First Industrial Realty Trust (NYSE:FR) Price Target Cut to $59.00 by Analysts at Robert W. Baird

First Industrial Realty Trust (NYSE:FR) had its target price reduced by Robert W. Baird from $61.00 to $59.00 in a research note issued to investors on Tuesday,Benzinga reports. Robert W. Baird currently has an outperform rating on the real estate investment trust’s stock.

Several other brokerages have also issued reports on FR. Royal Bank of Canada dropped their price objective on First Industrial Realty Trust from $62.00 to $58.00 and set an “outperform” rating on the stock in a report on Tuesday, April 29th. JPMorgan Chase & Co. cut their price target on First Industrial Realty Trust from $63.00 to $57.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. Truist Financial reduced their price objective on First Industrial Realty Trust from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Monday. The Goldman Sachs Group lowered their target price on shares of First Industrial Realty Trust from $59.00 to $51.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd. Finally, Scotiabank reduced their price target on shares of First Industrial Realty Trust from $58.00 to $50.00 and set a “sector perform” rating for the company in a research report on Monday, April 7th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, First Industrial Realty Trust has an average rating of “Moderate Buy” and a consensus target price of $56.50.

First Industrial Realty Trust Price Performance

FR stock opened at $48.62 on Tuesday. The business’s 50-day moving average is $50.93 and its two-hundred day moving average is $52.17. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.21 and a quick ratio of 1.11. The firm has a market capitalization of $6.44 billion, a P/E ratio of 22.30 and a beta of 1.08. First Industrial Realty Trust has a 1 year low of $40.31 and a 1 year high of $58.17.

First Industrial Realty Trust (NYSE:FR) last issued its earnings results on Wednesday, April 16th. The real estate investment trust reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.02). The firm had revenue of $177.07 million for the quarter, compared to analyst estimates of $176.98 million. First Industrial Realty Trust had a return on equity of 10.64% and a net margin of 42.94%. Analysts anticipate that First Industrial Realty Trust will post 2.89 earnings per share for the current fiscal year.

First Industrial Realty Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Investors of record on Monday, June 30th will be issued a $0.445 dividend. This represents a $1.78 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date is Monday, June 30th. First Industrial Realty Trust’s dividend payout ratio is currently 88.12%.

Institutional Trading of First Industrial Realty Trust

Several institutional investors have recently added to or reduced their stakes in FR. Bessemer Group Inc. grew its stake in First Industrial Realty Trust by 93.0% in the first quarter. Bessemer Group Inc. now owns 467 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 225 shares in the last quarter. Alpine Bank Wealth Management bought a new position in First Industrial Realty Trust during the 1st quarter worth approximately $26,000. Versant Capital Management Inc grew its position in shares of First Industrial Realty Trust by 92.5% in the 4th quarter. Versant Capital Management Inc now owns 1,001 shares of the real estate investment trust’s stock worth $50,000 after acquiring an additional 481 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of First Industrial Realty Trust by 24.7% in the 4th quarter. UMB Bank n.a. now owns 1,081 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 214 shares during the last quarter. Finally, Parallel Advisors LLC raised its position in shares of First Industrial Realty Trust by 285.1% during the 1st quarter. Parallel Advisors LLC now owns 1,109 shares of the real estate investment trust’s stock valued at $60,000 after acquiring an additional 821 shares in the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

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.