First Industrial Realty Trust (NYSE:FR) Shares Gap Down After Earnings Miss

First Industrial Realty Trust, Inc. (NYSE:FR) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $46.85, but opened at $44.90. First Industrial Realty Trust shares last traded at $47.33, with a volume of 235,371 shares changing hands.

The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.02). First Industrial Realty Trust had a net margin of 42.94% and a return on equity of 10.64%. The company had revenue of $177.07 million during the quarter, compared to analyst estimates of $176.98 million.

First Industrial Realty Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, March 31st will be given a $0.445 dividend. This represents a $1.78 dividend on an annualized basis and a dividend yield of 3.78%. This is a boost from First Industrial Realty Trust’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, March 31st. First Industrial Realty Trust’s dividend payout ratio is 81.65%.

Wall Street Analyst Weigh In

Several research firms have recently commented on FR. Scotiabank reduced their price target on First Industrial Realty Trust from $58.00 to $50.00 and set a “sector perform” rating on the stock in a report on Monday, April 7th. Robert W. Baird upped their price target on First Industrial Realty Trust from $59.00 to $61.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Barclays restated a “cautious” rating on shares of First Industrial Realty Trust in a research note on Tuesday, March 25th. The Goldman Sachs Group upgraded First Industrial Realty Trust from a “sell” rating to a “neutral” rating and increased their price objective for the company from $52.00 to $59.00 in a report on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of First Industrial Realty Trust in a research note on Tuesday, January 14th. They set a “hold” rating and a $52.00 price target on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, First Industrial Realty Trust currently has a consensus rating of “Hold” and a consensus price target of $57.77.

Hedge Funds Weigh In On First Industrial Realty Trust

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in First Industrial Realty Trust by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 19,190,885 shares of the real estate investment trust’s stock valued at $962,039,000 after buying an additional 304,589 shares in the last quarter. Invesco Ltd. raised its stake in First Industrial Realty Trust by 80.2% in the 4th quarter. Invesco Ltd. now owns 4,276,906 shares of the real estate investment trust’s stock valued at $214,401,000 after purchasing an additional 1,903,164 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of First Industrial Realty Trust by 28.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,354,728 shares of the real estate investment trust’s stock worth $187,798,000 after purchasing an additional 747,101 shares during the last quarter. Geode Capital Management LLC raised its position in shares of First Industrial Realty Trust by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 2,482,693 shares of the real estate investment trust’s stock valued at $124,492,000 after buying an additional 14,298 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in First Industrial Realty Trust by 5.7% in the 4th quarter. Alliancebernstein L.P. now owns 2,432,120 shares of the real estate investment trust’s stock valued at $121,922,000 after acquiring an additional 130,819 shares during the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

First Industrial Realty Trust Stock Performance

The stock has a 50-day moving average price of $53.26 and a 200 day moving average price of $52.88. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.21 and a quick ratio of 1.11. The firm has a market cap of $6.23 billion, a PE ratio of 21.64 and a beta of 1.07.

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.