First Industrial Realty Trust (NYSE:FR) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

First Industrial Realty Trust (NYSE:FRGet Rating) announced its quarterly earnings data on Wednesday. The real estate investment trust reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01, MarketWatch Earnings reports. First Industrial Realty Trust had a net margin of 56.90% and a return on equity of 13.05%. The company had revenue of $125.50 million during the quarter, compared to analyst estimates of $123.45 million. During the same period in the previous year, the business earned $0.46 EPS. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. First Industrial Realty Trust updated its FY 2022 guidance to $2.100-$2.200 EPS and its FY22 guidance to $2.10-$2.20 EPS.

NYSE FR traded down $0.15 during mid-day trading on Thursday, hitting $65.17. The company’s stock had a trading volume of 2,048 shares, compared to its average volume of 908,928. The firm has a market capitalization of $8.59 billion, a P/E ratio of 31.40 and a beta of 0.94. The stock’s fifty day simple moving average is $59.91 and its two-hundred day simple moving average is $60.38. First Industrial Realty Trust has a 52-week low of $47.92 and a 52-week high of $66.74. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.85 and a quick ratio of 0.85.

The firm also recently declared a quarterly dividend, which was paid on Monday, April 18th. Investors of record on Thursday, March 31st were issued a $0.295 dividend. This is a positive change from First Industrial Realty Trust’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend was Wednesday, March 30th. This represents a $1.18 annualized dividend and a yield of 1.81%. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 56.73%.

A number of equities analysts have recently issued reports on FR shares. StockNews.com began coverage on shares of First Industrial Realty Trust in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Mizuho cut shares of First Industrial Realty Trust from a “buy” rating to a “neutral” rating and raised their price target for the stock from $54.00 to $64.00 in a report on Thursday, January 13th. Finally, Zacks Investment Research upgraded shares of First Industrial Realty Trust from a “hold” rating to a “buy” rating and set a $69.00 price objective on the stock in a research note on Tuesday, January 11th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $53.73.

Hedge funds have recently bought and sold shares of the business. JustInvest LLC grew its stake in First Industrial Realty Trust by 25.0% during the 4th quarter. JustInvest LLC now owns 8,734 shares of the real estate investment trust’s stock valued at $578,000 after acquiring an additional 1,745 shares in the last quarter. Vident Investment Advisory LLC lifted its holdings in shares of First Industrial Realty Trust by 2.6% during the fourth quarter. Vident Investment Advisory LLC now owns 19,406 shares of the real estate investment trust’s stock worth $1,286,000 after buying an additional 484 shares during the last quarter. Walleye Trading LLC bought a new stake in shares of First Industrial Realty Trust during the fourth quarter valued at approximately $589,000. Comerica Bank increased its position in shares of First Industrial Realty Trust by 4.0% during the fourth quarter. Comerica Bank now owns 61,201 shares of the real estate investment trust’s stock valued at $3,660,000 after purchasing an additional 2,330 shares during the period. Finally, Allianz Asset Management GmbH grew its position in First Industrial Realty Trust by 54.4% in the fourth quarter. Allianz Asset Management GmbH now owns 676,743 shares of the real estate investment trust’s stock valued at $44,800,000 after acquiring an additional 238,564 shares during the period. Institutional investors own 94.03% of the company’s stock.

About First Industrial Realty Trust (Get Rating)

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.

Further Reading

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

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