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

First Industrial Realty Trust, Inc. (NYSE:FR) declared a quarterly dividend on Thursday, August 1st, Wall Street Journal reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.37 per share by the real estate investment trust on Monday, October 21st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date of this dividend is Monday, September 30th.

First Industrial Realty Trust has increased its dividend payment by an average of 8.6% annually over the last three years and has increased its dividend annually for the last 11 consecutive years. First Industrial Realty Trust has a dividend payout ratio of 91.4% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect First Industrial Realty Trust to earn $2.89 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 51.2%.

First Industrial Realty Trust Stock Down 2.2 %

Shares of FR opened at $53.79 on Friday. The firm has a market cap of $7.12 billion, a PE ratio of 24.79 and a beta of 1.07. The company’s fifty day moving average is $49.17 and its two-hundred day moving average is $50.35. First Industrial Realty Trust has a fifty-two week low of $40.44 and a fifty-two week high of $55.92. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.83.

First Industrial Realty Trust (NYSE:FR) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.25). The business had revenue of $164.10 million for the quarter, compared to analyst estimates of $163.48 million. First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. The business’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.61 EPS. Analysts forecast that First Industrial Realty Trust will post 2.61 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group lifted their target price on shares of First Industrial Realty Trust from $46.00 to $52.00 and gave the company a “sell” rating in a report on Friday, July 26th. BNP Paribas assumed coverage on shares of First Industrial Realty Trust in a report on Tuesday, June 4th. They set an “outperform” rating and a $57.00 target price on the stock. Scotiabank reduced their target price on shares of First Industrial Realty Trust from $55.00 to $50.00 and set a “sector perform” rating on the stock in a report on Thursday, May 16th. Robert W. Baird dropped their price target on shares of First Industrial Realty Trust from $62.00 to $56.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Finally, Wedbush downgraded shares of First Industrial Realty Trust from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $59.00 to $49.00 in a research note on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $54.18.

First Industrial Realty Trust Company Profile

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.