Bank of New York Mellon Corp Purchases Shares of 1,044,562 First Industrial Realty Trust, Inc. $FR

Bank of New York Mellon Corp purchased a new position in shares of First Industrial Realty Trust, Inc. (NYSE:FR - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,044,562 shares of the real estate investment trust's stock, valued at approximately $64,042,000. Bank of New York Mellon Corp owned about 0.79% of First Industrial Realty Trust as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Public Employees Retirement System of Ohio increased its position in shares of First Industrial Realty Trust by 26.3% during the first 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 buying an additional 60,459 shares during the period. M&T Bank Corp bought a new position in First Industrial Realty Trust in the fourth quarter worth about $1,134,000. Bank of America Corp DE lifted its holdings in First Industrial Realty Trust by 15.9% in the first quarter. Bank of America Corp DE now owns 778,077 shares of the real estate investment trust's stock worth $45,012,000 after buying an additional 106,928 shares during the period. Convergence Investment Partners LLC purchased a new stake in First Industrial Realty Trust in the first quarter worth about $1,367,000. Finally, Entropy Technologies LP boosted its position in First Industrial Realty Trust by 117.6% during the 1st quarter. Entropy Technologies LP now owns 50,754 shares of the real estate investment trust's stock valued at $2,936,000 after acquiring an additional 27,433 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Truist Financial increased their target price on First Industrial Realty Trust from $67.00 to $73.00 and gave the stock a "buy" rating in a research report on Monday, July 27th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of First Industrial Realty Trust in a research note on Thursday, June 18th. Barclays increased their price objective on First Industrial Realty Trust from $64.00 to $69.00 and gave the stock an "equal weight" rating in a report on Thursday, July 16th. Wells Fargo & Company lowered their price objective on First Industrial Realty Trust from $63.00 to $61.00 and set an "equal weight" rating for the company in a research report on Monday, June 1st. Finally, Citigroup boosted their target price on shares of First Industrial Realty Trust from $63.00 to $72.00 and gave the company a "neutral" rating in a report on Tuesday, July 28th. One investment 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 stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $67.07.

First Industrial Realty Trust Trading Down 0.9%

Shares of NYSE FR opened at $62.94 on Thursday. The company has a market cap of $8.34 billion, a PE ratio of 22.97 and a beta of 1.04. First Industrial Realty Trust, Inc. has a 52-week low of $50.24 and a 52-week high of $69.88. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.44 and a current ratio of 1.44. The firm's 50 day moving average price is $64.29 and its 200-day moving average price is $62.22.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last issued 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). The business had revenue of $194.94 million for the quarter, compared to analysts' expectations of $195.81 million. First Industrial Realty Trust had a net margin of 47.97% and a return on equity of 12.99%. The business's revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.76 earnings per share. First Industrial Realty Trust has set its FY 2026 guidance at 3.120-3.200 EPS. On average, equities research analysts expect that First Industrial Realty Trust, Inc. will post 3.17 EPS for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

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

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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