First Industrial Realty Trust (NYSE:FR) Stock Gets Price Target Trim from Wells Fargo & Company

First Industrial Realty Trust (NYSE:FR) had its price objective lowered by Wells Fargo & Company from $66.00 to $60.00 in a report published on Monday,Benzinga reports. The firm currently has an equal weight rating on the real estate investment trust’s stock.

Several other equities research analysts have also recently weighed in on the stock. Scotiabank lowered their price objective on shares of First Industrial Realty Trust from $66.00 to $61.00 and set a “sector perform” rating for the company in a research report on Friday, October 30th. Citigroup reduced their target price on shares of First Industrial Realty Trust from $72.00 to $60.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 28th. The Goldman Sachs Group decreased their price target on shares of First Industrial Realty Trust from $72.00 to $62.00 and set a “neutral” rating on the stock in a research note on Friday, October 23rd. Robert W. Baird increased their price target on shares of First Industrial Realty Trust from $71.00 to $74.00 and gave the company an “outperform” rating in a research note on Wednesday, July 29th. Finally, UBS Group set a $71.00 price target on shares of First Industrial Realty Trust in a report on Friday, October 23rd. Seven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $65.67.

First Industrial Realty Trust Trading Up 1.0%

FR stock opened at $55.45 on Monday. The business has a fifty day moving average price of $59.50 and a 200 day moving average price of $61.28. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.06 and a quick ratio of 1.06. First Industrial Realty Trust has a fifty-two week low of $54.16 and a fifty-two week high of $69.88. The stock has a market capitalization of $7.35 billion, a price-to-earnings ratio of 17.83 and a beta of 1.01.

First Industrial Realty Trust (NYSE:FR) last posted its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.38). The business had revenue of $197.12 million during the quarter, compared to analyst estimates of $196.41 million. First Industrial Realty Trust had a return on equity of 12.60% and a net margin of 46.12%. First Industrial Realty Trust’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.76 EPS. Analysts expect that First Industrial Realty Trust will post 3.15 EPS for the current fiscal year.

First Industrial Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 19th. Stockholders of record on Thursday, December 31st will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Thursday, December 31st. First Industrial Realty Trust’s dividend payout ratio is 74.35%.

Hedge Funds Weigh In On First Industrial Realty Trust

Several hedge funds have recently added to or reduced their stakes in FR. Sequoia Financial Advisors LLC increased its stake in First Industrial Realty Trust by 2.0% in the first quarter. Sequoia Financial Advisors LLC now owns 8,184 shares of the real estate investment trust’s stock valued at $473,000 after purchasing an additional 163 shares in the last quarter. Arizona State Retirement System raised its holdings in First Industrial Realty Trust by 0.6% in the second quarter. Arizona State Retirement System now owns 36,580 shares of the real estate investment trust’s stock worth $2,243,000 after purchasing an additional 207 shares during the period. North Dakota State Investment Board raised its holdings in First Industrial Realty Trust by 6.1% in the third quarter. North Dakota State Investment Board now owns 4,039 shares of the real estate investment trust’s stock worth $240,000 after purchasing an additional 233 shares during the period. Versant Capital Management Inc boosted its position in shares of First Industrial Realty Trust by 2.9% during the third quarter. Versant Capital Management Inc now owns 8,525 shares of the real estate investment trust’s stock worth $508,000 after purchasing an additional 242 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV boosted its position in shares of First Industrial Realty Trust by 3.3% during the first quarter. Azzad Asset Management Inc. ADV now owns 8,669 shares of the real estate investment trust’s stock worth $502,000 after purchasing an additional 274 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 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.