First Industrial Realty Trust (NYSE:FR) Sees Unusually-High Trading Volume on Strong Earnings

Shares of First Industrial Realty Trust, Inc. (NYSE:FR) saw strong trading volume on Thursday following a better than expected earnings announcement. 1,087,115 shares changed hands during mid-day trading, an increase of 21% from the previous session’s volume of 895,561 shares.The stock last traded at $55.05 and had previously closed at $53.80.

The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.36. First Industrial Realty Trust had a return on equity of 11.53% and a net margin of 47.34%.

First Industrial Realty Trust Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Shareholders of record on Monday, March 31st will be given a $0.445 dividend. This is an increase from First Industrial Realty Trust’s previous quarterly dividend of $0.37. This represents a $1.78 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date of this dividend is Monday, March 31st. First Industrial Realty Trust’s dividend payout ratio (DPR) is currently 63.52%.

Wall Street Analysts Forecast Growth

FR has been the subject of several recent research reports. KeyCorp upgraded First Industrial Realty Trust from an “underweight” rating to a “sector weight” rating in a research report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft initiated coverage on First Industrial Realty Trust in a research report on Tuesday, January 14th. They issued a “hold” rating and a $52.00 price target for the company. Finally, Barclays reduced their price target 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $57.38.

Institutional Investors Weigh In On First Industrial Realty Trust

Hedge funds have recently added to or reduced their stakes in the company. Synovus Financial Corp lifted its stake in First Industrial Realty Trust by 96.3% during the third quarter. Synovus Financial Corp now owns 28,374 shares of the real estate investment trust’s stock worth $1,588,000 after purchasing an additional 13,922 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of First Industrial Realty Trust by 42.9% in the 3rd quarter. Franklin Resources Inc. now owns 193,532 shares of the real estate investment trust’s stock valued at $10,546,000 after acquiring an additional 58,088 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of First Industrial Realty Trust by 2,886.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 18,843 shares of the real estate investment trust’s stock valued at $1,055,000 after acquiring an additional 18,212 shares during the last quarter. Commerce Bank bought a new stake in shares of First Industrial Realty Trust in the 3rd quarter valued at about $4,817,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of First Industrial Realty Trust by 28.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,354,728 shares of the real estate investment trust’s stock valued at $187,798,000 after acquiring an additional 747,101 shares during the last quarter. Institutional investors own 99.85% of the company’s stock.

First Industrial Realty Trust Stock Performance

The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.11 and a current ratio of 1.11. The business has a 50 day moving average price of $51.56 and a two-hundred day moving average price of $53.49. The company has a market cap of $7.30 billion, a P/E ratio of 23.66 and a beta of 1.09.

About First Industrial Realty Trust

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.