Zacks Investment Research upgraded shares of First Industrial Realty Trust, Inc. (NYSE:FR) from a sell rating to a hold rating in a research note issued to investors on Monday, July 31st.
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. “
FR has been the topic of several other research reports. BidaskClub lowered shares of First Industrial Realty Trust from a buy rating to a hold rating in a research note on Wednesday, June 21st. Jefferies Group LLC reiterated a hold rating and set a $30.00 price objective (up previously from $29.00) on shares of First Industrial Realty Trust in a research note on Sunday, June 25th. Finally, Stifel Nicolaus increased their price objective on shares of First Industrial Realty Trust from $30.00 to $31.50 and gave the stock a buy rating in a research note on Wednesday, June 14th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. First Industrial Realty Trust presently has a consensus rating of Hold and a consensus price target of $30.20.
First Industrial Realty Trust (NYSE:FR) last released its quarterly earnings data on Wednesday, July 26th. The real estate investment trust reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.18. The firm had revenue of $97.60 million for the quarter, compared to analyst estimates of $97.62 million. First Industrial Realty Trust had a net margin of 29.91% and a return on equity of 8.88%. First Industrial Realty Trust’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 earnings per share. On average, equities research analysts anticipate that First Industrial Realty Trust will post $0.82 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be paid a $0.21 dividend. The ex-dividend date is Thursday, September 28th. This represents a $0.84 annualized dividend and a dividend yield of 2.80%. First Industrial Realty Trust’s payout ratio is currently 85.71%.
In other First Industrial Realty Trust 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 value of $434,387.28. Following the sale, the director now owns 949,531 shares in the company, valued at $27,232,549.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Scott A. Musil sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $30.22, for a total transaction of $604,400.00. Following the completion of the sale, the chief financial officer now owns 107,273 shares in the company, valued at approximately $3,241,790.06. The disclosure for this sale can be found here. Insiders sold 82,424 shares of company stock worth $2,473,616 in the last 90 days. 1.83% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC bought a new position in First Industrial Realty Trust during the fourth quarter valued at about $236,000. Teachers Advisors LLC boosted its position in First Industrial Realty Trust by 7.7% in the fourth quarter. Teachers Advisors LLC now owns 899,191 shares of the real estate investment trust’s stock valued at $25,222,000 after buying an additional 63,990 shares during the period. Macquarie Group Ltd. boosted its position in First Industrial Realty Trust by 15.2% in the fourth quarter. Macquarie Group Ltd. now owns 1,612,652 shares of the real estate investment trust’s stock valued at $45,235,000 after buying an additional 212,848 shares during the period. Capstone Asset Management Co. boosted its position in First Industrial Realty Trust by 2.0% in the first quarter. Capstone Asset Management Co. now owns 12,502 shares of the real estate investment trust’s stock valued at $333,000 after buying an additional 250 shares during the period. Finally, Louisiana State Employees Retirement System boosted its position in First Industrial Realty Trust by 2.4% in the first quarter. Louisiana State Employees Retirement System now owns 29,600 shares of the real estate investment trust’s stock valued at $788,000 after buying an additional 700 shares during the period. Institutional investors and hedge funds own 91.87% of the company’s stock.
About First Industrial Realty Trust
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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