First Industrial Realty Trust (NYSE:FR) Sets New 12-Month Low Following Analyst Downgrade

First Industrial Realty Trust, Inc. (NYSE:FR)’s stock price hit a new 52-week low on Friday after Royal Bank Of Canada lowered their price target on the stock from $75.00 to $70.00. Royal Bank Of Canada currently has an outperform rating on the stock. First Industrial Realty Trust traded as low as $54.16 and last traded at $54.3590, with a volume of 1,123,522 shares traded. The stock had previously closed at $54.99.

Other equities research analysts have also issued research reports about the stock. Scotiabank raised their target price on shares of First Industrial Realty Trust from $63.00 to $66.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 12th. Cantor Fitzgerald dropped their price objective on First Industrial Realty Trust from $71.00 to $58.00 and set a “neutral” rating for the company in a report on Monday. Weiss Ratings lowered First Industrial Realty Trust from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, September 8th. The Goldman Sachs Group lowered their target price on shares of First Industrial Realty Trust from $72.00 to $62.00 and set a “neutral” rating for the company in a research note on Friday, October 23rd. Finally, Raymond James Financial downgraded shares of First Industrial Realty Trust from a “strong-buy” rating to an “outperform” rating and reduced their price target for the stock from $86.00 to $71.00 in a research note on Friday, October 23rd. Seven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, First Industrial Realty Trust currently has an average rating of “Hold” and an average price target of $66.40.

Institutional Trading of First Industrial Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. MGO One Seven LLC raised its stake in shares of First Industrial Realty Trust by 7.5% in the 3rd quarter. MGO One Seven LLC now owns 6,136 shares of the real estate investment trust’s stock valued at $365,000 after acquiring an additional 428 shares during the period. Choreo LLC lifted its position in shares of First Industrial Realty Trust by 18.1% during the 3rd quarter. Choreo LLC now owns 10,663 shares of the real estate investment trust’s stock worth $635,000 after buying an additional 1,638 shares during the last quarter. Interchange Capital Partners LLC grew its holdings in shares of First Industrial Realty Trust by 12.5% during the third quarter. Interchange Capital Partners LLC now owns 4,570 shares of the real estate investment trust’s stock worth $272,000 after purchasing an additional 507 shares during the last quarter. North Dakota State Investment Board increased its holdings in shares of First Industrial Realty Trust by 6.1% in the 3rd quarter. North Dakota State Investment Board now owns 4,039 shares of the real estate investment trust’s stock valued at $240,000 after acquiring an additional 233 shares during the period. Finally, Asset Management One Co. Ltd. raised its stake in First Industrial Realty Trust by 1.5% during the 3rd quarter. Asset Management One Co. Ltd. now owns 231,976 shares of the real estate investment trust’s stock valued at $13,812,000 after acquiring an additional 3,486 shares during the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

First Industrial Realty Trust Trading Down 1.1%

The company’s fifty day moving average price is $60.16 and its two-hundred day moving average price is $61.36. The firm has a market cap of $7.21 billion, a PE ratio of 20.22 and a beta of 1.03. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.92.

First Industrial Realty Trust (NYSE:FR) last issued its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.38). First Industrial Realty Trust had a return on equity of 12.60% and a net margin of 46.12%. The company had revenue of $197.12 million for the quarter, compared to analyst estimates of $196.41 million. During the same quarter in the prior year, the firm earned $0.76 earnings per share. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, sell-side analysts forecast that First Industrial Realty Trust, Inc. will post 3.16 earnings per share for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 19th. Shareholders of record on Wednesday, September 30th were paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Wednesday, September 30th. First Industrial Realty Trust’s dividend payout ratio (DPR) is 74.35%.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc (NYSE: FR) is a real estate investment trust focused on the ownership, management, acquisition, development and redevelopment of industrial properties in the United States. Its portfolio primarily serves businesses that require space for distribution, warehousing, manufacturing, light industrial operations and other logistics-related activities.

The company leases its properties to a diverse group of tenants, including retailers, manufacturers, logistics providers and third-party distribution companies.