Scotiabank Forecasts Strong Price Appreciation for First Industrial Realty Trust (NYSE:FR) Stock

First Industrial Realty Trust (NYSE:FR) had its price objective boosted by Scotiabank from $50.00 to $51.00 in a report published on Monday morning,Benzinga reports. The firm currently has a sector perform rating on the real estate investment trust’s stock.

Other research analysts have also issued reports about the company. Royal Bank of Canada lowered their price objective on First Industrial Realty Trust from $62.00 to $58.00 and set an “outperform” rating for the company in a research report on Tuesday, April 29th. Robert W. Baird lowered their price objective on First Industrial Realty Trust from $61.00 to $59.00 and set an “outperform” rating for the company in a research report on Tuesday, May 6th. JPMorgan Chase & Co. lowered their price objective on First Industrial Realty Trust from $63.00 to $57.00 and set an “overweight” rating for the company in a research report on Monday, April 28th. The Goldman Sachs Group lowered their price objective on First Industrial Realty Trust from $59.00 to $51.00 and set a “neutral” rating for the company in a research report on Tuesday, April 22nd. Finally, Barclays lowered their price objective on First Industrial Realty Trust from $56.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 30th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, First Industrial Realty Trust has an average rating of “Moderate Buy” and a consensus price target of $56.58.

First Industrial Realty Trust Price Performance

FR stock opened at $50.36 on Monday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.21 and a quick ratio of 1.11. The business has a 50 day simple moving average of $50.20 and a 200-day simple moving average of $52.01. The firm has a market capitalization of $6.67 billion, a PE ratio of 23.10 and a beta of 1.08. First Industrial Realty Trust has a 1 year low of $40.31 and a 1 year high of $58.17.

First Industrial Realty Trust (NYSE:FR) last posted its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $0.68 earnings per share (EPS) 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 analysts’ expectations of $176.98 million. First Industrial Realty Trust had a net margin of 42.94% and a return on equity of 10.64%. Equities research analysts anticipate that First Industrial Realty Trust will post 2.89 earnings per share for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, June 30th will be paid a dividend of $0.445 per share. This represents a $1.78 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date is Monday, June 30th. First Industrial Realty Trust’s dividend payout ratio (DPR) is 88.12%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FR. Franklin Resources Inc. raised its stake in shares of First Industrial Realty Trust by 42.9% in the third quarter. Franklin Resources Inc. now owns 193,532 shares of the real estate investment trust’s stock valued at $10,546,000 after acquiring an additional 58,088 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of First Industrial Realty Trust in the fourth quarter valued at $1,463,000. Barclays PLC raised its stake in shares of First Industrial Realty Trust by 109.7% in the fourth quarter. Barclays PLC now owns 274,968 shares of the real estate investment trust’s stock valued at $13,783,000 after acquiring an additional 143,857 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in shares of First Industrial Realty Trust by 13.3% in the fourth quarter. Exchange Traded Concepts LLC now owns 2,827 shares of the real estate investment trust’s stock valued at $142,000 after acquiring an additional 331 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of First Industrial Realty Trust by 6.2% in the fourth quarter. Victory Capital Management Inc. now owns 698,710 shares of the real estate investment trust’s stock valued at $35,026,000 after acquiring an additional 40,734 shares in the last quarter. 99.85% of the stock is currently 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.