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

First Industrial Realty Trust, Inc. (NYSE:FR) declared a quarterly dividend on Wednesday, October 30th, Zacks reports. Stockholders of record on Tuesday, December 31st will be given a dividend of 0.37 per share by the real estate investment trust on Tuesday, January 21st. This represents a $1.48 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Tuesday, December 31st.

First Industrial Realty Trust has increased its dividend by an average of 8.6% annually over the last three years and has raised its dividend every year for the last 11 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 $2.87 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 51.6%.

First Industrial Realty Trust Trading Up 1.0 %

NYSE:FR traded up $0.50 during mid-day trading on Friday, hitting $52.99. The company had a trading volume of 28,766 shares, compared to its average volume of 1,099,543. The firm has a market cap of $7.01 billion, a P/E ratio of 22.52 and a beta of 1.08. First Industrial Realty Trust has a fifty-two week low of $42.38 and a fifty-two week high of $57.35. The business’s fifty day moving average is $55.39 and its two-hundred day moving average is $51.36. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.11 and a current ratio of 1.11.

First Industrial Realty Trust (NYSE:FR) last announced its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.08. The company had revenue of $167.60 million for the quarter, compared to analysts’ expectations of $164.01 million. First Industrial Realty Trust had a net margin of 47.34% and a return on equity of 11.53%. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same period last year, the firm posted $0.62 earnings per share. As a group, research analysts expect that First Industrial Realty Trust will post 2.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FR shares. Scotiabank lifted their price objective on shares of First Industrial Realty Trust from $55.00 to $58.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Truist Financial increased their price target on First Industrial Realty Trust from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Barclays lifted their price objective on shares of 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. JPMorgan Chase & Co. increased their price objective on shares of First Industrial Realty Trust from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Finally, Royal Bank of Canada lifted their target price on shares of First Industrial Realty Trust from $57.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, First Industrial Realty Trust presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.92.

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.