Barclays Forecasts Strong Price Appreciation for First Industrial Realty Trust (NYSE:FR) Stock

Key Points

• Barclays raised its price target on First Industrial Realty Trust from $64 to $69 while keeping an equal-weight rating, implying about 4.9% upside from the current price.
• Other analysts remain generally constructive but mixed: the stock has an overall Moderate Buy consensus with an average target of $64.29, while Wells Fargo trimmed its target and Robert W. Baird lifted theirs.
• The shares were up 1.6% to $65.76, near their 12-month high of $66.17, as the company continues to draw heavy institutional ownership at 99.85%.

First Industrial Realty Trust (NYSE:FR - Get Free Report) had its target price increased by equities researchers at Barclays from $64.00 to $69.00 in a report released on Thursday,Benzinga reports. The firm presently has an "equal weight" rating on the real estate investment trust's stock. Barclays's price target would suggest a potential upside of 4.93% from the company's current price.

A number of other brokerages also recently weighed in on FR. KeyCorp reissued a "sector weight" rating on shares of First Industrial Realty Trust in a report on Wednesday, June 10th. Weiss Ratings raised shares of First Industrial Realty Trust from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, April 27th. Raymond James Financial reiterated a "strong-buy" rating on shares of First Industrial Realty Trust in a research report on Thursday, June 18th. Wells Fargo & Company dropped their price target on First Industrial Realty Trust from $63.00 to $61.00 and set an "equal weight" rating for the company in a report on Monday, June 1st. Finally, Robert W. Baird raised their price objective on shares of First Industrial Realty Trust from $67.00 to $68.00 and gave the company an "outperform" rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $64.29.

First Industrial Realty Trust Trading Up 1.6%

NYSE:FR opened at $65.76 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.90. The company's 50 day moving average is $62.63 and its 200-day moving average is $60.84. The firm has a market cap of $8.72 billion, a price-to-earnings ratio of 25.49 and a beta of 1.05. First Industrial Realty Trust has a 12 month low of $47.38 and a 12 month high of $66.17.

Institutional Investors Weigh In On First Industrial Realty Trust

Institutional investors have recently made changes to their positions in the stock. Measured Wealth Private Client Group LLC acquired a new position in First Industrial Realty Trust in the third quarter valued at about $26,000. Parallel Advisors LLC increased its stake in shares of First Industrial Realty Trust by 86.9% in the 4th quarter. Parallel Advisors LLC now owns 626 shares of the real estate investment trust's stock valued at $36,000 after acquiring an additional 291 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake in shares of First Industrial Realty Trust by 64.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 771 shares of the real estate investment trust's stock valued at $44,000 after acquiring an additional 301 shares during the last quarter. Danske Bank A S acquired a new stake in shares of First Industrial Realty Trust in the 3rd quarter valued at approximately $51,000. Finally, Parkside Financial Bank & Trust raised its position in shares of First Industrial Realty Trust by 27.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,231 shares of the real estate investment trust's stock valued at $70,000 after acquiring an additional 262 shares during the period. 99.85% of the stock is owned by institutional investors and hedge funds.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc NYSE: FR is a publicly traded real estate investment trust focused on the ownership, operation and development of industrial real estate assets. The company specializes in light industrial, warehouse and distribution facilities that serve a broad range of end markets, including manufacturing, transportation and e-commerce. Through both acquisitions and ground-up developments, First Industrial seeks to assemble a diversified portfolio of strategically located properties that support its tenants' supply-chain needs.

Core services provided by First Industrial include property leasing, asset management, redevelopment of obsolescent buildings and build-to-suit development for creditworthy users.

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