First Industrial Realty Trust (NYSE:FR) Announces Quarterly Earnings Results

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

First Industrial Realty Trust Stock Up 0.5%

Shares of FR traded up $0.29 during midday trading on Wednesday, reaching $59.48. 1,296,135 shares of the stock were exchanged, compared to its average volume of 1,062,595. The company has a market capitalization of $7.89 billion, a P/E ratio of 21.71 and a beta of 1.03. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.89. First Industrial Realty Trust has a 52 week low of $54.23 and a 52 week high of $69.88. The company’s 50 day moving average is $61.17 and its two-hundred day moving average is $62.36.

First Industrial Realty Trust Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Barclays increased their target price on shares of First Industrial Realty Trust from $64.00 to $69.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Wells Fargo & Company upped their price target on shares of First Industrial Realty Trust from $61.00 to $66.00 and gave the company an “equal weight” rating in a report on Tuesday, September 1st. Cantor Fitzgerald reiterated a “neutral” rating and set a $71.00 price target on shares of First Industrial Realty Trust in a report on Monday, July 27th. Weiss Ratings lowered shares of First Industrial Realty Trust from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, September 8th. Finally, Scotiabank increased their price objective on shares of First Industrial Realty Trust from $63.00 to $66.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, First Industrial Realty Trust has an average rating of “Moderate Buy” and a consensus 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.