Wells Fargo & Company Issues Pessimistic Forecast for First Industrial Realty Trust (NYSE:FR) Stock Price

First Industrial Realty Trust (NYSE:FR) had its price target lowered by research analysts at Wells Fargo & Company from $63.00 to $61.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 0.44% from the stock’s current price.

Several other equities analysts have also recently issued reports on FR. Robert W. Baird lifted their price objective on First Industrial Realty Trust from $67.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, April 28th. Wall Street Zen upgraded shares of First Industrial Realty Trust from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. Truist Financial raised their target price on shares of First Industrial Realty Trust from $66.00 to $67.00 and gave the company a “buy” rating in a report on Friday, May 15th. Weiss Ratings raised shares of First Industrial Realty Trust from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, April 27th. Finally, Scotiabank raised their price objective on shares of First Industrial Realty Trust from $62.00 to $63.00 and gave the stock a “sector perform” rating in a research note on Monday, March 2nd. Eight analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $63.93.

First Industrial Realty Trust Price Performance

Shares of FR stock traded down $1.14 during midday trading on Monday, reaching $60.73. 72,659 shares of the company traded hands, compared to its average volume of 1,010,659. The firm’s 50 day simple moving average is $61.03 and its two-hundred day simple moving average is $59.53. First Industrial Realty Trust has a 1-year low of $47.36 and a 1-year high of $64.66. 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 has a market cap of $8.05 billion, a PE ratio of 23.57 and a beta of 1.06.

Hedge Funds Weigh In On First Industrial Realty Trust

Several hedge funds and other institutional investors have recently bought and sold shares of FR. Sequoia Financial Advisors LLC lifted its position in shares of First Industrial Realty Trust by 2.0% during the first quarter. Sequoia Financial Advisors LLC now owns 8,184 shares of the real estate investment trust’s stock worth $473,000 after purchasing an additional 163 shares in the last quarter. Crossmark Global Holdings Inc. increased its position in shares of First Industrial Realty Trust by 1.9% during the third quarter. Crossmark Global Holdings Inc. now owns 9,550 shares of the real estate investment trust’s stock worth $492,000 after acquiring an additional 179 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in shares of First Industrial Realty Trust by 4.3% in the first quarter. Fifth Third Wealth Advisors LLC now owns 4,463 shares of the real estate investment trust’s stock worth $258,000 after acquiring an additional 183 shares in the last quarter. Assetmark Inc. grew its stake in First Industrial Realty Trust by 7.1% during the 3rd quarter. Assetmark Inc. now owns 2,994 shares of the real estate investment trust’s stock valued at $154,000 after purchasing an additional 198 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in First Industrial Realty Trust by 2.0% during the 3rd quarter. Quadrant Capital Group LLC now owns 10,761 shares of the real estate investment trust’s stock worth $554,000 after purchasing an additional 211 shares during 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 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.