Principal Financial Group Inc. Sells 76,935 Shares of First Industrial Realty Trust, Inc. (NYSE:FR)

Principal Financial Group Inc. reduced its holdings in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 2.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,021,986 shares of the real estate investment trust’s stock after selling 76,935 shares during the quarter. Principal Financial Group Inc.’s holdings in First Industrial Realty Trust were worth $143,575,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in FR. Farmers & Merchants Investments Inc. lifted its stake 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 valued at $28,000 after acquiring an additional 469 shares in the last quarter. Allspring Global Investments Holdings LLC boosted 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 during the last quarter. Mather Group LLC. bought a new stake in First Industrial Realty Trust in the 1st quarter worth about $50,000. EdgeRock Capital LLC bought a new position in shares of First Industrial Realty Trust during the 4th quarter worth approximately $56,000. Finally, C M Bidwell & Associates Ltd. boosted its stake 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 worth $74,000 after buying an additional 765 shares during the last quarter. 99.85% of the stock is owned by institutional investors.

First Industrial Realty Trust Trading Up 1.0 %

Shares of NYSE:FR traded up $0.56 on Friday, reaching $56.71. 908,791 shares of the company traded hands, compared to its average volume of 1,034,399. The stock has a market capitalization of $7.51 billion, a P/E ratio of 26.13 and a beta of 1.07. The business’s 50-day simple moving average is $52.21 and its 200 day simple moving average is $50.61. 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, Inc. has a 52 week low of $40.44 and a 52 week high of $57.11.

First Industrial Realty Trust (NYSE:FR) last posted its quarterly earnings results 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). First Industrial Realty Trust had a return on equity of 10.72% and a net margin of 44.46%. The company had revenue of $164.10 million for the quarter, compared to the consensus estimate of $163.48 million. During the same quarter in the previous year, the business earned $0.61 earnings per share. First Industrial Realty Trust’s revenue was up 7.8% compared to the same quarter last year. As a group, equities analysts anticipate that First Industrial Realty Trust, Inc. will post 2.61 EPS for the current fiscal year.

First Industrial Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 21st. Investors 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 dividend on an annualized basis and a yield of 2.61%. First Industrial Realty Trust’s dividend payout ratio is currently 68.20%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FR shares. Scotiabank increased their price target on First Industrial Realty Trust from $55.00 to $58.00 and gave the company a “sector perform” rating in a research report on Monday. The Goldman Sachs Group lifted their target price on First Industrial Realty Trust from $46.00 to $52.00 and gave the stock a “sell” rating in a research note on Friday, July 26th. Royal Bank of Canada increased their price target on shares of First Industrial Realty Trust from $57.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. JPMorgan Chase & Co. boosted their target price on First Industrial Realty Trust from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Truist Financial increased their price target on First Industrial Realty Trust from $54.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $56.15.

First Industrial Realty Trust 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.