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

First Industrial Realty Trust, Inc. (NYSE:FR - Get Free Report) announced a quarterly dividend on Wednesday, May 1st, Wall Street Journal reports. Shareholders of record on Friday, June 28th will be paid a dividend of 0.37 per share by the real estate investment trust on Monday, July 15th. This represents a $1.48 annualized dividend and a yield of 3.22%. The ex-dividend date is Friday, June 28th.

First Industrial Realty Trust has raised its dividend by an average of 8.6% annually over the last three years and has raised its dividend every year for the last 11 years. First Industrial Realty Trust has a dividend payout ratio of 90.8% indicating that its dividend is currently covered by earnings, but may not be in the future if the company's earnings fall. Equities research analysts expect First Industrial Realty Trust to earn $2.88 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 51.4%.

First Industrial Realty Trust Trading Up 1.3 %

NYSE FR traded up $0.60 during trading hours on Wednesday, hitting $46.02. 777,129 shares of the company were exchanged, compared to its average volume of 1,172,403. The stock has a 50-day moving average price of $51.02 and a 200 day moving average price of $49.89. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.83. First Industrial Realty Trust has a 52 week low of $40.44 and a 52 week high of $55.22. The stock has a market cap of $6.09 billion, a PE ratio of 21.21 and a beta of 1.01.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FR shares. Truist Financial boosted their price objective on First Industrial Realty Trust from $57.00 to $59.00 and gave the stock a "buy" rating in a research note on Tuesday, February 20th. Robert W. Baird cut their target price on First Industrial Realty Trust from $62.00 to $56.00 and set an "outperform" rating on the stock in a research note on Wednesday. Wedbush cut First Industrial Realty Trust from an "outperform" rating to a "neutral" rating and cut their target price for the company from $59.00 to $49.00 in a research note on Thursday, April 25th. Barclays reaffirmed an "equal weight" rating and set a $53.00 target price (down previously from $63.00) on shares of First Industrial Realty Trust in a research note on Wednesday, March 27th. Finally, The Goldman Sachs Group upped their target price on First Industrial Realty Trust from $41.00 to $47.00 and gave the company a "sell" rating in a research note on Thursday, January 11th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, First Industrial Realty Trust presently has a consensus rating of "Hold" and an average target price of $53.40.

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.