First Industrial Realty Trust (NYSE:FR) Reaches New 1-Year Low Following Analyst Downgrade

First Industrial Realty Trust, Inc. (NYSE:FR) hit a new 52-week low on Thursday after Truist Financial lowered their price target on the stock from $73.00 to $62.00. Truist Financial currently has a buy rating on the stock. First Industrial Realty Trust traded as low as $54.16 and last traded at $54.2480, with a volume of 478,773 shares trading hands. The stock had previously closed at $55.51.

FR has been the subject of several other reports. Cantor Fitzgerald reduced their price target on First Industrial Realty Trust from $71.00 to $58.00 and set a “neutral” rating for the company in a research report on Monday, October 26th. Royal Bank Of Canada reduced their target price on First Industrial Realty Trust from $75.00 to $70.00 and set an “outperform” rating on the stock in a research report on Friday, October 30th. Barclays raised their price target on shares of First Industrial Realty Trust from $64.00 to $69.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Wells Fargo & Company lowered their price objective on First Industrial Realty Trust from $66.00 to $60.00 and set an “equal weight” rating for the company in a research report on Monday. Finally, Raymond James Financial cut First Industrial Realty Trust from a “strong-buy” rating to an “outperform” rating and cut their target price for the stock from $86.00 to $71.00 in a research report on Friday, October 23rd. Seven research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $64.93.

Institutional Investors Weigh In On First Industrial Realty Trust

Large investors have recently added to or reduced their stakes in the company. Covestor Ltd raised its position in shares of First Industrial Realty Trust by 250.8% in the 3rd quarter. Covestor Ltd now owns 414 shares of the real estate investment trust’s stock valued at $25,000 after purchasing an additional 296 shares in the last quarter. Trust Co. of Vermont acquired a new position in shares of First Industrial Realty Trust during the second quarter worth approximately $39,000. Elevation Wealth Partners LLC boosted its stake in First Industrial Realty Trust by 94.1% during the 3rd quarter. Elevation Wealth Partners LLC now owns 751 shares of the real estate investment trust’s stock valued at $45,000 after purchasing an additional 364 shares in the last quarter. Persistent Asset Partners Ltd bought a new position in shares of First Industrial Realty Trust in the second quarter valued at $70,000. Finally, State of Wyoming acquired a new stake in shares of First Industrial Realty Trust in the second quarter worth $71,000. 99.85% of the stock is owned by institutional investors and hedge funds.

First Industrial Realty Trust Price Performance

The company has a market capitalization of $7.19 billion, a PE ratio of 20.16 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. The stock has a 50 day moving average price of $59.50 and a two-hundred day moving average price of $61.28.

First Industrial Realty Trust (NYSE:FR) last posted its 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 business had revenue of $197.12 million during the quarter, compared to the consensus estimate of $196.41 million. First Industrial Realty Trust had a net margin of 46.12% and a return on equity of 12.60%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.76 EPS. Equities analysts forecast that First Industrial Realty Trust, Inc. will post 3.15 earnings per share for the current year.

First Industrial Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 19th. Shareholders of record on Thursday, December 31st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $2.00 annualized dividend and a yield of 3.7%. First Industrial Realty Trust’s payout ratio is presently 74.35%.

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.