Royal Bank Of Canada Has Lowered Expectations for First Industrial Realty Trust (NYSE:FR) Stock Price

Key Points

• Royal Bank of Canada cut First Industrial Realty Trust’s price target from $75 to $70 but maintained an “outperform” rating, implying 28.63% potential upside from the prior close.
• Analyst sentiment is mixed: seven analysts rate the stock a Buy and eight rate it a Hold, resulting in a consensus “Hold” rating and average target price of $66.40.
• FR shares fell 1.0% to $54.42 after the company reported quarterly EPS of $0.44, below 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 objective cut by analysts at Royal Bank Of Canada from $75.00 to $70.00 in a report released on Friday, Benzinga reports. The brokerage currently has an "outperform" rating on the real estate investment trust's stock. Royal Bank Of Canada's price target suggests a potential upside of 28.63% from the company's previous close.

Several other brokerages have also weighed in on FR. Weiss Ratings lowered First Industrial Realty Trust from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, September 8th. Truist Financial upped their target price on shares of First Industrial Realty Trust from $67.00 to $73.00 and gave the company a "buy" rating in a research report on Monday, July 27th. Barclays raised their price objective on shares of First Industrial Realty Trust from $64.00 to $69.00 and gave the company an "equal weight" rating in a research note on Thursday, July 16th. The Goldman Sachs Group decreased their target price on First Industrial Realty Trust from $72.00 to $62.00 and set a "neutral" rating for the company in a research note on Friday, October 23rd. Finally, Robert W. Baird boosted 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 research note on Wednesday, July 29th. Seven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $66.40.

First Industrial Realty Trust Stock Down 1.0%

FR stock traded down $0.57 during trading on Friday, reaching $54.42. 628,061 shares of the company traded hands, compared to its average volume of 1,112,253. The company has a market capitalization of $7.22 billion, a price-to-earnings ratio of 20.23 and a beta of 1.03. The business has a 50 day simple moving average of $60.16 and a 200 day simple moving average of $61.36. First Industrial Realty Trust has a 12 month low of $54.16 and a 12 month high of $69.88. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.06 and a current ratio of 1.06.

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 analysts' consensus estimates of $0.82 by ($0.38). First Industrial Realty Trust had a net margin of 46.12% and a return on equity of 12.60%. The firm had revenue of $197.12 million for the quarter, compared to analysts' expectations of $196.41 million. During the same period in the previous year, the company earned $0.76 EPS. The company's revenue was up 8.6% on a year-over-year basis. On average, equities research analysts anticipate that First Industrial Realty Trust will post 3.16 earnings per share for the current fiscal year.

Institutional Trading of First Industrial Realty Trust

Large investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of First Industrial Realty Trust in the second quarter valued at about $1,021,489,000. Dimensional Fund Advisors LP lifted its holdings in First Industrial Realty Trust by 2.0% during the 1st 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 last quarter. Deutsche Bank AG acquired a new stake in shares of First Industrial Realty Trust in the second quarter valued at approximately $79,730,000. Artemis Investment Management LLP raised its stake in 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 valued at $74,081,000 after purchasing an additional 6,732 shares in the last quarter. Finally, Quantinno Capital Management LP grew its holdings in shares of First Industrial Realty Trust by 27.1% during the 1st quarter. Quantinno Capital Management LP now owns 1,217,721 shares of the real estate investment trust's stock valued at $70,445,000 after purchasing an additional 259,476 shares during 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.