Adage Capital Partners GP L.L.C. Buys 177,754 Shares of First Industrial Realty Trust, Inc. $FR

Key Points

• Adage Capital Partners GP L.L.C. significantly increased its stake in First Industrial Realty Trust by 83.5% during the first quarter, now owning approximately 0.30% of the company valued at $21.1 million.
• First Industrial Realty Trust reported a Q2 earnings per share (EPS) of $0.76, exceeding expectations and reflecting a 9.8% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.445 per share, resulting in an annualized dividend yield of 3.4%, with a payout ratio of 86.83%.

Adage Capital Partners GP L.L.C. lifted its stake in First Industrial Realty Trust, Inc. (NYSE:FR - Free Report) by 83.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 390,639 shares of the real estate investment trust's stock after buying an additional 177,754 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.30% of First Industrial Realty Trust worth $21,079,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of FR. Cbre Investment Management Listed Real Assets LLC increased its holdings in shares of First Industrial Realty Trust by 381.2% in the first 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 position in shares of First Industrial Realty Trust in the first quarter worth about $42,063,000. Artemis Investment Management LLP purchased a new position in shares of First Industrial Realty Trust in the first quarter worth about $40,294,000. Deutsche Bank AG increased its holdings in shares of First Industrial Realty Trust by 56.1% in 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 buying an additional 675,306 shares during the period. Finally, Rush Island Management LP increased its holdings in shares of First Industrial Realty Trust by 50.9% in the fourth quarter. Rush Island Management LP now owns 1,640,530 shares of the real estate investment trust's stock worth $82,240,000 after buying an additional 553,567 shares during the period. Hedge funds and other institutional investors own 99.85% of the company's stock.

First Industrial Realty Trust Stock Down 0.4%

First Industrial Realty Trust stock traded down $0.18 during trading hours on Wednesday, hitting $51.07. 123,118 shares of the stock traded hands, compared to its average volume of 1,234,292. The firm's 50-day moving average price is $49.86 and its two-hundred day moving average price is $50.30. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.88. The company has a market cap of $6.76 billion, a PE ratio of 24.95 and a beta of 1.08. First Industrial Realty Trust, Inc. has a one year low of $40.31 and a one year high of $58.17.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $0.76 earnings per share 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 analysts' expectations of $176.46 million. First Industrial Realty Trust had a return on equity of 9.92% and a net margin of 38.70%.The business's revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.66 EPS. First Industrial Realty Trust has set its FY 2025 guidance at 2.880-2.960 EPS. On average, research analysts forecast that First Industrial Realty Trust, Inc. will post 2.89 EPS for the current year.

First Industrial Realty Trust Dividend Announcement

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 given a dividend of $0.445 per share. This represents a $1.78 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, September 30th. First Industrial Realty Trust's payout ratio is presently 86.83%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FR shares. Wall Street Zen upgraded First Industrial Realty Trust from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Wells Fargo & Company cut 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 research note on Monday, May 19th. Mizuho raised their target price on First Industrial Realty Trust from $53.00 to $56.00 and gave the stock an "outperform" rating in a research note on Monday. Finally, Scotiabank raised their target price on First Industrial Realty Trust from $51.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 27th. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $54.80.

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.