Zacks Investment Research Upgrades First Industrial Realty Trust Inc. (FR) to Buy
First Industrial Realty Trust Inc. (NYSE:FR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $30.00 price target on the real estate investment trust’s stock. Zacks Investment Research’s price target would suggest a potential upside of 15.25% from the company’s current price.
According to Zacks, “FIRST INDUSTRIAL REALTY TRUST is a self-administered and fully integrated industrial real estate company which owns, mamages, acquires and develops industrial real estste. “
Separately, Jefferies Group reiterated a “hold” rating on shares of First Industrial Realty Trust in a research note on Thursday, August 18th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. First Industrial Realty Trust currently has an average rating of “Buy” and a consensus target price of $26.00.
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Shares of First Industrial Realty Trust (NYSE:FR) traded down 0.50% during trading on Wednesday, reaching $26.03. 1,010,026 shares of the company traded hands. First Industrial Realty Trust has a 12-month low of $18.89 and a 12-month high of $29.75. The stock has a market capitalization of $3.04 billion, a PE ratio of 23.86 and a beta of 1.19. The firm’s 50-day moving average is $28.15 and its 200-day moving average is $26.31.
First Industrial Realty Trust (NYSE:FR) last posted its earnings results on Thursday, July 28th. The real estate investment trust reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.01. The firm earned $93.01 million during the quarter, compared to the consensus estimate of $94.29 million. First Industrial Realty Trust had a net margin of 33.13% and a return on equity of 10.85%. The company’s revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the company earned $0.35 earnings per share. On average, equities analysts predict that First Industrial Realty Trust will post $0.19 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Investors of record on Friday, September 30th will be paid a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.76 annualized dividend and a yield of 2.92%. First Industrial Realty Trust’s dividend payout ratio is currently 69.73%.
Institutional investors have recently added to or reduced their stakes in the company. BlackRock Fund Advisors boosted its position in First Industrial Realty Trust by 75.7% in the first quarter. BlackRock Fund Advisors now owns 4,700,930 shares of the real estate investment trust’s stock worth $106,899,000 after buying an additional 2,026,044 shares in the last quarter. Nuveen Asset Management LLC bought a new position in First Industrial Realty Trust during the first quarter worth approximately $37,056,000. State Street Corp boosted its position in First Industrial Realty Trust by 48.0% in the first quarter. State Street Corp now owns 4,746,628 shares of the real estate investment trust’s stock worth $107,939,000 after buying an additional 1,539,719 shares in the last quarter. Victory Capital Management Inc. bought a new position in First Industrial Realty Trust during the second quarter worth approximately $35,995,000. Finally, NN Investment Partners Holdings N.V. boosted its position in First Industrial Realty Trust by 122.8% in the second quarter. NN Investment Partners Holdings N.V. now owns 2,186,000 shares of the real estate investment trust’s stock worth $60,815,000 after buying an additional 1,205,000 shares in the last quarter. 99.04% of the stock is owned by institutional investors and hedge funds.
About First Industrial Realty Trust
First Industrial Realty Trust, Inc is a real estate investment trust (REIT). The Trust is a self-administered real estate company, which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company owns approximately 590 in-service industrial properties containing approximately 63.6 million square feet of gross leasable area (GLA).
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