First Industrial Realty Trust (NYSE:FR) Stock Gets Price Target Trim from Citigroup

First Industrial Realty Trust (NYSE:FR) had its target price cut by Citigroup from $72.00 to $60.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

A number of other equities analysts have also commented on the company. Robert W. Baird lifted their price objective on First Industrial Realty Trust from $71.00 to $74.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. UBS Group set a $71.00 target price on shares of First Industrial Realty Trust in a research report on Friday, October 23rd. Cantor Fitzgerald decreased their target price on shares of First Industrial Realty Trust from $71.00 to $58.00 and set a “neutral” rating for the company in a research report on Monday, October 26th. The Goldman Sachs Group lowered their price target on shares of First Industrial Realty Trust from $72.00 to $62.00 and set a “neutral” rating for the company in a report on Friday, October 23rd. Finally, Truist Financial boosted their price target on shares of First Industrial Realty Trust from $67.00 to $73.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Seven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $66.07.

First Industrial Realty Trust Price Performance

FR stock opened at $54.39 on Wednesday. The company has a market capitalization of $7.21 billion, a P/E ratio of 17.85 and a beta of 1.03. The company has a fifty day moving average price of $59.99 and a 200-day moving average price of $61.34. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.06 and a current ratio of 1.06. First Industrial Realty Trust has a 52-week low of $54.16 and a 52-week high of $69.88.

First Industrial Realty Trust (NYSE:FR) last issued its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.38). First Industrial Realty Trust had a return on equity of 12.60% and a net margin of 46.12%. The business had revenue of $197.12 million during the quarter, compared to the consensus estimate of $196.41 million. During the same period in the prior year, the firm earned $0.76 EPS. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities analysts expect that First Industrial Realty Trust will post 3.16 EPS for the current year.

First Industrial Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 19th. Investors of record on Wednesday, September 30th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.00 annualized dividend and a yield of 3.7%. First Industrial Realty Trust’s dividend payout ratio (DPR) is currently 74.35%.

Institutional Investors Weigh In On First Industrial Realty Trust

A number of hedge funds have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC increased its position in shares of First Industrial Realty Trust by 2.0% during the first quarter. Sequoia Financial Advisors LLC now owns 8,184 shares of the real estate investment trust’s stock worth $473,000 after acquiring an additional 163 shares in the last quarter. Fifth Third Wealth Advisors LLC boosted its stake in First Industrial Realty Trust by 4.3% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,463 shares of the real estate investment trust’s stock valued at $258,000 after purchasing an additional 183 shares during the last quarter. Arizona State Retirement System increased its holdings in First Industrial Realty Trust by 0.6% during the 2nd quarter. Arizona State Retirement System now owns 36,580 shares of the real estate investment trust’s stock worth $2,243,000 after purchasing an additional 207 shares in the last quarter. North Dakota State Investment Board increased its holdings in First Industrial Realty Trust by 6.1% during the 3rd quarter. North Dakota State Investment Board now owns 4,039 shares of the real estate investment trust’s stock worth $240,000 after purchasing an additional 233 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in First Industrial Realty Trust by 2.9% during the 3rd quarter. Versant Capital Management Inc now owns 8,525 shares of the real estate investment trust’s stock worth $508,000 after purchasing an additional 242 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors.

More First Industrial Realty Trust News

Here are the key news stories impacting First Industrial Realty Trust this week:

• Positive Sentiment: Royal Bank of Canada maintained its “outperform” rating while lowering its price target to $70 from $75. The revised target still implies substantial potential upside. RBC target reduction article
• Neutral Sentiment: Scotiabank reduced its price target to $61 from $66 and assigned a “sector perform” rating, signaling expectations broadly in line with the sector despite some implied upside. Scotiabank recommendations
• Neutral Sentiment: Citigroup lowered its target to $60 from $72 and kept a “neutral” rating. The sharp reduction reflects a more cautious outlook, even though the new target remains above recent trading levels. Citigroup recommendations
• Negative Sentiment: JPMorgan downgraded First Industrial Realty Trust from “overweight” to “neutral” and cut its price target to $60 from $74. This was the most notable negative revision and likely contributed to selling pressure. JPMorgan downgrade article
• Negative Sentiment: The latest quarterly results also remain a concern: earnings per share came in well below consensus, while revenue increased year over year. The earnings shortfall may be reinforcing analysts’ more conservative valuations.

First Industrial Realty Trust Company Profile

First Industrial Realty Trust, Inc (NYSE: FR) is a real estate investment trust focused on the ownership, management, acquisition, development and redevelopment of industrial properties in the United States. Its portfolio primarily serves businesses that require space for distribution, warehousing, manufacturing, light industrial operations and other logistics-related activities.

The company leases its properties to a diverse group of tenants, including retailers, manufacturers, logistics providers and third-party distribution companies.