Sun Life Financial Inc. Sells 101,480 Shares of First Industrial Realty Trust, Inc. (NYSE:FR)

Sun Life Financial Inc. trimmed its stake in First Industrial Realty Trust, Inc. (NYSE:FR) by 40.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 151,376 shares of the real estate investment trust’s stock after selling 101,480 shares during the quarter. First Industrial Realty Trust makes up 0.5% of Sun Life Financial Inc.’s holdings, making the stock its 25th biggest position. Sun Life Financial Inc.’s holdings in First Industrial Realty Trust were worth $8,474,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Land & Buildings Investment Management LLC lifted its holdings in First Industrial Realty Trust by 256.4% during the second quarter. Land & Buildings Investment Management LLC now owns 808,212 shares of the real estate investment trust’s stock valued at $38,398,000 after purchasing an additional 581,472 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of First Industrial Realty Trust by 328.4% during the 1st quarter. Russell Investments Group Ltd. now owns 750,189 shares of the real estate investment trust’s stock valued at $39,413,000 after buying an additional 575,057 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in First Industrial Realty Trust in the 2nd quarter worth approximately $23,755,000. Bank of Montreal Can boosted its holdings in First Industrial Realty Trust by 442.8% in the 2nd quarter. Bank of Montreal Can now owns 559,132 shares of the real estate investment trust’s stock worth $26,570,000 after buying an additional 456,124 shares during the period. Finally, BROOKFIELD Corp ON grew its stake in First Industrial Realty Trust by 479.8% in the 1st quarter. BROOKFIELD Corp ON now owns 486,178 shares of the real estate investment trust’s stock valued at $25,544,000 after buying an additional 402,331 shares in the last quarter. 99.85% of the stock is owned by institutional investors.

First Industrial Realty Trust Stock Performance

Shares of FR opened at $53.61 on Monday. First Industrial Realty Trust, Inc. has a 12-month low of $40.44 and a 12-month high of $57.35. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.80. The company has a market cap of $7.09 billion, a PE ratio of 24.71 and a beta of 1.08. The stock has a 50-day moving average price of $55.52 and a 200-day moving average price of $51.32.

First Industrial Realty Trust (NYSE:FR) last announced its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.08. First Industrial Realty Trust had a net margin of 47.34% and a return on equity of 11.53%. The business had revenue of $167.60 million during the quarter, compared to analyst estimates of $164.01 million. During the same period in the previous year, the business posted $0.62 earnings per share. First Industrial Realty Trust’s revenue for the quarter was up 8.1% on a year-over-year basis. As a group, equities analysts forecast that First Industrial Realty Trust, Inc. will post 2.63 earnings per share for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 21st. Investors of record on Monday, September 30th were given a $0.37 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 annualized dividend and a yield of 2.76%. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 68.20%.

Wall Street Analyst Weigh In

FR has been the topic of several recent research reports. Barclays raised their price target on First Industrial Realty Trust from $52.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday, October 10th. Scotiabank increased their price objective on 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. Mizuho lifted their target price on First Industrial Realty Trust from $58.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, September 5th. Wells Fargo & Company upped their price target on First Industrial Realty Trust from $50.00 to $61.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 28th. Finally, Wolfe Research upgraded shares of First Industrial Realty Trust from a “peer perform” rating to an “outperform” rating and set a $64.00 price objective for the company in a research report on Tuesday, August 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, First Industrial Realty Trust presently has an average rating of “Moderate Buy” and an average target price of $57.92.

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.