First Industrial Realty Trust (NYSE:FR) Downgraded by Wedbush to “Neutral”

Wedbush lowered shares of First Industrial Realty Trust (NYSE:FR) from an outperform rating to a neutral rating in a research note released on Thursday morning, Marketbeat.com reports. The brokerage currently has $49.00 price target on the real estate investment trust’s stock, down from their previous price target of $59.00. Wedbush also issued estimates for First Industrial Realty Trust’s FY2024 earnings at $2.58 EPS and FY2025 earnings at $2.84 EPS.

Several other equities research analysts also recently commented on the company. Barclays reaffirmed an equal weight rating and set a $53.00 target price (down from $63.00) on shares of First Industrial Realty Trust in a report on Wednesday, March 27th. Truist Financial increased their price objective on First Industrial Realty Trust from $57.00 to $59.00 and gave the stock a buy rating in a research note on Tuesday, February 20th. TheStreet raised First Industrial Realty Trust from a c+ rating to a b- rating in a research note on Thursday, January 11th. Royal Bank of Canada increased their price objective on First Industrial Realty Trust from $55.00 to $60.00 and gave the stock an outperform rating in a research note on Friday, February 16th. Finally, The Goldman Sachs Group increased their price objective on First Industrial Realty Trust from $41.00 to $47.00 and gave the stock a sell rating in a research note on Thursday, January 11th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Hold and an average price target of $53.11.

First Industrial Realty Trust Trading Up 0.0 %

NYSE:FR opened at $46.05 on Thursday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.06 and a current ratio of 1.25. The stock has a market cap of $6.09 billion, a price-to-earnings ratio of 21.22 and a beta of 1.01. The business has a fifty day moving average of $51.73 and a 200-day moving average of $49.87. First Industrial Realty Trust has a 1 year low of $40.44 and a 1 year high of $55.22.

First Industrial Realty Trust Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $0.37 dividend. This is a positive change from First Industrial Realty Trust’s previous quarterly dividend of $0.32. This represents a $1.48 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend was Wednesday, March 27th. First Industrial Realty Trust’s dividend payout ratio is presently 68.20%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of FR. SG Americas Securities LLC lifted its position in shares of First Industrial Realty Trust by 27.7% in the 3rd quarter. SG Americas Securities LLC now owns 20,506 shares of the real estate investment trust’s stock worth $976,000 after acquiring an additional 4,447 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of First Industrial Realty Trust by 6.2% during the 3rd quarter. Commonwealth Equity Services LLC now owns 74,187 shares of the real estate investment trust’s stock worth $3,531,000 after buying an additional 4,362 shares during the period. Raymond James & Associates lifted its position in shares of First Industrial Realty Trust by 8.0% during the 3rd quarter. Raymond James & Associates now owns 18,098 shares of the real estate investment trust’s stock worth $861,000 after buying an additional 1,344 shares during the period. Bailard Inc. lifted its position in shares of First Industrial Realty Trust by 34.5% during the 3rd quarter. Bailard Inc. now owns 16,000 shares of the real estate investment trust’s stock worth $761,000 after buying an additional 4,100 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of First Industrial Realty Trust by 9.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 72,536 shares of the real estate investment trust’s stock worth $3,452,000 after buying an additional 6,203 shares during the period. 99.85% of the stock is owned by institutional investors and hedge funds.

About First Industrial Realty Trust

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.