First Industrial Realty Trust (NYSE:FR) Stock Gets Downgrade from JPMorgan Chase & Co.

Key Points

• JPMorgan downgraded First Industrial Realty Trust from “overweight” to “neutral,” while setting a $60 price target—implying 9.1% upside from the prior close.
• Analyst sentiment is mixed, with seven Buy ratings and eight Hold ratings producing a consensus “Hold” rating and average target price of $66.73.
• First Industrial reported quarterly revenue of $197.12 million, up 8.6% year over year and slightly above estimates, but EPS of $0.44 missed consensus by $0.38. Institutional investors own 99.85% of the company’s stock.

First Industrial Realty Trust (NYSE:FR - Get Free Report) was downgraded by research analysts at JPMorgan Chase & Co. from an "overweight" rating to a "neutral" rating in a report released on Friday, MarketBeat.com reports. They presently have a $60.00 price objective on the real estate investment trust's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 9.10% from the stock's previous close.

FR has been the topic of a number of other research reports. Royal Bank Of Canada increased their price objective on First Industrial Realty Trust from $68.00 to $75.00 and gave the company an "outperform" rating in a report on Monday, August 3rd. Scotiabank boosted their target price on First Industrial Realty Trust from $63.00 to $66.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 12th. Wells Fargo & Company upped their price objective on First Industrial Realty Trust from $61.00 to $66.00 and gave the company an "equal weight" rating in a research note on Tuesday, September 1st. Robert W. Baird increased their target price on First Industrial Realty Trust from $71.00 to $74.00 and gave the stock an "outperform" rating in a report on Wednesday, July 29th. Finally, Truist Financial raised their target price on First Industrial Realty Trust from $67.00 to $73.00 and gave the stock a "buy" rating in a research report on Monday, July 27th. Seven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, First Industrial Realty Trust has a consensus rating of "Hold" and an average target price of $66.73.

First Industrial Realty Trust Stock Up 1.2%

FR stock opened at $54.99 on Friday. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.92. First Industrial Realty Trust has a 1 year low of $54.16 and a 1 year high of $69.88. The company has a fifty day simple moving average of $60.16 and a 200 day simple moving average of $61.36. The firm has a market cap of $7.29 billion, a PE ratio of 17.64 and a beta of 1.03.

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

Institutional Trading of First Industrial Realty Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in First Industrial Realty Trust in the 2nd quarter worth approximately $1,021,489,000. Dimensional Fund Advisors LP increased its holdings in shares of First Industrial Realty Trust by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 2,025,484 shares of the real estate investment trust's stock worth $117,173,000 after purchasing an additional 40,101 shares during the period. Deutsche Bank AG bought a new position in shares of First Industrial Realty Trust in the second quarter worth $79,730,000. Artemis Investment Management LLP increased its holdings in shares of First Industrial Realty Trust by 0.5% in the third quarter. Artemis Investment Management LLP now owns 1,244,218 shares of the real estate investment trust's stock worth $74,081,000 after purchasing an additional 6,732 shares during the period. Finally, Quantinno Capital Management LP raised its position in shares of First Industrial Realty Trust by 27.1% in the first quarter. Quantinno Capital Management LP now owns 1,217,721 shares of the real estate investment trust's stock worth $70,445,000 after buying an additional 259,476 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company's stock.

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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