First Industrial Realty Trust, Inc. (FR) Stock Rating Upgraded by BidaskClub

BidaskClub upgraded shares of First Industrial Realty Trust, Inc. (NYSE:FR) from a hold rating to a buy rating in a research note released on Monday, July 24th.

FR has been the subject of several other reports. Jefferies Group LLC reiterated a hold rating and issued a $30.00 price objective (up from $29.00) on shares of First Industrial Realty Trust in a report on Sunday, June 25th. Zacks Investment Research upgraded shares of First Industrial Realty Trust from a hold rating to a buy rating and set a $32.00 price objective for the company in a report on Tuesday, May 2nd. Finally, Stifel Nicolaus increased their price objective on shares of First Industrial Realty Trust from $30.00 to $31.50 and gave the company a buy rating in a report on Wednesday, June 14th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $30.20.

Shares of First Industrial Realty Trust (NYSE FR) opened at 29.98 on Monday. The stock has a market cap of $3.59 billion, a price-to-earnings ratio of 30.53 and a beta of 1.00. The stock’s 50 day moving average price is $29.65 and its 200 day moving average price is $28.14. First Industrial Realty Trust has a 52 week low of $24.85 and a 52 week high of $31.14.

First Industrial Realty Trust (NYSE:FR) last posted its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.18. The business had revenue of $97.60 million during the quarter, compared to analysts’ expectations of $97.62 million. First Industrial Realty Trust had a net margin of 29.91% and a return on equity of 8.88%. The business’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the firm posted $0.36 earnings per share. Equities research analysts anticipate that First Industrial Realty Trust will post $0.82 EPS for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Monday, October 16th. Investors of record on Friday, September 29th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date is Thursday, September 28th. First Industrial Realty Trust’s payout ratio is 85.71%.

In related news, Director Bruce W. Duncan sold 15,146 shares of the firm’s stock in a transaction that occurred on Wednesday, July 12th. The shares were sold at an average price of $28.68, for a total transaction of $434,387.28. Following the completion of the sale, the director now directly owns 949,531 shares in the company, valued at $27,232,549.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter Schultz sold 12,132 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $30.43, for a total transaction of $369,176.76. Following the sale, the executive vice president now owns 109,399 shares of the company’s stock, valued at $3,329,011.57. The disclosure for this sale can be found here. Insiders have sold 82,424 shares of company stock valued at $2,473,616 over the last 90 days. 1.83% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of FR. IFP Advisors Inc increased its stake in shares of First Industrial Realty Trust by 5.2% in the second quarter. IFP Advisors Inc now owns 3,823 shares of the real estate investment trust’s stock valued at $109,000 after buying an additional 190 shares during the period. First Mercantile Trust Co. increased its stake in shares of First Industrial Realty Trust by 1.8% in the second quarter. First Mercantile Trust Co. now owns 4,070 shares of the real estate investment trust’s stock valued at $116,000 after buying an additional 70 shares during the period. Glen Harbor Capital Management LLC increased its stake in shares of First Industrial Realty Trust by 10.0% in the first quarter. Glen Harbor Capital Management LLC now owns 4,356 shares of the real estate investment trust’s stock valued at $116,000 after buying an additional 396 shares during the period. Elkfork Partners LLC increased its stake in shares of First Industrial Realty Trust by 10.0% in the first quarter. Elkfork Partners LLC now owns 5,544 shares of the real estate investment trust’s stock valued at $148,000 after buying an additional 504 shares during the period. Finally, Riverhead Capital Management LLC increased its stake in shares of First Industrial Realty Trust by 77.8% in the second quarter. Riverhead Capital Management LLC now owns 6,224 shares of the real estate investment trust’s stock valued at $178,000 after buying an additional 2,724 shares during the period. Institutional investors and hedge funds own 91.87% of the company’s stock.

First Industrial Realty Trust Company Profile

First Industrial Realty Trust, Inc is a real estate investment trust (REIT). The Trust is a self-administered real estate company, which owns, manages, acquires, sells, develops and redevelops industrial real estate. As of December 31, 2016, the Company’s in-service portfolio consisted of 215 light industrial properties, 53 research and development (R&D)/flex properties, 167 bulk warehouse properties and 100 regional warehouse properties containing an aggregate of approximately 62.2 million square feet of gross leasable area (GLA) located in 23 states.

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