First Industrial Realty Trust (NYSE:FR) Price Target Increased to $60.00 by Analysts at JPMorgan Chase & Co.

First Industrial Realty Trust (NYSE:FR) had its target price increased by JPMorgan Chase & Co. from $53.00 to $60.00 in a report released on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the real estate investment trust’s stock.

A number of other equities research analysts have also commented on FR. Wedbush lowered shares of First Industrial Realty Trust from an outperform rating to a neutral rating and dropped their price objective for the stock from $59.00 to $49.00 in a report on Thursday, April 25th. Mizuho restated a buy rating and issued a $58.00 price target on shares of First Industrial Realty Trust in a report on Tuesday, April 2nd. Scotiabank decreased their price objective on First Industrial Realty Trust from $55.00 to $50.00 and set a sector perform rating for the company in a report on Thursday, May 16th. The Goldman Sachs Group boosted their target price on First Industrial Realty Trust from $46.00 to $52.00 and gave the company a sell rating in a research note on Friday, July 26th. Finally, Robert W. Baird decreased their price target on shares of First Industrial Realty Trust from $62.00 to $56.00 and set an outperform rating for the company in a research note on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, First Industrial Realty Trust has a consensus rating of Hold and an average price target of $54.18.

First Industrial Realty Trust Trading Down 2.2 %

Shares of NYSE FR opened at $53.80 on Wednesday. The company’s fifty day moving average is $49.17 and its 200-day moving average is $50.33. The stock has a market cap of $7.12 billion, a price-to-earnings ratio of 24.79 and a beta of 1.07. First Industrial Realty Trust has a twelve month low of $40.44 and a twelve month high of $55.92. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.83.

First Industrial Realty Trust (NYSE:FR) last announced its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.25). The firm had revenue of $164.10 million for the quarter, compared to the consensus estimate of $163.48 million. First Industrial Realty Trust had a return on equity of 10.72% and a net margin of 44.46%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.61 earnings per share. Equities research analysts predict that First Industrial Realty Trust will post 2.61 EPS for the current year.

First Industrial Realty Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, September 30th will be paid a dividend of $0.37 per share. The ex-dividend date is Monday, September 30th. This represents a $1.48 annualized dividend and a dividend yield of 2.75%. First Industrial Realty Trust’s dividend payout ratio is presently 68.20%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. State of Michigan Retirement System increased its stake in shares of First Industrial Realty Trust by 0.6% during the 4th quarter. State of Michigan Retirement System now owns 31,768 shares of the real estate investment trust’s stock worth $1,673,000 after purchasing an additional 200 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in First Industrial Realty Trust by 46.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 631 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 200 shares during the last quarter. Azzad Asset Management Inc. ADV grew its stake in First Industrial Realty Trust by 4.8% in the 2nd quarter. Azzad Asset Management Inc. ADV now owns 6,472 shares of the real estate investment trust’s stock valued at $307,000 after buying an additional 295 shares during the last quarter. Vanderbilt University grew its stake in First Industrial Realty Trust by 6.7% in the 4th quarter. Vanderbilt University now owns 5,033 shares of the real estate investment trust’s stock valued at $265,000 after buying an additional 316 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. grew its stake in First Industrial Realty Trust by 1.8% in the 4th quarter. Cornercap Investment Counsel Inc. now owns 20,912 shares of the real estate investment trust’s stock valued at $1,101,000 after buying an additional 363 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

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.