Zacks Investment Research Lowers First Industrial Realty Trust (FR) to Sell

First Industrial Realty Trust (NYSE:FR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.

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. “

Other research analysts have also issued reports about the company. ValuEngine raised First Industrial Realty Trust from a “hold” rating to a “buy” rating in a research report on Monday, July 2nd. SunTrust Banks set a $35.00 target price on First Industrial Realty Trust and gave the company a “buy” rating in a research report on Tuesday, August 7th. Jefferies Financial Group lowered First Industrial Realty Trust from a “buy” rating to a “hold” rating in a research report on Tuesday, July 17th. Finally, JPMorgan Chase & Co. upped their target price on First Industrial Realty Trust from $30.00 to $34.00 and gave the company an “underweight” rating in a research report on Friday, July 27th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $33.67.

Shares of NYSE FR traded up $0.59 during mid-day trading on Monday, reaching $31.50. 494,400 shares of the company were exchanged, compared to its average volume of 845,145. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.53 and a quick ratio of 1.53. The stock has a market capitalization of $3.96 billion, a P/E ratio of 20.06 and a beta of 0.70. First Industrial Realty Trust has a 1 year low of $27.61 and a 1 year high of $34.04.

First Industrial Realty Trust (NYSE:FR) last issued its quarterly earnings data on Wednesday, July 25th. The real estate investment trust reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.19. The firm had revenue of $98.85 million during the quarter, compared to analysts’ expectations of $98.71 million. First Industrial Realty Trust had a return on equity of 14.81% and a net margin of 55.66%. The firm’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 EPS. As a group, equities research analysts anticipate that First Industrial Realty Trust will post 1.59 earnings per share for the current fiscal year.

In other First Industrial Realty Trust news, Director H Patrick Hackett, Jr. sold 15,000 shares of the stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $31.93, for a total transaction of $478,950.00. Following the transaction, the director now owns 52,577 shares in the company, valued at $1,678,783.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bruce W. Duncan sold 30,000 shares of the stock in a transaction that occurred on Thursday, July 12th. The stock was sold at an average price of $33.42, for a total value of $1,002,600.00. Following the transaction, the director now owns 642,564 shares in the company, valued at approximately $21,474,488.88. The disclosure for this sale can be found here. Insiders have sold 75,000 shares of company stock worth $2,457,150 in the last quarter. 1.59% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. United Services Automobile Association lifted its position in shares of First Industrial Realty Trust by 9.5% in the second quarter. United Services Automobile Association now owns 20,225 shares of the real estate investment trust’s stock valued at $674,000 after acquiring an additional 1,755 shares in the last quarter. Northern Trust Corp lifted its position in shares of First Industrial Realty Trust by 2.7% in the second quarter. Northern Trust Corp now owns 3,552,863 shares of the real estate investment trust’s stock valued at $118,452,000 after acquiring an additional 93,396 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of First Industrial Realty Trust by 7.0% in the second quarter. Bank of New York Mellon Corp now owns 2,450,435 shares of the real estate investment trust’s stock valued at $81,697,000 after acquiring an additional 161,037 shares in the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of First Industrial Realty Trust by 107.8% in the second quarter. Public Employees Retirement System of Ohio now owns 300,948 shares of the real estate investment trust’s stock valued at $10,034,000 after acquiring an additional 156,108 shares in the last quarter. Finally, Qube Research & Technologies Ltd purchased a new position in shares of First Industrial Realty Trust in the second quarter valued at approximately $164,000. Institutional investors and hedge funds own 94.86% of the company’s stock.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types.

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