First Industrial Realty Trust (NYSE:FR) Given New $58.00 Price Target at Royal Bank of Canada

First Industrial Realty Trust (NYSE:FR) had its price objective decreased by Royal Bank of Canada from $62.00 to $58.00 in a report issued on Tuesday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the real estate investment trust’s stock.

FR has been the topic of several other reports. JPMorgan Chase & Co. lowered their price target on First Industrial Realty Trust from $63.00 to $57.00 and set an “overweight” rating on the stock in a research report on Monday. Barclays reaffirmed a “cautious” rating on shares of First Industrial Realty Trust in a research report on Tuesday, March 25th. Deutsche Bank Aktiengesellschaft began coverage on First Industrial Realty Trust in a research report on Tuesday, January 14th. They issued a “hold” rating and a $52.00 price objective for the company. Robert W. Baird boosted their target price on shares of 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. Finally, Scotiabank reduced their price target on shares of First Industrial Realty Trust from $58.00 to $50.00 and set a “sector perform” rating for the company in a report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $57.42.

First Industrial Realty Trust Stock Performance

FR stock opened at $47.59 on Tuesday. First Industrial Realty Trust has a 12 month low of $40.31 and a 12 month high of $58.17. The firm has a 50 day moving average of $51.73 and a two-hundred day moving average of $52.40. The company has a quick ratio of 1.11, a current ratio of 1.21 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $6.30 billion, a price-to-earnings ratio of 21.83 and a beta of 1.07.

First Industrial Realty Trust (NYSE:FR) last issued its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.02). The company had revenue of $177.07 million during the quarter, compared to the consensus estimate of $176.98 million. First Industrial Realty Trust had a net margin of 42.94% and a return on equity of 10.64%. As a group, equities analysts anticipate that First Industrial Realty Trust will post 2.89 EPS for the current fiscal year.

First Industrial Realty Trust Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, March 31st were paid a dividend of $0.445 per share. This is a boost 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 dividend on an annualized basis and a yield of 3.74%. First Industrial Realty Trust’s dividend payout ratio (DPR) is currently 88.12%.

Hedge Funds Weigh In On First Industrial Realty Trust

A number of hedge funds have recently modified their holdings of FR. Envestnet Asset Management Inc. grew its position in First Industrial Realty Trust by 9.3% in the first quarter. Envestnet Asset Management Inc. now owns 263,247 shares of the real estate investment trust’s stock valued at $14,205,000 after acquiring an additional 22,499 shares during the period. Aaron Wealth Advisors LLC bought a new stake in shares of First Industrial Realty Trust in the 1st quarter worth about $214,000. Summit Trail Advisors LLC increased its position in shares of First Industrial Realty Trust by 155.1% during the 1st quarter. Summit Trail Advisors LLC now owns 10,718 shares of the real estate investment trust’s stock worth $583,000 after purchasing an additional 6,516 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in First Industrial Realty Trust by 4.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 27,136 shares of the real estate investment trust’s stock valued at $1,464,000 after purchasing an additional 1,237 shares during the last quarter. Finally, Money Concepts Capital Corp boosted its position in First Industrial Realty Trust by 8.5% in the first quarter. Money Concepts Capital Corp now owns 15,488 shares of the real estate investment trust’s stock valued at $836,000 after buying an additional 1,215 shares in the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

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.