First Industrial Realty Trust (NYSE:FR) Price Target Raised to $60.00 at Royal Bank of Canada

First Industrial Realty Trust (NYSE:FR) had its price target increased by Royal Bank of Canada from $57.00 to $60.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust’s stock.

Several other research firms have also issued reports on FR. Robert W. Baird lowered their price objective on First Industrial Realty Trust from $62.00 to $56.00 and set an outperform rating for the company in a research note on Wednesday, May 1st. The Goldman Sachs Group raised their price objective on First Industrial Realty Trust from $46.00 to $52.00 and gave the company a sell rating in a research note on Friday, July 26th. Scotiabank lowered their price objective on First Industrial Realty Trust from $55.00 to $50.00 and set a sector perform rating for the company in a research note on Thursday, May 16th. JPMorgan Chase & Co. reduced their price target on First Industrial Realty Trust from $59.00 to $53.00 and set an overweight rating on the stock in a report on Wednesday, April 24th. Finally, BNP Paribas started coverage on First Industrial Realty Trust in a report on Tuesday, June 4th. They issued an outperform rating and a $57.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, First Industrial Realty Trust presently has an average rating of Hold and an average price target of $54.18.

First Industrial Realty Trust Price Performance

Shares of First Industrial Realty Trust stock opened at $53.79 on Tuesday. The stock has a 50 day moving average of $49.17 and a 200 day moving average of $50.35. First Industrial Realty Trust has a 12 month low of $40.44 and a 12 month high of $55.92. The firm has a market cap of $7.12 billion, a PE ratio of 24.79 and a beta of 1.07. 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 (NYSE:FR) last posted its quarterly earnings data on Wednesday, July 17th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.25). The company had revenue of $164.10 million during the quarter, compared to the consensus estimate of $163.48 million. First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. First Industrial Realty Trust’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.61 earnings per share. On average, research analysts expect that First Industrial Realty Trust will post 2.61 EPS for the current fiscal year.

First Industrial Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, September 30th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.48 annualized dividend and a yield of 2.75%. First Industrial Realty Trust’s payout ratio is currently 68.20%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Farmers & Merchants Investments Inc. increased its holdings in First Industrial Realty Trust by 781.7% during the 1st 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 during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of First Industrial Realty Trust by 46.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 631 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 200 shares during the period. Mather Group LLC. purchased a new position in shares of First Industrial Realty Trust in the 1st quarter valued at $50,000. EdgeRock Capital LLC purchased a new position in shares of First Industrial Realty Trust in the 4th quarter valued at $56,000. Finally, C M Bidwell & Associates Ltd. increased its holdings in shares of First Industrial Realty Trust by 119.5% in the 4th quarter. C M Bidwell & Associates Ltd. now owns 1,405 shares of the real estate investment trust’s stock valued at $74,000 after acquiring an additional 765 shares during the period. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

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.