First Industrial Realty Trust (NYSE:FR) Stock Gets Price Target Cut from Citigroup

Key Points

• Citigroup cut First Industrial Realty Trust’s price target from $72 to $60 while maintaining a neutral rating, implying roughly 10.45% upside from the stock’s $54.32 price.
• Analyst sentiment remains moderately positive overall: seven firms rate the stock Buy and seven rate it Hold, producing a consensus rating of “Moderate Buy” and an average target price of $67.21.
• First Industrial reported quarterly EPS of $0.44, missing the $0.82 consensus estimate, although revenue of $197.12 million exceeded expectations and rose 8.6% year over year.

First Industrial Realty Trust (NYSE:FR - Get Free Report) had its price target lowered by Citigroup from $72.00 to $60.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a "neutral" rating on the real estate investment trust's stock. Citigroup's target price indicates a potential upside of 10.45% from the company's current price.

A number of other brokerages have also commented on FR. UBS Group set a $71.00 target price on First Industrial Realty Trust in a research report on Friday, October 23rd. Barclays boosted their price objective on First Industrial Realty Trust from $64.00 to $69.00 and gave the company an "equal weight" rating in a report on Thursday, July 16th. Robert W. Baird increased their price target on shares of First Industrial Realty Trust from $71.00 to $74.00 and gave the stock an "outperform" rating in a report on Wednesday, July 29th. Scotiabank raised their price objective on First Industrial Realty Trust from $63.00 to $66.00 and gave the company a "sector perform" rating in a report on Wednesday, August 12th. Finally, Royal Bank Of Canada upped their price target on shares of First Industrial Realty Trust from $68.00 to $75.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. Seven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $67.21.

First Industrial Realty Trust Stock Performance

Shares of FR traded down $0.85 during trading hours on Wednesday, reaching $54.32. 2,440,851 shares of the company traded hands, compared to its average volume of 1,109,258. The stock has a market capitalization of $7.20 billion, a P/E ratio of 20.19 and a beta of 1.03. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.92. First Industrial Realty Trust has a 12-month low of $54.16 and a 12-month high of $69.88. The business has a fifty day moving average price of $60.48 and a 200-day moving average price of $61.41.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last released its 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 during 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%. First Industrial Realty Trust's revenue was up 8.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.76 earnings per share. Equities analysts anticipate that First Industrial Realty Trust will post 3.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC raised its stake in First Industrial Realty Trust by 2.0% in the first quarter. Sequoia Financial Advisors LLC now owns 8,184 shares of the real estate investment trust's stock valued at $473,000 after buying an additional 163 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its position in shares of First Industrial Realty Trust by 4.3% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,463 shares of the real estate investment trust's stock valued at $258,000 after buying an additional 183 shares during the last quarter. Arizona State Retirement System raised its stake in First Industrial Realty Trust by 0.6% during the 2nd quarter. Arizona State Retirement System now owns 36,580 shares of the real estate investment trust's stock worth $2,243,000 after acquiring an additional 207 shares in the last quarter. North Dakota State Investment Board raised its stake in First Industrial Realty Trust by 6.1% during the 3rd quarter. North Dakota State Investment Board now owns 4,039 shares of the real estate investment trust's stock worth $240,000 after acquiring an additional 233 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in First Industrial Realty Trust by 2.9% in the third quarter. Versant Capital Management Inc now owns 8,525 shares of the real estate investment trust's stock valued at $508,000 after acquiring an additional 242 shares during the last quarter. 99.85% of the stock is currently owned by hedge funds and other 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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