First Industrial Realty Trust (FR) Downgraded by ValuEngine

ValuEngine lowered shares of First Industrial Realty Trust (NYSE:FR) from a buy rating to a hold rating in a research note released on Wednesday.

Several other equities research analysts have also recently issued reports on FR. J P Morgan Chase & Co cut First Industrial Realty Trust from a neutral rating to an underweight rating and set a $31.00 price objective on the stock. in a report on Friday, December 15th. Jefferies Group restated a neutral rating on shares of First Industrial Realty Trust in a report on Tuesday, September 26th. KeyCorp restated a hold rating on shares of First Industrial Realty Trust in a report on Friday, August 25th. Janney Montgomery Scott initiated coverage on First Industrial Realty Trust in a report on Friday, September 29th. They set a buy rating and a $34.00 target price on the stock. Finally, Stifel Nicolaus boosted their target price on First Industrial Realty Trust from $33.00 to $34.00 and gave the stock a buy rating in a report on Monday, November 6th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $31.86.

Shares of First Industrial Realty Trust (FR) traded up $0.24 during trading on Wednesday, hitting $31.12. The company had a trading volume of 974,975 shares, compared to its average volume of 874,526. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.98. First Industrial Realty Trust has a 1 year low of $25.31 and a 1 year high of $32.91. The stock has a market cap of $3,700.88, a price-to-earnings ratio of 29.08 and a beta of 1.02.

First Industrial Realty Trust (NYSE:FR) last announced its quarterly earnings results on Wednesday, October 25th. The real estate investment trust reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.25. First Industrial Realty Trust had a return on equity of 9.54% and a net margin of 32.44%. The firm had revenue of $99.30 million during the quarter, compared to analyst estimates of $98.38 million. During the same quarter in the previous year, the business earned $0.37 EPS. First Industrial Realty Trust’s revenue for the quarter was up 6.1% compared to the same quarter last year. sell-side analysts anticipate that First Industrial Realty Trust will post 1.55 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Thursday, December 28th. First Industrial Realty Trust’s payout ratio is 78.50%.

In related news, Director Bruce W. Duncan sold 16,854 shares of the business’s stock in a transaction on Friday, December 8th. The shares were sold at an average price of $32.42, for a total transaction of $546,406.68. Following the completion of the transaction, the director now owns 866,966 shares in the company, valued at $28,107,037.72. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Bruce W. Duncan sold 16,855 shares of the business’s stock in a transaction on Wednesday, October 11th. The stock was sold at an average price of $30.85, for a total transaction of $519,976.75. The disclosure for this sale can be found here. In the last three months, insiders sold 50,564 shares of company stock worth $1,601,193. 1.71% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio grew its stake in shares of First Industrial Realty Trust by 47.3% during the third quarter. Public Employees Retirement System of Ohio now owns 195,236 shares of the real estate investment trust’s stock worth $5,875,000 after purchasing an additional 62,705 shares in the last quarter. California Public Employees Retirement System boosted its stake in First Industrial Realty Trust by 7.3% in the third quarter. California Public Employees Retirement System now owns 215,171 shares of the real estate investment trust’s stock valued at $6,474,000 after acquiring an additional 14,727 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in First Industrial Realty Trust by 119.4% in the third quarter. Cubist Systematic Strategies LLC now owns 93,077 shares of the real estate investment trust’s stock valued at $2,801,000 after acquiring an additional 50,647 shares in the last quarter. Magnetar Financial LLC acquired a new position in First Industrial Realty Trust in the third quarter valued at $476,000. Finally, Asset Management One Co. Ltd. boosted its stake in First Industrial Realty Trust by 1.1% in the third quarter. Asset Management One Co. Ltd. now owns 251,295 shares of the real estate investment trust’s stock valued at $7,597,000 after acquiring an additional 2,711 shares in the last quarter. Hedge funds and other institutional investors own 92.88% of the company’s stock.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for First Industrial Realty Trust (NYSE:FR)

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