Land & Buildings Investment Management LLC Boosts Stock Position in First Industrial Realty Trust, Inc. (NYSE:FR)

Land & Buildings Investment Management LLC increased its position in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 256.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 808,212 shares of the real estate investment trust’s stock after buying an additional 581,472 shares during the period. First Industrial Realty Trust comprises approximately 9.0% of Land & Buildings Investment Management LLC’s holdings, making the stock its largest holding. Land & Buildings Investment Management LLC owned about 0.61% of First Industrial Realty Trust worth $38,398,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in FR. Norges Bank purchased a new stake in First Industrial Realty Trust during the fourth quarter worth $78,559,000. Corient Private Wealth LLC purchased a new stake in shares of First Industrial Realty Trust during the 4th quarter worth $1,298,000. Commerce Bank bought a new position in First Industrial Realty Trust in the fourth quarter worth about $201,000. Nomura Asset Management Co. Ltd. lifted its position in First Industrial Realty Trust by 2.3% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 149,240 shares of the real estate investment trust’s stock valued at $7,860,000 after acquiring an additional 3,290 shares during the last quarter. Finally, Paralel Advisors LLC acquired a new position in shares of First Industrial Realty Trust during the fourth quarter worth $646,000. 99.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on First Industrial Realty Trust from $53.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Mizuho upped their price objective on shares of First Industrial Realty Trust from $58.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, September 5th. The Goldman Sachs Group raised their target price on First Industrial Realty Trust from $46.00 to $52.00 and gave the stock a “sell” rating in a research note on Friday, July 26th. Wolfe Research upgraded First Industrial Realty Trust from a “peer perform” rating to an “outperform” rating and set a $64.00 price objective for the company in a research note on Tuesday, August 13th. Finally, Truist Financial lifted their target price on First Industrial Realty Trust from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $56.46.

First Industrial Realty Trust Stock Performance

FR opened at $55.80 on Tuesday. The firm has a fifty day moving average price of $54.77 and a 200 day moving average price of $50.85. First Industrial Realty Trust, Inc. has a 1 year low of $40.44 and a 1 year high of $57.35. The stock has a market cap of $7.38 billion, a P/E ratio of 25.71 and a beta of 1.08. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.16 and a quick ratio of 1.16.

First Industrial Realty Trust (NYSE:FR) last posted its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.25). First Industrial Realty Trust had a return on equity of 10.72% and a net margin of 44.46%. The firm had revenue of $164.10 million for the quarter, compared to analysts’ expectations of $163.48 million. During the same period in the previous year, the company earned $0.61 earnings per share. The company’s revenue was up 7.8% compared to the same quarter last year. Equities research analysts anticipate that First Industrial Realty Trust, Inc. will post 2.62 earnings per share for the current year.

First Industrial Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, September 30th will be given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date is Monday, September 30th. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 68.20%.

First Industrial Realty Trust Company Profile

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.