Zacks Investment Research Lowers First Industrial Realty Trust (NYSE:FR) to Hold

Zacks Investment Research lowered shares of First Industrial Realty Trust (NYSE:FR) from a buy rating to a hold rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “FIRST INDUSTRIAL REALTY TRUST is a self-administered and fully integrated industrial real estate company which owns, mamages, acquires and develops industrial real estste. “

Separately, Goldman Sachs Group began coverage on First Industrial Realty Trust in a research note on Wednesday, May 15th. They set a buy rating and a $38.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $32.70.

Shares of FR traded up $0.17 during trading hours on Thursday, hitting $39.18. 3,833 shares of the stock traded hands, compared to its average volume of 704,904. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.83. First Industrial Realty Trust has a 1-year low of $27.30 and a 1-year high of $39.06. The firm has a market capitalization of $4.83 billion, a PE ratio of 24.46, a price-to-earnings-growth ratio of 3.48 and a beta of 0.71. The business has a fifty day moving average of $37.86 and a 200-day moving average of $35.74.

First Industrial Realty Trust (NYSE:FR) last issued its quarterly earnings results on Wednesday, July 24th. The real estate investment trust reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.11). First Industrial Realty Trust had a net margin of 35.11% and a return on equity of 8.70%. The firm had revenue of $104.10 million for the quarter, compared to analyst estimates of $105.62 million. During the same period last year, the company earned $0.39 EPS. The company’s revenue was up 5.3% compared to the same quarter last year. As a group, equities research analysts expect that First Industrial Realty Trust will post 1.71 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, September 30th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Friday, September 27th. First Industrial Realty Trust’s payout ratio is 57.50%.

Large investors have recently added to or reduced their stakes in the business. Citigroup Inc. lifted its stake in First Industrial Realty Trust by 11.8% in the first quarter. Citigroup Inc. now owns 154,626 shares of the real estate investment trust’s stock valued at $5,468,000 after buying an additional 16,349 shares during the period. Barings LLC increased its holdings in shares of First Industrial Realty Trust by 3.0% in the first quarter. Barings LLC now owns 1,124,003 shares of the real estate investment trust’s stock worth $39,745,000 after acquiring an additional 32,769 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of First Industrial Realty Trust by 21.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 12,000 shares of the real estate investment trust’s stock worth $389,000 after acquiring an additional 2,100 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of First Industrial Realty Trust by 9.1% in the fourth quarter. Geode Capital Management LLC now owns 1,702,290 shares of the real estate investment trust’s stock worth $49,128,000 after acquiring an additional 141,450 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of First Industrial Realty Trust by 1.6% in the first quarter. Rhumbline Advisers now owns 441,079 shares of the real estate investment trust’s stock worth $15,597,000 after acquiring an additional 7,105 shares in the last quarter. 92.89% of the stock is currently owned by hedge funds and other institutional investors.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types.

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