First Industrial Realty Trust (NYSE:FR) Announces Earnings Results, Misses Estimates By $0.07 EPS

First Industrial Realty Trust (NYSE:FR) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.07), MarketWatch Earnings reports. The business had revenue of $117.40 million during the quarter, compared to the consensus estimate of $115.71 million. First Industrial Realty Trust had a return on equity of 11.43% and a net margin of 47.92%. The business’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the firm earned $0.46 EPS.

Shares of FR traded down $1.42 during trading hours on Thursday, reaching $53.44. 17,206 shares of the company traded hands, compared to its average volume of 1,090,970. The company has a market capitalization of $6.90 billion, a PE ratio of 32.46 and a beta of 0.87. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.80. First Industrial Realty Trust has a 12-month low of $38.85 and a 12-month high of $55.41. The stock has a fifty day simple moving average of $52.38.

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 19th. Stockholders of record on Wednesday, June 30th were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date was Tuesday, June 29th. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 58.70%.

A number of brokerages recently commented on FR. Scotiabank raised shares of First Industrial Realty Trust from a “sector underperform” rating to a “sector perform” rating and boosted their price objective for the stock from $41.00 to $52.00 in a research note on Tuesday, May 25th. Mizuho reissued a “buy” rating and issued a $54.00 price objective on shares of First Industrial Realty Trust in a research note on Wednesday, July 14th. Wolfe Research initiated coverage on First Industrial Realty Trust in a research report on Monday, June 14th. They set a “peer perform” rating and a $54.00 price target on the stock. The Goldman Sachs Group raised First Industrial Realty Trust from a “sell” rating to a “neutral” rating and upped their price target for the stock from $44.00 to $46.00 in a research report on Thursday, March 25th. Finally, Royal Bank of Canada upped their price target on First Industrial Realty Trust from $51.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 1st. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. First Industrial Realty Trust presently has an average rating of “Buy” and an average target price of $49.06.

In other news, CFO Scott A. Musil sold 10,800 shares of the business’s stock in a transaction on Monday, April 26th. The shares were sold at an average price of $49.24, for a total transaction of $531,792.00. Following the sale, the chief financial officer now directly owns 92,528 shares of the company’s stock, valued at $4,556,078.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Schultz sold 15,000 shares of the company’s stock in a transaction on Friday, April 30th. The shares were sold at an average price of $49.82, for a total transaction of $747,300.00. Following the completion of the sale, the executive vice president now directly owns 96,424 shares in the company, valued at $4,803,843.68. The disclosure for this sale can be found here. Insiders have sold 40,800 shares of company stock worth $2,017,992 over the last three months. Corporate insiders own 1.29% of the company’s stock.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types.

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Earnings History for First Industrial Realty Trust (NYSE:FR)

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