First Industrial Realty Trust (NYSE:FR) Given New $62.00 Price Target at Truist Financial

First Industrial Realty Trust (NYSE:FR) had its price objective lowered by Truist Financial from $73.00 to $62.00 in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the real estate investment trust’s stock.

Other equities analysts have also issued research reports about the company. Weiss Ratings lowered First Industrial Realty Trust from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, September 8th. Cantor Fitzgerald lowered 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 note on Monday, October 26th. JPMorgan Chase & Co. lowered shares of First Industrial Realty Trust from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $74.00 to $60.00 in a research note on Friday, October 30th. The Goldman Sachs Group cut their target price on First Industrial Realty Trust from $72.00 to $62.00 and set a “neutral” rating on the stock in a research report on Friday, October 23rd. Finally, Barclays lifted their target price on shares of First Industrial Realty Trust from $64.00 to $69.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Seven research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $64.93.

First Industrial Realty Trust Stock Performance

Shares of First Industrial Realty Trust stock opened at $54.02 on Thursday. First Industrial Realty Trust has a one year low of $53.76 and a one year high of $69.88. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.06 and a current ratio of 1.06. The business’s 50 day moving average price is $59.32 and its 200 day moving average price is $61.25. The company has a market cap of $7.16 billion, a price-to-earnings ratio of 18.02 and a beta of 1.01.

First Industrial Realty Trust (NYSE:FR) last released its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.38). First Industrial Realty Trust had a net margin of 46.12% and a return on equity of 12.60%. The business had revenue of $197.12 million during the quarter, compared to analyst estimates of $196.41 million. During the same quarter in the prior year, the company posted $0.76 earnings per share. The company’s revenue was up 8.6% on a year-over-year basis. On average, research analysts predict that First Industrial Realty Trust will post 3.15 EPS for the current year.

First Industrial Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 19th. Shareholders of record on Thursday, December 31st will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $2.00 dividend on an annualized basis and a yield of 3.7%. First Industrial Realty Trust’s dividend payout ratio (DPR) is 74.35%.

Institutional Investors Weigh In On First Industrial Realty Trust

Several institutional investors and hedge funds have recently made changes to their positions in the business. Covestor Ltd boosted its stake in shares of First Industrial Realty Trust by 250.8% during the 3rd quarter. Covestor Ltd now owns 414 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 296 shares during the last quarter. Trust Co. of Vermont purchased a new position in shares of First Industrial Realty Trust in the 2nd quarter worth $39,000. Elevation Wealth Partners LLC lifted its stake in shares of First Industrial Realty Trust by 94.1% in the 3rd quarter. Elevation Wealth Partners LLC now owns 751 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 364 shares in the last quarter. Persistent Asset Partners Ltd acquired a new position in First Industrial Realty Trust during the second quarter valued at approximately $70,000. Finally, State of Wyoming purchased a new stake in First Industrial Realty Trust during the 2nd quarter worth $71,000. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

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.