Convergence Investment Partners LLC Invests $1.37 Million in First Industrial Realty Trust, Inc. $FR

Key Points

• Convergence Investment Partners opened a new position in First Industrial Realty Trust, buying 23,635 shares worth about $1.37 million in the first quarter.
• Institutional ownership in FR remains extremely high, with the article noting that 99.85% of the stock is held by institutional investors and hedge funds.
• Analysts are mixed but generally positive: the stock carries a Moderate Buy consensus with a $64.29 average price target, while shares recently traded around $68.47 and the company paid a quarterly dividend of $0.50 per share.

Convergence Investment Partners LLC purchased a new position in shares of First Industrial Realty Trust, Inc. (NYSE:FR - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 23,635 shares of the real estate investment trust's stock, valued at approximately $1,367,000.

Other large investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its holdings in First Industrial Realty Trust by 856,065.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 9,785,973 shares of the real estate investment trust's stock worth $560,443,000 after acquiring an additional 9,784,830 shares during the period. Norges Bank bought a new stake in shares of First Industrial Realty Trust during the 4th quarter valued at $320,075,000. Invesco Ltd. lifted its stake in shares of First Industrial Realty Trust by 8.0% in the 3rd quarter. Invesco Ltd. now owns 4,343,723 shares of the real estate investment trust's stock valued at $223,571,000 after purchasing an additional 323,248 shares during the period. Centersquare Investment Management LLC lifted its stake in shares of First Industrial Realty Trust by 10.5% in the 4th quarter. Centersquare Investment Management LLC now owns 2,649,757 shares of the real estate investment trust's stock valued at $151,752,000 after purchasing an additional 252,650 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of First Industrial Realty Trust by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 2,629,908 shares of the real estate investment trust's stock worth $150,644,000 after purchasing an additional 41,042 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FR. KeyCorp reaffirmed a "sector weight" rating on shares of First Industrial Realty Trust in a research note on Wednesday, June 10th. Weiss Ratings raised First Industrial Realty Trust from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, April 27th. Wall Street Zen upgraded First Industrial Realty Trust from a "sell" rating to a "hold" rating in a report on Saturday, April 11th. Barclays boosted their target price on First Industrial Realty Trust from $64.00 to $69.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 16th. Finally, Robert W. Baird upped their price target on First Industrial Realty Trust from $67.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $64.29.

First Industrial Realty Trust Price Performance

Shares of FR stock opened at $68.47 on Wednesday. First Industrial Realty Trust, Inc. has a 12-month low of $47.38 and a 12-month high of $69.88. The firm has a market capitalization of $9.08 billion, a price-to-earnings ratio of 26.54 and a beta of 1.05. 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 firm has a fifty day moving average of $63.12 and a 200-day moving average of $61.13.

First Industrial Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Tuesday, June 30th were issued a dividend of $0.50 per share. The ex-dividend date was Tuesday, June 30th. This represents a $2.00 annualized dividend and a yield of 2.9%. First Industrial Realty Trust's payout ratio is currently 77.52%.

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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