First Industrial Realty Trust (NYSE:FR) Shares Gap Down After Earnings Miss

Shares of First Industrial Realty Trust, Inc. (NYSE:FR - Get Free Report) gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. 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 trading hands.

The real estate investment trust reported $0.68 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $177.07 million for the quarter, compared to analyst estimates of $176.98 million.

First Industrial Realty Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, March 31st were issued a dividend of $0.445 per share. This is an increase from First Industrial Realty Trust's previous quarterly dividend of $0.37. The ex-dividend date of this dividend was Monday, March 31st. This represents a $1.78 annualized dividend and a dividend yield of 3.86%. First Industrial Realty Trust's payout ratio is presently 88.12%.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Barclays reaffirmed a "cautious" rating on shares of First Industrial Realty Trust in a report on Tuesday, March 25th. Scotiabank dropped their price objective on shares of First Industrial Realty Trust from $58.00 to $50.00 and set a "sector perform" rating for the company in a research note on Monday, April 7th. Robert W. Baird lifted their target price on shares of First Industrial Realty Trust from $59.00 to $61.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of First Industrial Realty Trust in a research note on Tuesday, January 14th. They set a "hold" rating and a $52.00 price target for the company. Finally, The Goldman Sachs Group dropped their price objective on shares of First Industrial Realty Trust from $59.00 to $51.00 and set a "neutral" rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $57.15.

Institutional Trading of First Industrial Realty Trust

A number of hedge funds have recently modified their holdings of FR. Versant Capital Management Inc lifted its holdings in First Industrial Realty Trust by 92.5% during the fourth quarter. Versant Capital Management Inc now owns 1,001 shares of the real estate investment trust's stock worth $50,000 after acquiring an additional 481 shares in the last quarter. UMB Bank n.a. increased its stake in First Industrial Realty Trust by 24.7% in the 4th quarter. UMB Bank n.a. now owns 1,081 shares of the real estate investment trust's stock valued at $54,000 after buying an additional 214 shares during the last quarter. Venturi Wealth Management LLC lifted its position in First Industrial Realty Trust by 200.8% during the 4th quarter. Venturi Wealth Management LLC now owns 1,119 shares of the real estate investment trust's stock worth $56,000 after buying an additional 747 shares in the last quarter. Parallel Advisors LLC boosted its stake 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 buying an additional 821 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings 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 acquiring an additional 292 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

First Industrial Realty Trust Trading Up 1.4 %

The firm has a market cap of $6.10 billion, a price-to-earnings ratio of 21.15 and a beta of 1.07. The business has a 50-day moving average of $52.74 and a 200-day moving average of $52.68. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.21 and a quick ratio of 1.11.

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.