Stifel Nicolaus Raises First Industrial Realty Trust, Inc. (FR) Price Target to $31.50

First Industrial Realty Trust, Inc. (NYSE:FR) had its price target boosted by Stifel Nicolaus from $30.00 to $31.50 in a research report sent to investors on Wednesday. They currently have a buy rating on the real estate investment trust’s stock.

A number of other equities research analysts have also recently weighed in on FR. Jefferies Group LLC lifted their price target on First Industrial Realty Trust from $27.00 to $28.00 and gave the company a hold rating in a report on Thursday, March 2nd. Zacks Investment Research raised First Industrial Realty Trust from a sell rating to a hold rating in a report on Monday, February 27th. Finally, BMO Capital Markets reissued a hold rating and set a $28.00 target price on shares of First Industrial Realty Trust in a report on Wednesday, March 22nd. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $29.70.

First Industrial Realty Trust (NYSE FR) opened at 29.54 on Wednesday. The firm’s 50-day moving average price is $28.78 and its 200 day moving average price is $27.55. The firm has a market cap of $3.46 billion, a PE ratio of 27.00 and a beta of 1.00. First Industrial Realty Trust has a 52-week low of $24.85 and a 52-week high of $30.17.

First Industrial Realty Trust (NYSE:FR) last released its quarterly earnings results on Tuesday, April 25th. The real estate investment trust reported $0.36 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by $0.01. The business had revenue of $97.38 million for the quarter, compared to the consensus estimate of $97.31 million. First Industrial Realty Trust had a net margin of 33.58% and a return on equity of 10.10%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period last year, the firm posted $0.35 EPS. On average, equities analysts anticipate that First Industrial Realty Trust will post $0.64 earnings per share for the current year.

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The company also recently announced a quarterly dividend, which will be paid on Monday, July 17th. Investors of record on Friday, June 30th will be issued a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, June 28th. This represents a $0.84 annualized dividend and a yield of 2.84%. First Industrial Realty Trust’s payout ratio is 77.06%.

In related news, Director Bruce W. Duncan sold 17,157 shares of the business’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $27.71, for a total transaction of $475,420.47. Following the sale, the director now owns 978,159 shares of the company’s stock, valued at $27,104,785.89. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Bruce W. Duncan sold 17,156 shares of the business’s stock in a transaction that occurred on Monday, April 10th. The stock was sold at an average price of $27.84, for a total value of $477,623.04. Following the sale, the director now directly owns 995,316 shares in the company, valued at approximately $27,709,597.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,313 shares of company stock worth $1,460,284. 1.83% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of First Industrial Realty Trust during the fourth quarter valued at approximately $31,942,000. Thrivent Financial for Lutherans boosted its stake in shares of First Industrial Realty Trust by 50.5% in the fourth quarter. Thrivent Financial for Lutherans now owns 121,426 shares of the real estate investment trust’s stock valued at $3,406,000 after buying an additional 40,750 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of First Industrial Realty Trust by 163.4% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,589 shares of the real estate investment trust’s stock valued at $241,000 after buying an additional 5,328 shares during the last quarter. Guggenheim Capital LLC boosted its stake in shares of First Industrial Realty Trust by 123.4% in the fourth quarter. Guggenheim Capital LLC now owns 552,415 shares of the real estate investment trust’s stock valued at $15,496,000 after buying an additional 305,104 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of First Industrial Realty Trust by 1.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 52,764 shares of the real estate investment trust’s stock valued at $1,480,000 after buying an additional 564 shares during the last quarter. 93.65% of the stock is currently owned by hedge funds and other institutional investors.

First Industrial Realty Trust Company Profile

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. As of December 31, 2016, the Company’s in-service portfolio consisted of 215 light industrial properties, 53 research and development (R&D)/flex properties, 167 bulk warehouse properties and 100 regional warehouse properties containing an aggregate of approximately 62.2 million square feet of gross leasable area (GLA) located in 23 states.

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