First Industrial Realty Trust (NYSE:FR) Price Target Cut to $53.00

First Industrial Realty Trust (NYSE:FR) had its target price trimmed by JPMorgan Chase & Co. from $59.00 to $53.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

FR has been the subject of several other reports. Royal Bank of Canada boosted their price objective on shares of First Industrial Realty Trust from $55.00 to $60.00 and gave the stock an outperform rating in a research note on Friday, February 16th. TheStreet upgraded shares of First Industrial Realty Trust from a c+ rating to a b- rating in a research note on Thursday, January 11th. Mizuho reiterated a buy rating and set a $58.00 price objective on shares of First Industrial Realty Trust in a research note on Tuesday, April 2nd. Truist Financial boosted their price objective on shares of First Industrial Realty Trust from $57.00 to $59.00 and gave the stock a buy rating in a research note on Tuesday, February 20th. Finally, Barclays reiterated an equal weight rating and set a $53.00 price objective (down from $63.00) on shares of First Industrial Realty Trust in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $53.11.

First Industrial Realty Trust Stock Performance

Shares of FR stock opened at $46.00 on Wednesday. First Industrial Realty Trust has a one year low of $40.44 and a one year high of $55.22. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.06 and a current ratio of 1.25. The company has a 50 day moving average price of $51.55 and a 200 day moving average price of $49.88. The firm has a market capitalization of $6.09 billion, a price-to-earnings ratio of 21.20 and a beta of 1.01.

First Industrial Realty Trust Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a $0.37 dividend. The ex-dividend date was Wednesday, March 27th. This is an increase from First Industrial Realty Trust’s previous quarterly dividend of $0.32. This represents a $1.48 annualized dividend and a dividend yield of 3.22%. First Industrial Realty Trust’s dividend payout ratio is 68.20%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake in shares of First Industrial Realty Trust by 3.1% in the third quarter. PNC Financial Services Group Inc. now owns 9,009 shares of the real estate investment trust’s stock valued at $429,000 after purchasing an additional 275 shares during the period. Nomura Asset Management Co. Ltd. boosted its stake in shares of First Industrial Realty Trust by 2.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 145,950 shares of the real estate investment trust’s stock valued at $6,946,000 after purchasing an additional 3,580 shares during the period. Cetera Trust Company N.A purchased a new position in shares of First Industrial Realty Trust in the fourth quarter valued at $237,000. Deutsche Bank AG boosted its stake in shares of First Industrial Realty Trust by 16.6% in the third quarter. Deutsche Bank AG now owns 223,882 shares of the real estate investment trust’s stock valued at $10,655,000 after purchasing an additional 31,887 shares during the period. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in First Industrial Realty Trust by 93.5% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 45,086 shares of the real estate investment trust’s stock valued at $2,146,000 after acquiring an additional 21,780 shares during the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

First Industrial Realty Trust Company 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.