First Industrial Realty Trust (NYSE:FR) Sets New 1-Year High – What’s Next?

Shares of First Industrial Realty Trust, Inc. (NYSE:FR) hit a new 52-week high on Monday . The stock traded as high as $69.88 and last traded at $68.96, with a volume of 1390863 shares. The stock had previously closed at $68.86.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. KeyCorp reaffirmed a “sector weight” rating on shares of First Industrial Realty Trust in a research note on Wednesday, June 10th. Raymond James Financial reiterated a “strong-buy” rating on shares of First Industrial Realty Trust in a report on Thursday, June 18th. Barclays increased their target price on First Industrial Realty Trust from $64.00 to $69.00 and gave the company an “equal weight” rating in a research note on Thursday. Wells Fargo & Company decreased their price target on First Industrial Realty Trust from $63.00 to $61.00 and set an “equal weight” rating for the company in a research note on Monday, June 1st. Finally, Wall Street Zen raised shares of First Industrial Realty Trust from a “sell” rating to a “hold” rating in a report on Saturday, April 11th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $64.29.

First Industrial Realty Trust Price Performance

The company has a market capitalization of $9.14 billion, a P/E ratio of 26.73 and a beta of 1.05. The business’s 50-day simple moving average is $62.88 and its 200 day simple moving average is $60.99. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.90.

First Industrial Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 20th. Stockholders of record on Tuesday, June 30th will be issued a $0.50 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $2.00 annualized dividend and a dividend yield of 2.9%. First Industrial Realty Trust’s dividend payout ratio is 77.52%.

Institutional Trading of First Industrial Realty Trust

Large investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. boosted its position in shares of First Industrial Realty Trust by 856,065.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 9,785,973 shares of the real estate investment trust’s stock worth $560,443,000 after buying an additional 9,784,830 shares during the period. Norges Bank acquired a new position in First Industrial Realty Trust during the fourth quarter valued at $320,075,000. Cohen & Steers Inc. purchased a new stake in First Industrial Realty Trust in the 4th quarter worth about $118,365,000. Rush Island Management LP acquired a new stake in First Industrial Realty Trust during the 2nd quarter worth about $79,904,000. Finally, AQR Capital Management LLC boosted its position in First Industrial Realty Trust by 491.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,855,214 shares of the real estate investment trust’s stock worth $89,291,000 after acquiring an additional 1,541,778 shares during the period. 99.85% of the stock is currently owned by institutional investors.

First Industrial Realty Trust Company Profile

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.