First Industrial Realty Trust, Inc. (NYSE:FR) has been assigned a consensus recommendation of “Hold” from the six research firms that are currently covering the company. Four analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $27.00.
FR has been the subject of several recent analyst reports. Jefferies Group LLC upped their target price on First Industrial Realty Trust from $27.00 to $28.00 and gave the stock a “hold” rating in a research note on Thursday, March 2nd. Zacks Investment Research upgraded First Industrial Realty Trust from a “sell” rating to a “hold” rating in a research note on Monday, February 27th. Finally, Robert W. Baird cut First Industrial Realty Trust from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $29.00 to $28.00 in a research note on Wednesday, January 11th.
First Industrial Realty Trust (NYSE:FR) opened at 26.67 on Thursday. First Industrial Realty Trust has a 12-month low of $21.63 and a 12-month high of $29.75. The firm’s 50-day moving average price is $26.33 and its 200 day moving average price is $26.99. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of 25.40 and a beta of 0.96.
First Industrial Realty Trust (NYSE:FR) last released its earnings results on Wednesday, February 22nd. The real estate investment trust reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.25. First Industrial Realty Trust had a return on equity of 11.92% and a net margin of 37.72%. The firm earned $97.98 million during the quarter, compared to analysts’ expectations of $95.04 million. During the same period in the prior year, the company earned $0.37 earnings per share. The company’s quarterly revenue was up 5.1% on a year-over-year basis. On average, analysts expect that First Industrial Realty Trust will post $0.58 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 17th. Stockholders of record on Friday, March 31st will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.15%. This is a boost from First Industrial Realty Trust’s previous quarterly dividend of $0.19. The ex-dividend date is Wednesday, March 29th. First Industrial Realty Trust’s dividend payout ratio is presently 61.79%.
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In other news, Director Bruce W. Duncan sold 17,360 shares of the stock in a transaction on Monday, January 9th. The stock was sold at an average price of $28.19, for a total value of $489,378.40. Following the completion of the transaction, the director now directly owns 986,608 shares in the company, valued at approximately $27,812,479.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.83% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Harvest Fund Management Co. Ltd purchased a new position in shares of First Industrial Realty Trust during the fourth quarter worth approximately $109,000. Elkfork Partners LLC purchased a new position in shares of First Industrial Realty Trust during the fourth quarter worth approximately $141,000. Pacad Investment Ltd. purchased a new position in shares of First Industrial Realty Trust during the fourth quarter worth approximately $180,000. Advisor Group Inc. boosted its position in shares of First Industrial Realty Trust by 66.5% in the third quarter. Advisor Group Inc. now owns 6,613 shares of the real estate investment trust’s stock worth $186,000 after buying an additional 2,642 shares during the last quarter. Finally, LS Investment Advisors LLC boosted its position in shares of First Industrial Realty Trust by 5.7% in the third quarter. LS Investment Advisors LLC now owns 7,470 shares of the real estate investment trust’s stock worth $211,000 after buying an additional 401 shares during the last quarter. Institutional investors own 97.32% of the company’s stock.
About First Industrial Realty Trust
First Industrial Realty Trust, Inc is a real estate investment trust (REIT). The Trust is a self-administered real estate company, which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company owns approximately 590 in-service industrial properties containing approximately 63.6 million square feet of gross leasable area (GLA).
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