Intech Investment Management LLC Cuts Stake in First Industrial Realty Trust, Inc. (NYSE:FR)

Intech Investment Management LLC cut its holdings in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 39.4% during the 3rd quarter, HoldingsChannel reports. The fund owned 24,515 shares of the real estate investment trust’s stock after selling 15,930 shares during the quarter. Intech Investment Management LLC’s holdings in First Industrial Realty Trust were worth $1,372,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FR. Victory Capital Management Inc. raised its position in First Industrial Realty Trust by 7.3% in the 2nd quarter. Victory Capital Management Inc. now owns 2,177,761 shares of the real estate investment trust’s stock worth $103,465,000 after purchasing an additional 148,996 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of First Industrial Realty Trust by 6.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,023,449 shares of the real estate investment trust’s stock valued at $96,133,000 after acquiring an additional 118,239 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in First Industrial Realty Trust by 0.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,315 shares of the real estate investment trust’s stock valued at $62,776,000 after acquiring an additional 11,522 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in First Industrial Realty Trust by 2.1% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,297,240 shares of the real estate investment trust’s stock worth $61,632,000 after acquiring an additional 26,353 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in First Industrial Realty Trust by 0.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 973,441 shares of the real estate investment trust’s stock worth $46,248,000 after purchasing an additional 8,062 shares during the period. 99.85% of the stock is currently owned by institutional investors.

First Industrial Realty Trust Stock Down 1.1 %

NYSE:FR opened at $53.85 on Wednesday. First Industrial Realty Trust, Inc. has a 1-year low of $45.02 and a 1-year high of $57.35. The company has a market capitalization of $7.13 billion, a PE ratio of 23.11 and a beta of 1.08. The firm’s 50-day moving average price is $54.26 and its 200-day moving average price is $52.15. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.11 and a quick ratio of 1.11.

First Industrial Realty Trust (NYSE:FR) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $167.60 million during the quarter, compared to the consensus estimate of $164.01 million. During the same quarter last year, the firm earned $0.62 earnings per share. The business’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, equities analysts predict that First Industrial Realty Trust, Inc. will post 2.63 EPS for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 21st. Shareholders of record on Tuesday, December 31st will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 2.75%. The ex-dividend date is Tuesday, December 31st. First Industrial Realty Trust’s dividend payout ratio (DPR) is 63.52%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FR. Royal Bank of Canada lifted their target price on shares of First Industrial Realty Trust from $57.00 to $60.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 30th. Truist Financial upped 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. Wolfe Research raised First Industrial Realty Trust from a “peer perform” rating to an “outperform” rating and set a $64.00 target price on the stock in a research note on Tuesday, August 13th. Scotiabank upped their price target on First Industrial Realty Trust from $55.00 to $58.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Finally, Mizuho increased their price objective on First Industrial Realty Trust from $58.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.83.

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.