First Industrial Realty Trust (NYSE:FR) Hits New 52-Week High – Here’s Why

First Industrial Realty Trust, Inc. (NYSE:FR)’s share price reached a new 52-week high on Tuesday . The company traded as high as $65.74 and last traded at $65.0640, with a volume of 1137043 shares trading hands. The stock had previously closed at $65.01.

Analysts Set New Price Targets

Several research firms have recently issued reports on FR. Robert W. Baird upped their price objective on First Industrial Realty Trust from $67.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Weiss Ratings raised First Industrial Realty Trust from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, April 27th. Wells Fargo & Company decreased their target price 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. Raymond James Financial reiterated a “strong-buy” rating on shares of First Industrial Realty Trust in a research note on Thursday, June 18th. 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 investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.93.

First Industrial Realty Trust Stock Up 1.6%

The company has a debt-to-equity ratio of 0.90, a current ratio of 1.04 and a quick ratio of 1.04. The firm’s 50 day moving average price is $62.63 and its two-hundred day moving average price is $60.84. The firm has a market cap of $8.72 billion, a price-to-earnings ratio of 25.49 and a beta of 1.05.

First Industrial Realty Trust Dividend Announcement

The business also recently declared 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. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Tuesday, June 30th. First Industrial Realty Trust’s dividend payout ratio (DPR) is currently 77.52%.

Institutional Investors Weigh In On First Industrial Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of FR. Measured Wealth Private Client Group LLC purchased a new position in First Industrial Realty Trust in the 3rd quarter valued at approximately $26,000. Parallel Advisors LLC boosted its position in First Industrial Realty Trust by 86.9% during the fourth quarter. Parallel Advisors LLC now owns 626 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 291 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in First Industrial Realty Trust by 64.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 771 shares of the real estate investment trust’s stock worth $44,000 after purchasing an additional 301 shares in the last quarter. Danske Bank A S acquired a new stake in First Industrial Realty Trust in the third quarter valued at $51,000. Finally, Parkside Financial Bank & Trust grew its holdings in First Industrial Realty Trust by 27.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,231 shares of the real estate investment trust’s stock valued at $70,000 after purchasing an additional 262 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

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.