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

First Industrial Realty Trust, Inc. (NYSE:FR - Get Free Report) declared a quarterly dividend on Wednesday, October 30th, Zacks reports. Shareholders of record on Tuesday, December 31st will be given a dividend of 0.37 per share by the real estate investment trust on Tuesday, January 21st. This represents a $1.48 annualized dividend and a dividend yield of 2.81%. The ex-dividend date of this dividend is Tuesday, December 31st.

First Industrial Realty Trust has raised its dividend 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 payout ratio of 89.7% indicating that its dividend is currently covered by earnings, but may not be in the future if the company's earnings fall. Equities analysts expect First Industrial Realty Trust to earn $2.87 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 51.6%.

First Industrial Realty Trust Stock Performance

Shares of First Industrial Realty Trust stock traded up $0.23 during mid-day trading on Friday, hitting $52.72. 695,617 shares of the stock were exchanged, compared to its average volume of 1,102,688. First Industrial Realty Trust has a 12 month low of $42.38 and a 12 month high of $57.35. The company has a 50-day simple moving average of $55.39 and a 200 day simple moving average of $51.36. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $6.98 billion, a P/E ratio of 22.52 and a beta of 1.08.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last posted its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.75 EPS for the quarter, topping the consensus estimate of $0.67 by $0.08. First Industrial Realty Trust had a net margin of 47.34% and a return on equity of 11.53%. The firm had revenue of $167.60 million for the quarter, compared to analysts' expectations of $164.01 million. During the same quarter last year, the firm earned $0.62 EPS. The company's quarterly revenue was up 8.1% compared to the same quarter last year. Sell-side analysts anticipate that First Industrial Realty Trust will post 2.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FR. Wells Fargo & Company raised their price target on shares of 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. JPMorgan Chase & Co. raised their price target on shares of First Industrial Realty Trust from $53.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 31st. The Goldman Sachs Group lifted their price objective on shares of First Industrial Realty Trust from $46.00 to $52.00 and gave the company a "sell" rating in a research note on Friday, July 26th. Truist Financial lifted their price objective on shares of First Industrial Realty Trust from $54.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, August 5th. Finally, Scotiabank lifted their price objective on shares of First Industrial Realty Trust from $55.00 to $58.00 and gave the company a "sector perform" rating in a research note on Monday, August 26th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $57.92.

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.