First Industrial Realty Trust (NYSE:FR) Price Target Increased to $58.00 by Analysts at Scotiabank

First Industrial Realty Trust (NYSE:FR) had its price objective hoisted by Scotiabank from $55.00 to $58.00 in a report issued on Monday, Benzinga reports. Scotiabank currently has a sector perform rating on the real estate investment trust’s stock.

Several other brokerages also recently issued reports on FR. BNP Paribas initiated coverage on shares of First Industrial Realty Trust in a research report on Tuesday, June 4th. They set an outperform rating and a $57.00 price objective for the company. Royal Bank of Canada lifted their price target on First Industrial Realty Trust from $57.00 to $60.00 and gave the stock an outperform rating in a report on Tuesday, July 30th. Truist Financial upped their price objective on First Industrial Realty Trust from $54.00 to $60.00 and gave the company a buy rating in a report on Monday, August 5th. Wolfe Research raised shares of First Industrial Realty Trust from a peer perform rating to an outperform rating and set a $64.00 target price for the company in a research report on Tuesday, August 13th. Finally, The Goldman Sachs Group raised their price target on shares of First Industrial Realty Trust from $46.00 to $52.00 and gave the stock a sell rating in a research report on Friday, July 26th. Two analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $56.15.

First Industrial Realty Trust Stock Performance

FR opened at $56.15 on Monday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.83. First Industrial Realty Trust has a 12-month low of $40.44 and a 12-month high of $57.11. The business has a 50 day moving average of $52.02 and a 200-day moving average of $50.60. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of 25.88 and a beta of 1.07.

First Industrial Realty Trust (NYSE:FR) last announced its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.25). First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. The business had revenue of $164.10 million for the quarter, compared to analyst estimates of $163.48 million. During the same period in the prior year, the business earned $0.61 EPS. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, equities research analysts expect that First Industrial Realty Trust will post 2.61 earnings per share for the current year.

First Industrial Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, September 30th will be given a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.48 annualized dividend and a dividend yield of 2.64%. First Industrial Realty Trust’s dividend payout ratio is currently 68.20%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Farmers & Merchants Investments Inc. increased its position in First Industrial Realty Trust by 781.7% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 529 shares of the real estate investment trust’s stock worth $28,000 after purchasing an additional 469 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of First Industrial Realty Trust by 46.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 631 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 200 shares in the last quarter. Mather Group LLC. bought a new position in shares of First Industrial Realty Trust in the 1st quarter valued at $50,000. EdgeRock Capital LLC acquired a new stake in shares of First Industrial Realty Trust during the 4th quarter valued at $56,000. Finally, C M Bidwell & Associates Ltd. grew its position in First Industrial Realty Trust by 119.5% during the 4th quarter. C M Bidwell & Associates Ltd. now owns 1,405 shares of the real estate investment trust’s stock worth $74,000 after acquiring an additional 765 shares during the last quarter. Institutional investors own 99.85% of the company’s stock.

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.