Principal Financial Group Inc. Lowers Position in First Industrial Realty Trust, Inc. $FR

Principal Financial Group Inc. decreased its holdings in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 6.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,173,743 shares of the real estate investment trust’s stock after selling 86,441 shares during the period. Principal Financial Group Inc. owned approximately 0.89% of First Industrial Realty Trust worth $60,413,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of First Industrial Realty Trust during the second quarter worth about $272,085,000. Prudential Financial Inc. grew its stake in First Industrial Realty Trust by 29.0% in the 2nd quarter. Prudential Financial Inc. now owns 2,617,338 shares of the real estate investment trust’s stock worth $137,215,000 after buying an additional 588,208 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of First Industrial Realty Trust by 7.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,366,674 shares of the real estate investment trust’s stock worth $113,908,000 after buying an additional 153,817 shares during the last quarter. Cbre Investment Management Listed Real Assets LLC increased its holdings in shares of First Industrial Realty Trust by 13.2% in the 2nd quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,342,835 shares of the real estate investment trust’s stock worth $112,761,000 after buying an additional 272,638 shares during the last quarter. Finally, PGGM Investments raised its position in shares of First Industrial Realty Trust by 46.0% during the 3rd quarter. PGGM Investments now owns 2,337,100 shares of the real estate investment trust’s stock valued at $120,291,000 after buying an additional 736,477 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors.

Insider Transactions at First Industrial Realty Trust

In other First Industrial Realty Trust news, CIO Johannson L. Yap sold 680 shares of the firm’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $58.37, for a total value of $39,691.60. Following the sale, the executive owned 3,770 shares of the company’s stock, valued at $220,054.90. This trade represents a 15.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.94% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FR has been the subject of several research reports. The Goldman Sachs Group upped their target price on shares of First Industrial Realty Trust from $53.00 to $59.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 21st. Cantor Fitzgerald reiterated a “neutral” rating and issued a $58.00 price objective on shares of First Industrial Realty Trust in a report on Monday, January 5th. Truist Financial raised their price objective on First Industrial Realty Trust from $60.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. JPMorgan Chase & Co. boosted their target price on First Industrial Realty Trust from $58.00 to $61.00 and gave the stock an “overweight” rating in a research report on Thursday, October 23rd. Finally, Scotiabank upped their target price on First Industrial Realty Trust from $57.00 to $62.00 and gave the stock a “sector perform” rating in a research note on Wednesday, January 14th. Seven analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, First Industrial Realty Trust has a consensus rating of “Moderate Buy” and a consensus price target of $62.46.

First Industrial Realty Trust Stock Performance

Shares of FR stock opened at $58.26 on Wednesday. The company has a market capitalization of $7.71 billion, a P/E ratio of 32.55 and a beta of 1.14. First Industrial Realty Trust, Inc. has a fifty-two week low of $40.31 and a fifty-two week high of $60.20. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a 50 day moving average price of $58.03 and a two-hundred day moving average price of $54.35.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc (NYSE: FR) is a publicly traded real estate investment trust focused on the ownership, operation and development of industrial real estate assets. The company specializes in light industrial, warehouse and distribution facilities that serve a broad range of end markets, including manufacturing, transportation and e-commerce. Through both acquisitions and ground-up developments, First Industrial seeks to assemble a diversified portfolio of strategically located properties that support its tenants’ supply-chain needs.

Core services provided by First Industrial include property leasing, asset management, redevelopment of obsolescent buildings and build-to-suit development for creditworthy users.