First Industrial Realty Trust (NYSE:FR) Price Target Cut to $58.00 by Analysts at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered First Industrial Realty Trust’s price target from $71 to $58 while maintaining a “neutral” rating, implying 6.46% upside from the prior close.
• Analyst sentiment remains broadly positive, with seven Buy and seven Hold ratings producing a “Moderate Buy” consensus and an average price target of $68.07.
• First Industrial reported quarterly EPS of $0.44, missing the $0.82 consensus estimate, while revenue rose 8.6% year over year to $197.12 million. Institutional investors own 99.85% of the stock.

First Industrial Realty Trust (NYSE:FR - Get Free Report) had its price target reduced by research analysts at Cantor Fitzgerald from $71.00 to $58.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the real estate investment trust's stock. Cantor Fitzgerald's target price indicates a potential upside of 6.46% from the stock's previous close.

FR has been the subject of a number of other reports. UBS Group set a $71.00 target price on shares of First Industrial Realty Trust in a research note on Friday. Citigroup raised their price target on shares of First Industrial Realty Trust from $63.00 to $72.00 and gave the company a "neutral" rating in a report on Tuesday, July 28th. Truist Financial lifted their price objective on shares of First Industrial Realty Trust from $67.00 to $73.00 and gave the company a "buy" rating in a research note on Monday, July 27th. The Goldman Sachs Group decreased their price objective on shares of First Industrial Realty Trust from $72.00 to $62.00 and set a "neutral" rating for the company in a report on Friday. Finally, Barclays increased their target price on shares of First Industrial Realty Trust from $64.00 to $69.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 16th. Seven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $68.07.

First Industrial Realty Trust Stock Performance

Shares of FR stock opened at $54.48 on Monday. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.06 and a quick ratio of 1.06. First Industrial Realty Trust has a fifty-two week low of $54.20 and a fifty-two week high of $69.88. The stock's 50-day moving average is $60.76 and its two-hundred day moving average is $62.31. The firm has a market cap of $7.22 billion, a P/E ratio of 20.25 and a beta of 1.03.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.38). The firm had revenue of $197.12 million for the quarter, compared to analyst estimates of $196.41 million. First Industrial Realty Trust had a net margin of 46.12% and a return on equity of 12.60%. The firm's quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.76 earnings per share. Analysts predict that First Industrial Realty Trust will post 3.16 earnings per share for the current fiscal year.

Institutional Trading of First Industrial Realty Trust

Several large investors have recently modified their holdings of the company. BlackRock Inc. bought a new position in First Industrial Realty Trust during the second quarter valued at about $1,021,489,000. Deutsche Bank AG acquired a new stake in shares of First Industrial Realty Trust during the 2nd quarter worth approximately $79,730,000. Bank of New York Mellon Corp bought a new stake in shares of First Industrial Realty Trust during the second quarter valued at approximately $64,042,000. Bank of America Corp DE bought a new stake in shares of First Industrial Realty Trust during the second quarter valued at approximately $52,588,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of First Industrial Realty Trust during the second quarter valued at approximately $50,505,000. 99.85% of the stock is owned by institutional investors.

First Industrial Realty Trust Company Profile

First Industrial Realty Trust, Inc NYSE: FR is a real estate investment trust focused on the ownership, management, acquisition, development and redevelopment of industrial properties in the United States. Its portfolio primarily serves businesses that require space for distribution, warehousing, manufacturing, light industrial operations and other logistics-related activities.

The company leases its properties to a diverse group of tenants, including retailers, manufacturers, logistics providers and third-party distribution companies.

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