Alliancebernstein L.P. Reduces Stock Position in First Industrial Realty Trust, Inc. $FR

Key Points

• Alliancebernstein L.P. has reduced its stake in First Industrial Realty Trust by 5.3%, owning approximately 1.74% of the company's shares after selling 129,241 shares during the first quarter.
• First Industrial Realty Trust reported earnings per share of $0.76, beating expectations and showing a year-over-year revenue increase of 9.8%.
• The company has declared a quarterly dividend of $0.445, representing an annualized dividend yield of 3.4% with a payout ratio of 86.83%.

Alliancebernstein L.P. lowered its stake in First Industrial Realty Trust, Inc. (NYSE:FR - Free Report) by 5.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,302,879 shares of the real estate investment trust's stock after selling 129,241 shares during the period. Alliancebernstein L.P. owned 1.74% of First Industrial Realty Trust worth $124,263,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in FR. Cbre Investment Management Listed Real Assets LLC increased its holdings in First Industrial Realty Trust by 381.2% in the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,070,197 shares of the real estate investment trust's stock worth $111,708,000 after buying an additional 1,639,952 shares during the period. Nuveen LLC purchased a new stake in shares of First Industrial Realty Trust in the 1st quarter valued at $42,063,000. Artemis Investment Management LLP acquired a new stake in shares of First Industrial Realty Trust in the first quarter worth $40,294,000. Deutsche Bank AG raised its holdings in shares of First Industrial Realty Trust by 56.1% during the fourth quarter. Deutsche Bank AG now owns 1,878,628 shares of the real estate investment trust's stock worth $94,176,000 after purchasing an additional 675,306 shares during the last quarter. Finally, Rush Island Management LP lifted its position in First Industrial Realty Trust by 50.9% during the fourth quarter. Rush Island Management LP now owns 1,640,530 shares of the real estate investment trust's stock valued at $82,240,000 after purchasing an additional 553,567 shares during the period. 99.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FR has been the subject of a number of recent research reports. Scotiabank lifted their price objective on First Industrial Realty Trust from $51.00 to $54.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 27th. Wells Fargo & Company dropped their target price on First Industrial Realty Trust from $57.00 to $54.00 and set an "equal weight" rating on the stock in a report on Monday, May 19th. Mizuho boosted their price target on First Industrial Realty Trust from $53.00 to $56.00 and gave the company an "outperform" rating in a report on Monday. Finally, Wall Street Zen upgraded First Industrial Realty Trust from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Five equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $54.80.

First Industrial Realty Trust Price Performance

Shares of First Industrial Realty Trust stock traded up $0.02 on Wednesday, reaching $51.27. The company's stock had a trading volume of 188,532 shares, compared to its average volume of 1,234,669. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $6.79 billion, a P/E ratio of 25.01 and a beta of 1.08. The stock has a 50-day moving average price of $49.86 and a 200-day moving average price of $50.30. First Industrial Realty Trust, Inc. has a 52-week low of $40.31 and a 52-week high of $58.17.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last announced its earnings results on Wednesday, July 16th. The real estate investment trust reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.04. The business had revenue of $180.16 million for the quarter, compared to analyst estimates of $176.46 million. First Industrial Realty Trust had a net margin of 38.70% and a return on equity of 9.92%. The company's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.66 earnings per share. First Industrial Realty Trust has set its FY 2025 guidance at 2.880-2.960 EPS. Analysts expect that First Industrial Realty Trust, Inc. will post 2.89 EPS for the current year.

First Industrial Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th will be issued a $0.445 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $1.78 dividend on an annualized basis and a yield of 3.5%. First Industrial Realty Trust's dividend payout ratio (DPR) is presently 86.83%.

First Industrial Realty Trust Company Profile

First Industrial Realty Trust, Inc NYSE: FR is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains.