First Industrial Realty Trust (NYSE:FR) Stock Price Target Lowered at Scotiabank

First Industrial Realty Trust (NYSE:FR) had its price target trimmed by Scotiabank from $66.00 to $61.00 in a research report sent to investors on Friday,Benzinga reports. The firm currently has a sector perform rating on the real estate investment trust’s stock.

Several other analysts have also recently commented on the stock. Robert W. Baird lifted their target price on shares of First Industrial Realty Trust from $71.00 to $74.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 29th. Barclays increased their price target on First Industrial Realty Trust from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. UBS Group set a $71.00 price objective on First Industrial Realty Trust in a report on Friday, October 23rd. Citigroup lowered their price objective on First Industrial Realty Trust from $72.00 to $60.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Wells Fargo & Company upped their target price on First Industrial Realty Trust from $61.00 to $66.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 1st. Seven research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $66.07.

First Industrial Realty Trust Price Performance

First Industrial Realty Trust stock opened at $54.39 on Friday. The stock has a market capitalization of $7.21 billion, a P/E ratio of 17.85 and a beta of 1.03. First Industrial Realty Trust has a 12-month low of $54.16 and a 12-month high of $69.88. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.06 and a quick ratio of 1.06. The firm’s 50-day moving average is $59.99 and its two-hundred day moving average is $61.34.

First Industrial Realty Trust (NYSE:FR) last posted its quarterly earnings data 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 firm had revenue of $197.12 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.76 EPS. Equities analysts predict that First Industrial Realty Trust will post 3.16 earnings per share for the current year.

First Industrial Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 19th. Investors of record on Wednesday, September 30th were given a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.00 annualized dividend and a dividend yield of 3.7%. First Industrial Realty Trust’s dividend payout ratio (DPR) is currently 74.35%.

Institutional Investors Weigh In On First Industrial Realty Trust

A number of institutional investors have recently bought and sold shares of FR. Covestor Ltd raised its stake in First Industrial Realty Trust by 250.8% during the third quarter. Covestor Ltd now owns 414 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 296 shares during the period. Trust Co. of Vermont acquired a new position in shares of First Industrial Realty Trust in the 2nd quarter valued at $39,000. Elevation Wealth Partners LLC grew its stake in shares of 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 buying an additional 364 shares during the period. Persistent Asset Partners Ltd purchased a new stake in shares of First Industrial Realty Trust during the 2nd quarter valued at $70,000. Finally, State of Wyoming purchased a new stake in shares of First Industrial Realty Trust during the 2nd quarter valued at $71,000. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting First Industrial Realty Trust

Here are the key news stories impacting First Industrial Realty Trust this week:

• Positive Sentiment: Royal Bank of Canada maintained its “outperform” rating while lowering its price target to $70 from $75. The revised target still implies substantial potential upside. RBC target reduction article
• Neutral Sentiment: Scotiabank reduced its price target to $61 from $66 and assigned a “sector perform” rating, signaling expectations broadly in line with the sector despite some implied upside. Scotiabank recommendations
• Neutral Sentiment: Citigroup lowered its target to $60 from $72 and kept a “neutral” rating. The sharp reduction reflects a more cautious outlook, even though the new target remains above recent trading levels. Citigroup recommendations
• Negative Sentiment: JPMorgan downgraded First Industrial Realty Trust from “overweight” to “neutral” and cut its price target to $60 from $74. This was the most notable negative revision and likely contributed to selling pressure. JPMorgan downgrade article
• Negative Sentiment: The latest quarterly results also remain a concern: earnings per share came in well below consensus, while revenue increased year over year. The earnings shortfall may be reinforcing analysts’ more conservative valuations.

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.