First Industrial Realty Trust (NYSE:FR) Stock Rating Lowered by Wedbush

Wedbush cut shares of First Industrial Realty Trust (NYSE:FR) from an outperform rating to a neutral rating in a report published on Thursday, Marketbeat.com reports. Wedbush currently has $49.00 price target on the real estate investment trust’s stock, down from their prior price target of $59.00. Wedbush also issued estimates for First Industrial Realty Trust’s FY2024 earnings at $2.58 EPS and FY2025 earnings at $2.84 EPS.

Several other analysts have also commented on the stock. Royal Bank of Canada raised their price target on shares of First Industrial Realty Trust from $55.00 to $60.00 and gave the company an outperform rating in a research report on Friday, February 16th. Mizuho restated a buy rating and set a $58.00 target price on shares of First Industrial Realty Trust in a research report on Tuesday, April 2nd. JPMorgan Chase & Co. reduced their price target on First Industrial Realty Trust from $59.00 to $53.00 and set an overweight rating for the company in a report on Wednesday. Truist Financial raised their price objective on First Industrial Realty Trust from $57.00 to $59.00 and gave the company a buy rating in a report on Tuesday, February 20th. Finally, Barclays restated an equal weight rating and issued a $53.00 price objective (down from $63.00) on shares of First Industrial Realty Trust in a research report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $53.11.

First Industrial Realty Trust Price Performance

Shares of NYSE FR opened at $46.00 on Thursday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.25 and a quick ratio of 1.06. The stock has a market capitalization of $6.09 billion, a price-to-earnings ratio of 21.20 and a beta of 1.01. The firm’s 50 day simple moving average is $51.55 and its 200-day simple moving average is $49.88. First Industrial Realty Trust has a 12 month low of $40.44 and a 12 month high of $55.22.

First Industrial Realty Trust Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 3.22%. This is a boost from First Industrial Realty Trust’s previous quarterly dividend of $0.32. The ex-dividend date was Wednesday, March 27th. First Industrial Realty Trust’s payout ratio is presently 68.20%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of First Industrial Realty Trust during the fourth quarter worth $78,559,000. Frontier Capital Management Co. LLC boosted its position in First Industrial Realty Trust by 788.5% during the fourth quarter. Frontier Capital Management Co. LLC now owns 1,245,455 shares of the real estate investment trust’s stock worth $65,598,000 after acquiring an additional 1,105,286 shares during the last quarter. Centersquare Investment Management LLC grew its stake in First Industrial Realty Trust by 23.6% during the 4th quarter. Centersquare Investment Management LLC now owns 4,551,501 shares of the real estate investment trust’s stock valued at $239,728,000 after acquiring an additional 869,676 shares in the last quarter. Lasalle Investment Management Securities LLC grew its stake in First Industrial Realty Trust by 49.7% during the 4th quarter. Lasalle Investment Management Securities LLC now owns 1,633,051 shares of the real estate investment trust’s stock valued at $86,013,000 after acquiring an additional 541,909 shares in the last quarter. Finally, Crestline Management LP acquired a new stake in First Industrial Realty Trust in the 4th quarter valued at about $26,335,000. 99.85% of the stock is 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.