First Industrial Realty Trust (NYSE:FR) Rating Lowered to Neutral at Wedbush

First Industrial Realty Trust (NYSE:FR) was downgraded by research analysts at Wedbush from an “outperform” rating to a “neutral” rating in a research note issued to investors on Thursday, Marketbeat.com reports. They presently have a $49.00 target price on the real estate investment trust’s stock, down from their previous target price of $59.00. Wedbush’s target price would suggest a potential upside of 6.52% from the stock’s previous close. Wedbush also issued estimates for First Industrial Realty Trust’s FY2024 earnings at $2.58 EPS and FY2025 earnings at $2.84 EPS.

A number of other brokerages have also recently weighed in on FR. TheStreet raised First Industrial Realty Trust from a “c+” rating to a “b-” rating in a research report on Thursday, January 11th. JPMorgan Chase & Co. lowered their price target on First Industrial Realty Trust from $59.00 to $53.00 and set an “overweight” rating on the stock in a report on Wednesday. Royal Bank of Canada boosted their price objective on shares of First Industrial Realty Trust from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Friday, February 16th. Mizuho reiterated a “buy” rating and issued a $58.00 target price on shares of First Industrial Realty Trust in a research note on Tuesday, April 2nd. Finally, Truist Financial lifted their target price on shares of First Industrial Realty Trust from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $53.11.

First Industrial Realty Trust Stock Performance

Shares of FR stock opened at $46.00 on Thursday. The firm has a market cap of $6.09 billion, a P/E ratio of 21.20 and a beta of 1.01. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.25 and a quick ratio of 1.06. First Industrial Realty Trust has a fifty-two week low of $40.44 and a fifty-two week high of $55.22. The stock’s 50-day moving average is $51.55 and its two-hundred day moving average is $49.86.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Louisiana State Employees Retirement System raised its holdings in shares of First Industrial Realty Trust by 2.4% in the first quarter. Louisiana State Employees Retirement System now owns 38,100 shares of the real estate investment trust’s stock valued at $2,002,000 after buying an additional 900 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in shares of First Industrial Realty Trust by 13.1% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 28,860 shares of the real estate investment trust’s stock worth $1,516,000 after acquiring an additional 3,339 shares during the last quarter. Azzad Asset Management Inc. ADV lifted its position in shares of First Industrial Realty Trust by 7.0% during the first quarter. Azzad Asset Management Inc. ADV now owns 6,177 shares of the real estate investment trust’s stock worth $325,000 after purchasing an additional 405 shares in the last quarter. State of Michigan Retirement System grew its stake in shares of First Industrial Realty Trust by 2.2% during the first quarter. State of Michigan Retirement System now owns 32,468 shares of the real estate investment trust’s stock valued at $1,706,000 after purchasing an additional 700 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. increased its holdings in shares of First Industrial Realty Trust by 781.7% in the first quarter. Farmers & Merchants Investments Inc. now owns 529 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 469 shares in the last quarter. Institutional investors own 99.85% of the company’s stock.

About First Industrial Realty Trust

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.