First Industrial Realty Trust, Inc. $FR Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its stake in First Industrial Realty Trust, Inc. (NYSE:FR) by 12.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 178,087 shares of the real estate investment trust’s stock after selling 24,869 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in First Industrial Realty Trust were worth $10,603,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of First Industrial Realty Trust in the 2nd quarter worth about $1,021,489,000. Deutsche Bank AG bought a new position in First Industrial Realty Trust in the 2nd quarter worth about $79,730,000. Bank of New York Mellon Corp purchased a new stake in First Industrial Realty Trust during the 2nd quarter valued at about $64,042,000. Bank of America Corp DE purchased a new stake in First Industrial Realty Trust during the 2nd quarter valued at about $52,588,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in First Industrial Realty Trust during the 2nd quarter valued at about $50,505,000. 99.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FR. Weiss Ratings cut shares of First Industrial Realty Trust from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, September 8th. 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 report on Wednesday, July 29th. Royal Bank Of Canada reduced their price target on shares of First Industrial Realty Trust from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Friday, October 30th. The Goldman Sachs Group reduced their price target on shares of First Industrial Realty Trust from $72.00 to $62.00 and set a “neutral” rating for the company in a research report on Friday, October 23rd. Finally, Raymond James Financial lowered shares of First Industrial Realty Trust from a “strong-buy” rating to an “outperform” rating and decreased their price objective for the stock from $86.00 to $71.00 in a report on Friday, October 23rd. Seven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $64.93.

First Industrial Realty Trust Stock Performance

Shares of FR traded down $0.13 during mid-day trading on Friday, hitting $53.79. 1,533,884 shares of the company traded hands, compared to its average volume of 1,792,210. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a 50-day moving average price of $59.15 and a two-hundred day moving average price of $61.22. First Industrial Realty Trust, Inc. has a 1 year low of $53.27 and a 1 year high of $69.88. The stock has a market cap of $7.13 billion, a price-to-earnings ratio of 20.00 and a beta of 1.01.

First Industrial Realty Trust (NYSE:FR) last issued its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.38). First Industrial Realty Trust had a net margin of 46.12% and a return on equity of 12.60%. The company had revenue of $197.12 million for the quarter, compared to the consensus estimate of $196.41 million. During the same quarter last year, the company earned $0.76 EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities analysts anticipate that First Industrial Realty Trust, Inc. will post 3.16 earnings per share for the current year.

First Industrial Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 19th. Shareholders of record on Thursday, December 31st will be issued a $0.50 dividend. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $2.00 dividend on an annualized basis and a yield of 3.7%. First Industrial Realty Trust’s dividend payout ratio is currently 74.35%.

First Industrial Realty Trust Profile

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.