclays lifted their target price on First Industrial Realty Trust from $52.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, First Industrial Realty Trust presently has an average rating of “Moderate Buy” and a consensus target price of $57.92.

First Industrial Realty Trust Stock Performance

Shares of FR opened at $55.00 on Monday. The company has a market capitalization of $7.28 billion, a price-to-earnings ratio of 25.35 and a beta of 1.08. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.16 and a current ratio of 1.16. First Industrial Realty Trust has a 1 year low of $40.44 and a 1 year high of $57.35. The company’s 50 day simple moving average is $55.50 and its 200 day simple moving average is $51.28.

First Industrial Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 21st. Investors of record on Monday, September 30th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.69%. The ex-dividend date was Monday, September 30th. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 68.20%.

Institutional Trading of First Industrial Realty Trust

Several institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC raised its stake in shares of First Industrial Realty Trust by 46.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 631 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 200 shares in the last quarter. Azzad Asset Management Inc. ADV grew its holdings in First Industrial Realty Trust by 4.8% during the second quarter. Azzad Asset Management Inc. ADV now owns 6,472 shares of the real estate investment trust’s stock worth $307,000 after acquiring an additional 295 shares during the period. Fortem Financial Group LLC raised its position in First Industrial Realty Trust by 4.6% in the second quarter. Fortem Financial Group LLC now owns 9,868 shares of the real estate investment trust’s stock worth $469,000 after acquiring an additional 438 shares in the last quarter. UMB Bank n.a. lifted its holdings in First Industrial Realty Trust by 116.2% in the 3rd quarter. UMB Bank n.a. now owns 867 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 466 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. grew its stake in shares of First Industrial Realty Trust by 781.7% in the 1st quarter. Farmers & Merchants Investments Inc. now owns 529 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 469 shares during the last quarter. Institutional investors own 99.85% of the company’s stock.

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.