First Industrial Realty Trust (NYSE:FR) Hits New 52-Week Low After Analyst Downgrade

Shares of First Industrial Realty Trust, Inc. (NYSE:FR) reached a new 52-week low on Monday after Scotiabank lowered their price target on the stock from $58.00 to $50.00. Scotiabank currently has a sector perform rating on the stock. First Industrial Realty Trust traded as low as $44.01 and last traded at $44.46, with a volume of 73426 shares changing hands. The stock had previously closed at $47.68.

Other analysts have also recently issued reports about the company. The Goldman Sachs Group upgraded First Industrial Realty Trust from a “sell” rating to a “neutral” rating and upped their price target for the company from $52.00 to $59.00 in a research report on Friday, February 21st. Deutsche Bank Aktiengesellschaft initiated coverage on shares of First Industrial Realty Trust in a research report on Tuesday, January 14th. They set a “hold” rating and a $52.00 target price for the company. Robert W. Baird boosted their price target on shares of First Industrial Realty Trust from $59.00 to $61.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Barclays reaffirmed a “cautious” rating on shares of First Industrial Realty Trust in a research note on Tuesday, March 25th. Finally, KeyCorp upgraded shares of First Industrial Realty Trust from an “underweight” rating to a “sector weight” rating in a research note on Tuesday, December 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $57.77.

Institutional Trading of First Industrial Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of FR. Versant Capital Management Inc boosted its position in First Industrial Realty Trust by 92.5% in the 4th quarter. Versant Capital Management Inc now owns 1,001 shares of the real estate investment trust’s stock valued at $50,000 after buying an additional 481 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of First Industrial Realty Trust by 24.7% during the fourth quarter. UMB Bank n.a. now owns 1,081 shares of the real estate investment trust’s stock valued at $54,000 after acquiring an additional 214 shares during the period. Venturi Wealth Management LLC boosted its holdings in First Industrial Realty Trust by 200.8% in the fourth quarter. Venturi Wealth Management LLC now owns 1,119 shares of the real estate investment trust’s stock valued at $56,000 after acquiring an additional 747 shares during the last quarter. Blue Trust Inc. boosted its holdings in First Industrial Realty Trust by 30.7% in the fourth quarter. Blue Trust Inc. now owns 1,243 shares of the real estate investment trust’s stock valued at $62,000 after acquiring an additional 292 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its position in First Industrial Realty Trust by 73.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,360 shares of the real estate investment trust’s stock worth $68,000 after purchasing an additional 575 shares during the period. Institutional investors and hedge funds own 99.85% of the company’s stock.

First Industrial Realty Trust Price Performance

The company has a current ratio of 1.21, a quick ratio of 1.11 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $5.96 billion, a P/E ratio of 20.67 and a beta of 1.07. The company has a fifty day simple moving average of $54.93 and a two-hundred day simple moving average of $53.56.

First Industrial Realty Trust (NYSE:FR) last posted its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.36. First Industrial Realty Trust had a net margin of 42.94% and a return on equity of 10.64%. Sell-side analysts expect that First Industrial Realty Trust, Inc. will post 2.89 EPS for the current fiscal year.

First Industrial Realty Trust Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, March 31st will be paid a $0.445 dividend. The ex-dividend date is Monday, March 31st. This represents a $1.78 dividend on an annualized basis and a dividend yield of 3.96%. This is an increase from First Industrial Realty Trust’s previous quarterly dividend of $0.37. First Industrial Realty Trust’s dividend payout ratio is 81.65%.

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.