First Industrial Realty Trust (NYSE:FR) Shares Gap Down Following Weak Earnings

Shares of First Industrial Realty Trust, Inc. (NYSE:FR) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $46.85, but opened at $44.90. First Industrial Realty Trust shares last traded at $47.33, with a volume of 235,371 shares.

The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.02). First Industrial Realty Trust had a return on equity of 10.64% and a net margin of 42.94%. The firm had revenue of $177.07 million during the quarter, compared to analyst estimates of $176.98 million.

First Industrial Realty Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Investors of record on Monday, March 31st will be given a dividend of $0.445 per share. The ex-dividend date of this dividend is Monday, March 31st. This is an increase from First Industrial Realty Trust’s previous quarterly dividend of $0.37. This represents a $1.78 annualized dividend and a yield of 3.74%. First Industrial Realty Trust’s dividend payout ratio (DPR) is currently 81.65%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on FR shares. Barclays restated a “cautious” rating on shares of First Industrial Realty Trust in a research report on Tuesday, March 25th. Robert W. Baird raised their target price on First Industrial Realty Trust from $59.00 to $61.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 19th. Scotiabank reduced their price target on First Industrial Realty Trust from $58.00 to $50.00 and set a “sector perform” rating on the stock in a research report on Monday, April 7th. The Goldman Sachs Group raised First Industrial Realty Trust from a “sell” rating to a “neutral” rating and increased their price target for the company from $52.00 to $59.00 in a research note on Friday, February 21st. Finally, Deutsche Bank Aktiengesellschaft started coverage on First Industrial Realty Trust in a research note on Tuesday, January 14th. They issued a “hold” rating and a $52.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $57.77.

Institutional Trading of First Industrial Realty Trust

Several large investors have recently modified their holdings of the stock. Versant Capital Management Inc lifted its position in shares of First Industrial Realty Trust by 92.5% during the 4th quarter. Versant Capital Management Inc now owns 1,001 shares of the real estate investment trust’s stock valued at $50,000 after acquiring an additional 481 shares during the period. UMB Bank n.a. raised its holdings in shares of First Industrial Realty Trust by 24.7% during the fourth quarter. UMB Bank n.a. now owns 1,081 shares of the real estate investment trust’s stock valued at $54,000 after purchasing an additional 214 shares during the period. Venturi Wealth Management LLC raised its holdings in shares of First Industrial Realty Trust by 200.8% during the fourth quarter. Venturi Wealth Management LLC now owns 1,119 shares of the real estate investment trust’s stock valued at $56,000 after purchasing an additional 747 shares during the period. Parallel Advisors LLC boosted its position in shares of First Industrial Realty Trust by 285.1% during the 1st quarter. Parallel Advisors LLC now owns 1,109 shares of the real estate investment trust’s stock worth $60,000 after purchasing an additional 821 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of First Industrial Realty Trust by 30.7% in the 4th quarter. Blue Trust Inc. now owns 1,243 shares of the real estate investment trust’s stock valued at $62,000 after buying an additional 292 shares during the period. Institutional investors and hedge funds own 99.85% of the company’s stock.

First Industrial Realty Trust Price Performance

The company has a current ratio of 1.21, a quick ratio of 1.11 and a debt-to-equity ratio of 0.80. The business has a 50-day moving average of $52.94 and a 200 day moving average of $52.77. The firm has a market capitalization of $6.29 billion, a P/E ratio of 21.80 and a beta of 1.07.

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.