First Industrial Realty Trust (NYSE:FR) Price Target Raised to $62.00

First Industrial Realty Trust (NYSE:FR) had its price target raised by Mizuho from $58.00 to $62.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an outperform rating on the real estate investment trust’s stock.

Several other research firms have also recently issued reports on FR. JPMorgan Chase & Co. raised their target price on First Industrial Realty Trust from $53.00 to $60.00 and gave the stock an overweight rating in a research note on Wednesday, July 31st. Wells Fargo & Company boosted their price objective on shares of First Industrial Realty Trust from $50.00 to $61.00 and gave the company an equal weight rating in a report on Wednesday, August 28th. The Goldman Sachs Group upped their target price on shares of First Industrial Realty Trust from $46.00 to $52.00 and gave the company a sell rating in a research report on Friday, July 26th. BNP Paribas started coverage on shares of First Industrial Realty Trust in a research report on Tuesday, June 4th. They set an outperform rating and a $57.00 price target for the company. Finally, Scotiabank upped their price objective on shares of First Industrial Realty Trust from $55.00 to $58.00 and gave the stock a sector perform rating in a report on Monday, August 26th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, First Industrial Realty Trust has an average rating of Hold and a consensus target price of $56.46.

First Industrial Realty Trust Trading Down 0.9 %

Shares of FR stock opened at $55.91 on Thursday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.83. First Industrial Realty Trust has a twelve month low of $40.44 and a twelve month high of $57.35. The company’s 50-day moving average price is $53.12 and its 200-day moving average price is $50.69. The stock has a market cap of $7.40 billion, a price-to-earnings ratio of 25.76 and a beta of 1.08.

First Industrial Realty Trust (NYSE:FR) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.25). The firm had revenue of $164.10 million during the quarter, compared to analyst estimates of $163.48 million. First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.61 earnings per share. As a group, equities analysts predict that First Industrial Realty Trust will post 2.62 earnings per share for the current year.

First Industrial Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, September 30th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.65%. First Industrial Realty Trust’s payout ratio is 68.20%.

Institutional Investors Weigh In On First Industrial Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its holdings in First Industrial Realty Trust by 46.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 631 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 200 shares in the last quarter. Azzad Asset Management Inc. ADV lifted its position in First Industrial Realty Trust by 4.8% in the second quarter. Azzad Asset Management Inc. ADV now owns 6,472 shares of the real estate investment trust’s stock valued at $307,000 after acquiring an additional 295 shares during the last quarter. Fortem Financial Group LLC grew its holdings in shares of First Industrial Realty Trust by 4.6% during the second quarter. Fortem Financial Group LLC now owns 9,868 shares of the real estate investment trust’s stock worth $469,000 after purchasing an additional 438 shares during the last quarter. Farmers & Merchants Investments Inc. increased its position in shares of First Industrial Realty Trust by 781.7% during the first quarter. Farmers & Merchants Investments Inc. now owns 529 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 469 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its position in shares of First Industrial Realty Trust by 8.5% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 6,607 shares of the real estate investment trust’s stock valued at $314,000 after purchasing an additional 517 shares during the period. 99.85% of the stock is currently owned by institutional investors and hedge funds.

First Industrial Realty Trust Company Profile

First Industrial Realty Trust, Inc (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains.