Wells Fargo & Company Issues Pessimistic Forecast for First Industrial Realty Trust (NYSE:FR) Stock Price

First Industrial Realty Trust (NYSE:FR) had its price objective decreased by equities research analysts at Wells Fargo & Company from $66.00 to $60.00 in a report released on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 9.49% from the company’s current price.

A number of other research firms have also issued reports on FR. UBS Group set a $71.00 target price on First Industrial Realty Trust in a research note on Friday, October 23rd. Barclays lifted their price objective on shares of First Industrial Realty Trust from $64.00 to $69.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Truist Financial boosted their price target on First Industrial Realty Trust from $67.00 to $73.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Robert W. Baird lifted their price objective on shares of First Industrial Realty Trust from $71.00 to $74.00 and gave the stock an “outperform” rating in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group dropped their target price on First Industrial Realty Trust from $72.00 to $62.00 and set a “neutral” rating on the stock in a research report on Friday, October 23rd. Seven analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $65.67.

First Industrial Realty Trust Stock Performance

Shares of FR opened at $54.80 on Monday. The company has a market capitalization of $7.27 billion, a price-to-earnings ratio of 20.33 and a beta of 1.01. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.06 and a current ratio of 1.06. First Industrial Realty Trust has a 1 year low of $54.16 and a 1 year high of $69.88. The company’s 50 day simple moving average is $59.99 and its 200 day simple moving average is $61.34.

First Industrial Realty Trust (NYSE:FR) last posted its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.38). The company had revenue of $197.12 million for the quarter, compared to analysts’ expectations of $196.41 million. First Industrial Realty Trust had a return on equity of 12.60% and a net margin of 46.12%. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.76 EPS. On average, sell-side analysts predict that First Industrial Realty Trust will post 3.16 EPS for the current year.

Hedge Funds Weigh In On First Industrial Realty Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FR. BlackRock Inc. acquired a new position in shares of First Industrial Realty Trust in the second quarter valued at $1,021,489,000. Dimensional Fund Advisors LP increased its position in First Industrial Realty Trust by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,025,484 shares of the real estate investment trust’s stock valued at $117,173,000 after acquiring an additional 40,101 shares in the last quarter. Deutsche Bank AG bought a new position in First Industrial Realty Trust in the 2nd quarter worth approximately $79,730,000. Artemis Investment Management LLP boosted its position in First Industrial Realty Trust by 0.5% in the 3rd quarter. Artemis Investment Management LLP now owns 1,244,218 shares of the real estate investment trust’s stock valued at $74,081,000 after buying an additional 6,732 shares during the last quarter. Finally, Quantinno Capital Management LP increased its stake in shares of First Industrial Realty Trust by 27.1% in the 1st quarter. Quantinno Capital Management LP now owns 1,217,721 shares of the real estate investment trust’s stock valued at $70,445,000 after buying an additional 259,476 shares during the period. Institutional investors and hedge funds own 99.85% of the company’s stock.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc (NYSE: FR) is a real estate investment trust focused on the ownership, management, acquisition, development and redevelopment of industrial properties in the United States. Its portfolio primarily serves businesses that require space for distribution, warehousing, manufacturing, light industrial operations and other logistics-related activities.

The company leases its properties to a diverse group of tenants, including retailers, manufacturers, logistics providers and third-party distribution companies.