The Manufacturers Life Insurance Company Reduces Position in First Industrial Realty Trust, Inc. (NYSE:FR)

The Manufacturers Life Insurance Company decreased its stake in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 9.5% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 881,082 shares of the real estate investment trust’s stock after selling 92,359 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in First Industrial Realty Trust were worth $49,323,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of FR. Land & Buildings Investment Management LLC increased its position in First Industrial Realty Trust by 256.4% during the second quarter. Land & Buildings Investment Management LLC now owns 808,212 shares of the real estate investment trust’s stock worth $38,398,000 after buying an additional 581,472 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of First Industrial Realty Trust in the second quarter valued at $23,755,000. Bank of Montreal Can grew its position in shares of First Industrial Realty Trust by 442.8% in the second quarter. Bank of Montreal Can now owns 559,132 shares of the real estate investment trust’s stock valued at $26,570,000 after purchasing an additional 456,124 shares during the period. National Bank of Canada FI grew its position in shares of First Industrial Realty Trust by 84.4% in the second quarter. National Bank of Canada FI now owns 876,000 shares of the real estate investment trust’s stock valued at $41,286,000 after purchasing an additional 401,000 shares during the period. Finally, Lighthouse Investment Partners LLC grew its position in shares of First Industrial Realty Trust by 88.9% in the second quarter. Lighthouse Investment Partners LLC now owns 425,000 shares of the real estate investment trust’s stock valued at $20,192,000 after purchasing an additional 200,000 shares during the period. Hedge funds and other institutional investors own 99.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FR. Wolfe Research raised First Industrial Realty Trust from a “peer perform” rating to an “outperform” rating and set a $64.00 price objective for the company in a research report on Tuesday, August 13th. Mizuho lifted their price objective on First Industrial Realty Trust from $58.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, September 5th. Barclays lowered their price objective on First Industrial Realty Trust from $56.00 to $55.00 and set an “equal weight” rating for the company in a research report on Monday, November 18th. Truist Financial boosted their price target on First Industrial Realty Trust from $54.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Wells Fargo & Company boosted their price target on First Industrial Realty Trust from $50.00 to $61.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, First Industrial Realty Trust presently has an average rating of “Moderate Buy” and a consensus price target of $57.83.

First Industrial Realty Trust Trading Up 0.4 %

Shares of FR opened at $54.08 on Friday. The stock’s 50-day moving average is $54.11 and its two-hundred day moving average is $52.22. The stock has a market cap of $7.16 billion, a PE ratio of 23.21 and a beta of 1.08. First Industrial Realty Trust, Inc. has a 12 month low of $45.02 and a 12 month high of $57.35. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.11 and a quick ratio of 1.11.

First Industrial Realty Trust (NYSE:FR) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.08. The company had revenue of $167.60 million for the quarter, compared to analysts’ expectations of $164.01 million. First Industrial Realty Trust had a return on equity of 11.53% and a net margin of 47.34%. The firm’s quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.62 earnings per share. Equities analysts forecast that First Industrial Realty Trust, Inc. will post 2.63 earnings per share for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 21st. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Tuesday, December 31st. First Industrial Realty Trust’s dividend payout ratio is presently 63.52%.

First Industrial Realty Trust 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.