Scotiabank Has Lowered Expectations for First Industrial Realty Trust (NYSE:FR) Stock Price

Key Points

• Scotiabank cut First Industrial Realty Trust’s price target from $66 to $61 while maintaining a “sector perform” rating, implying roughly 12% upside from the $54.39 share price.
• Analyst sentiment is mixed: the stock has an overall “Hold” consensus, with seven Buy ratings and eight Holds, and an average price target of $66.07. JPMorgan and Cantor Fitzgerald also recently lowered their targets.
• First Industrial reported quarterly revenue of $197.12 million, up 8.6% year over year and slightly above estimates, but earnings per share of $0.44 fell well short of the $0.82 consensus forecast. Institutional investors own approximately 99.85% of the stock.

First Industrial Realty Trust (NYSE:FR - Get Free Report) had its price objective reduced by equities research analysts at Scotiabank from $66.00 to $61.00 in a report released on Friday, Benzinga reports. The brokerage presently has a "sector perform" rating on the real estate investment trust's stock. Scotiabank's target price indicates a potential upside of 12.15% from the company's current price.

Several other brokerages also recently weighed in on FR. Truist Financial raised 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 note on Monday, July 27th. JPMorgan Chase & Co. downgraded First Industrial Realty Trust from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $74.00 to $60.00 in a research note on Friday. 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. Cantor Fitzgerald decreased their price objective on shares of First Industrial Realty Trust from $71.00 to $58.00 and set a "neutral" rating for the company in a research report on Monday. Finally, UBS Group set a $71.00 target price on shares of First Industrial Realty Trust in a research note on Friday, October 23rd. Seven research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $66.07.

First Industrial Realty Trust Trading Down 1.1%

NYSE:FR traded down $0.60 during midday trading on Friday, hitting $54.39. The stock had a trading volume of 1,775,702 shares, compared to its average volume of 1,115,450. First Industrial Realty Trust has a one year low of $54.16 and a one year high of $69.88. The company has a market capitalization of $7.21 billion, a price-to-earnings ratio of 20.22 and a beta of 1.03. The stock has a 50-day moving average of $60.16 and a 200 day moving average of $61.36. 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 (NYSE:FR - Get Free Report) last announced its quarterly 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 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 quarter in the prior year, the business posted $0.76 EPS. The business's quarterly revenue was up 8.6% on a year-over-year basis. As a group, sell-side analysts forecast that First Industrial Realty Trust will post 3.16 EPS for the current year.

Institutional Investors Weigh In On First Industrial Realty Trust

Several hedge funds have recently added to or reduced their stakes in FR. MGO One Seven LLC increased its position in shares of First Industrial Realty Trust by 7.5% during the third quarter. MGO One Seven LLC now owns 6,136 shares of the real estate investment trust's stock worth $365,000 after purchasing an additional 428 shares in the last quarter. Choreo LLC lifted its stake in shares of First Industrial Realty Trust by 18.1% in the third quarter. Choreo LLC now owns 10,663 shares of the real estate investment trust's stock worth $635,000 after buying an additional 1,638 shares in the last quarter. Interchange Capital Partners LLC raised its holdings in First Industrial Realty Trust by 12.5% in the 3rd quarter. Interchange Capital Partners LLC now owns 4,570 shares of the real estate investment trust's stock valued at $272,000 after acquiring an additional 507 shares during the last quarter. North Dakota State Investment Board lifted its stake in First Industrial Realty Trust by 6.1% in 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 purchasing an additional 233 shares in the last quarter. Finally, Asset Management One Co. Ltd. boosted its holdings in shares of First Industrial Realty Trust by 1.5% during the 3rd quarter. Asset Management One Co. Ltd. now owns 231,976 shares of the real estate investment trust's stock worth $13,812,000 after purchasing an additional 3,486 shares during the last quarter. 99.85% of the stock is 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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