16,661,052 Shares in First Industrial Realty Trust, Inc. $FR Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 16.66 million shares of First Industrial Realty Trust in the second quarter, worth approximately $1.02 billion and representing a 12.57% stake. Institutional investors collectively own 99.85% of the REIT.
• Analysts maintain a broadly positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $67.07. Recent targets range from $66 to $75.
• FR reported quarterly revenue of $194.94 million, up 8.2% year over year, but EPS of $0.58 fell short of the $0.80 consensus estimate. The company declared a quarterly dividend of $0.50, equating to a 3.2% annualized yield.

BlackRock Inc. bought a new stake in shares of First Industrial Realty Trust, Inc. (NYSE:FR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 16,661,052 shares of the real estate investment trust's stock, valued at approximately $1,021,489,000. BlackRock Inc. owned approximately 12.57% of First Industrial Realty Trust at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in FR. Public Employees Retirement System of Ohio lifted its holdings in First Industrial Realty Trust by 26.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 290,663 shares of the real estate investment trust's stock valued at $16,815,000 after acquiring an additional 60,459 shares during the last quarter. M&T Bank Corp bought a new stake in shares of First Industrial Realty Trust in the 4th quarter worth approximately $1,134,000. Bank of America Corp DE raised its holdings in shares of First Industrial Realty Trust by 15.9% in the 1st quarter. Bank of America Corp DE now owns 778,077 shares of the real estate investment trust's stock worth $45,012,000 after purchasing an additional 106,928 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in First Industrial Realty Trust by 7.5% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 209,488 shares of the real estate investment trust's stock valued at $11,997,000 after purchasing an additional 14,693 shares during the last quarter. Finally, Convergence Investment Partners LLC acquired a new stake in First Industrial Realty Trust during the first quarter valued at approximately $1,367,000. Institutional investors and hedge funds own 99.85% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on FR. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $71.00 price target on shares of First Industrial Realty Trust in a report on Monday, July 27th. Citigroup raised their price objective on First Industrial Realty Trust from $63.00 to $72.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 28th. Royal Bank Of Canada lifted their target price on First Industrial Realty Trust from $68.00 to $75.00 and gave the stock 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 research report on Wednesday, August 12th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating on shares of First Industrial Realty Trust in a report on Thursday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $67.07.

First Industrial Realty Trust Stock Up 0.5%

FR stock opened at $62.94 on Friday. The company has a fifty day simple moving average of $64.23 and a 200 day simple moving average of $62.09. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.89. First Industrial Realty Trust, Inc. has a 1 year low of $49.58 and a 1 year high of $69.88. The firm has a market cap of $8.34 billion, a PE ratio of 22.97 and a beta of 1.04.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The real estate investment trust reported $0.58 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.22). First Industrial Realty Trust had a return on equity of 12.99% and a net margin of 47.97%.The firm had revenue of $194.94 million during the quarter, compared to the consensus estimate of $195.81 million. During the same quarter last year, the business earned $0.76 EPS. The business's revenue was up 8.2% compared to the same quarter last year. First Industrial Realty Trust has set its FY 2026 guidance at 3.120-3.200 EPS. Sell-side analysts anticipate that First Industrial Realty Trust, Inc. will post 3.16 EPS for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 19th. Stockholders of record on Wednesday, September 30th will be paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, September 30th. First Industrial Realty Trust's payout ratio is currently 72.99%.

First Industrial Realty Trust Profile

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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