What is Wedbush’s Forecast for FR FY2024 Earnings?

First Industrial Realty Trust, Inc. (NYSE:FR) – Research analysts at Wedbush upped their FY2024 earnings per share estimates for shares of First Industrial Realty Trust in a research note issued on Friday, October 18th. Wedbush analyst R. Anderson now forecasts that the real estate investment trust will earn $2.65 per share for the year, up from their previous estimate of $2.63. The consensus estimate for First Industrial Realty Trust’s current full-year earnings is $2.62 per share. Wedbush also issued estimates for First Industrial Realty Trust’s Q4 2024 earnings at $0.70 EPS and FY2025 earnings at $2.93 EPS.

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 firm had revenue of $167.60 million for the quarter, compared to the consensus estimate of $164.01 million. First Industrial Realty Trust had a return on equity of 10.72% and a net margin of 44.46%. The business’s revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.62 earnings per share.

FR has been the subject of several other research reports. Barclays lifted their target price on shares of First Industrial Realty Trust from $52.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Wells Fargo & Company increased their target price on First Industrial Realty Trust from $50.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 28th. Royal Bank of Canada boosted their price target on First Industrial Realty Trust from $57.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. Truist Financial increased their price objective on First Industrial Realty Trust from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Finally, Mizuho boosted their target price on shares of First Industrial Realty Trust from $58.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, First Industrial Realty Trust currently has a consensus rating of “Moderate Buy” and an average price target of $57.92.

First Industrial Realty Trust Price Performance

NYSE:FR opened at $54.53 on Monday. The company has a market cap of $7.22 billion, a P/E ratio of 25.13 and a beta of 1.08. The firm’s fifty day moving average price is $55.48 and its two-hundred day moving average price is $51.25. First Industrial Realty Trust has a one year low of $40.44 and a one year high of $57.35. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.16 and a quick ratio of 1.16.

Hedge Funds Weigh In On First Industrial Realty Trust

Hedge funds and other institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC boosted its stake in shares of First Industrial Realty Trust by 2,886.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 18,843 shares of the real estate investment trust’s stock valued at $1,055,000 after purchasing an additional 18,212 shares in the last quarter. Blue Trust Inc. boosted its position in First Industrial Realty Trust by 201.9% in the third quarter. Blue Trust Inc. now owns 951 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 636 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in shares of First Industrial Realty Trust during the third quarter worth $28,000. Howard Capital Management Group LLC acquired a new position in shares of First Industrial Realty Trust during the third quarter worth $206,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of First Industrial Realty Trust by 7.6% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 24,659 shares of the real estate investment trust’s stock valued at $1,380,000 after acquiring an additional 1,751 shares during the last quarter. Institutional investors own 99.85% of the company’s stock.

First Industrial Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 21st. Shareholders of record on Monday, September 30th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend was Monday, September 30th. First Industrial Realty Trust’s payout ratio is presently 68.20%.

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.