Synovus Financial Corp Trims Stock Position in First Industrial Realty Trust, Inc. (NYSE:FR)

Synovus Financial Corp decreased its holdings in First Industrial Realty Trust, Inc. (NYSE:FR) by 48.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 14,518 shares of the real estate investment trust’s stock after selling 13,856 shares during the quarter. Synovus Financial Corp’s holdings in First Industrial Realty Trust were worth $728,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FR. Sterling Capital Management LLC grew its position in shares of First Industrial Realty Trust by 1.1% during the 4th quarter. Sterling Capital Management LLC now owns 147,489 shares of the real estate investment trust’s stock valued at $7,394,000 after acquiring an additional 1,599 shares during the period. Covestor Ltd increased its position in First Industrial Realty Trust by 33.8% in the fourth quarter. Covestor Ltd now owns 1,985 shares of the real estate investment trust’s stock worth $100,000 after buying an additional 501 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in shares of First Industrial Realty Trust by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 58,061 shares of the real estate investment trust’s stock worth $2,911,000 after buying an additional 360 shares during the period. Raymond James Financial Inc. bought a new position in shares of First Industrial Realty Trust during the 4th quarter valued at approximately $6,455,000. Finally, Bernard Wealth Management Corp. purchased a new stake in First Industrial Realty Trust in the 4th quarter worth approximately $275,000. 99.85% of the stock is owned by hedge funds and other institutional investors.

First Industrial Realty Trust Stock Up 0.6 %

NYSE:FR opened at $46.90 on Thursday. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 21.51 and a beta of 1.07. First Industrial Realty Trust, Inc. has a twelve month low of $40.31 and a twelve month high of $58.17. The company has a current ratio of 1.21, a quick ratio of 1.11 and a debt-to-equity ratio of 0.80. The stock has a fifty day simple moving average of $53.26 and a 200-day simple moving average of $52.88.

First Industrial Realty Trust (NYSE:FR) last released its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.71 EPS for the quarter, topping the consensus estimate of $0.35 by $0.36. First Industrial Realty Trust had a return on equity of 10.64% and a net margin of 42.94%. Analysts anticipate that First Industrial Realty Trust, Inc. will post 2.89 EPS for the current year.

First Industrial Realty Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, March 31st will be issued a $0.445 dividend. The ex-dividend date of this dividend is Monday, March 31st. This is an increase from First Industrial Realty Trust’s previous quarterly dividend of $0.37. This represents a $1.78 dividend on an annualized basis and a yield of 3.80%. First Industrial Realty Trust’s payout ratio is currently 81.65%.

Analyst Ratings Changes

FR has been the topic of several recent analyst reports. The Goldman Sachs Group upgraded shares of First Industrial Realty Trust from a “sell” rating to a “neutral” rating and raised their price objective for the company from $52.00 to $59.00 in a research report on Friday, February 21st. Scotiabank decreased their target price on First Industrial Realty Trust from $58.00 to $50.00 and set a “sector perform” rating on the stock in a research note on Monday, April 7th. Barclays reaffirmed a “cautious” rating on shares of First Industrial Realty Trust in a report on Tuesday, March 25th. Deutsche Bank Aktiengesellschaft began coverage on shares of First Industrial Realty Trust in a research report on Tuesday, January 14th. They set a “hold” rating and a $52.00 target price for the company. Finally, Robert W. Baird increased their price objective on shares of First Industrial Realty Trust from $59.00 to $61.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $57.77.

First Industrial Realty Trust 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.