First Industrial Realty Trust (NYSE:FR) Reaches New 52-Week High – Time to Buy?

First Industrial Realty Trust, Inc. (NYSE:FR)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $69.88 and last traded at $68.96, with a volume of 1390863 shares changing hands. The stock had previously closed at $68.86.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FR. Wall Street Zen upgraded First Industrial Realty Trust from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. Wells Fargo & Company decreased their target price on First Industrial Realty Trust from $63.00 to $61.00 and set an “equal weight” rating for the company in a research report on Monday, June 1st. Truist Financial raised their price target on First Industrial Realty Trust from $66.00 to $67.00 and gave the stock a “buy” rating in a research note on Friday, May 15th. Robert W. Baird lifted their price target on First Industrial Realty Trust from $67.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $65.00 price objective on shares of First Industrial Realty Trust in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.29.

First Industrial Realty Trust Trading Up 0.1%

The business’s 50 day simple moving average is $62.88 and its 200 day simple moving average is $60.99. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market capitalization of $9.14 billion, a price-to-earnings ratio of 26.73 and a beta of 1.05.

First Industrial Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 20th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, June 30th. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 77.52%.

Hedge Funds Weigh In On First Industrial Realty Trust

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC increased its position in First Industrial Realty Trust by 29.7% during the 2nd quarter. GAMMA Investing LLC now owns 2,999 shares of the real estate investment trust’s stock worth $184,000 after purchasing an additional 686 shares during the period. Versant Capital Management Inc increased its stake in shares of First Industrial Realty Trust by 5.2% during the 2nd quarter. Versant Capital Management Inc now owns 8,283 shares of the real estate investment trust’s stock worth $508,000 after purchasing an additional 408 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of First Industrial Realty Trust by 120.8% in the first quarter. Parallel Advisors LLC now owns 1,382 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 756 shares during the last quarter. Bank of America Corp DE raised its stake in First Industrial Realty Trust by 15.9% in the 1st quarter. Bank of America Corp DE now owns 778,077 shares of the real estate investment trust’s stock valued at $45,012,000 after purchasing an additional 106,928 shares during the last quarter. Finally, Bull Harbor Capital LLC acquired a new position in shares of First Industrial Realty Trust in the first quarter valued at approximately $227,000. 99.85% of the stock is owned by institutional investors and hedge funds.

First Industrial Realty Trust Company Profile

First Industrial Realty Trust, Inc (NYSE: FR) is a publicly traded real estate investment trust focused on the ownership, operation and development of industrial real estate assets. The company specializes in light industrial, warehouse and distribution facilities that serve a broad range of end markets, including manufacturing, transportation and e-commerce. Through both acquisitions and ground-up developments, First Industrial seeks to assemble a diversified portfolio of strategically located properties that support its tenants’ supply-chain needs.

Core services provided by First Industrial include property leasing, asset management, redevelopment of obsolescent buildings and build-to-suit development for creditworthy users.