First Industrial Realty Trust, Inc. $FR Shares Purchased by Adelante Capital Management LLC

Key Points

• Adelante Capital Management LLC increased its stake in First Industrial Realty Trust by 63.2% in Q1, now owning 399,043 shares valued at approximately $21.5 million.
• First Industrial Realty Trust reported quarterly earnings of $0.76 EPS, exceeding expectations and showing a 9.8% increase in revenue year-over-year.
• The company announced a quarterly dividend of $0.445 per share, with a dividend yield of 3.4%, payable on October 20th.

Adelante Capital Management LLC raised its stake in shares of First Industrial Realty Trust, Inc. (NYSE:FR - Free Report) by 63.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 399,043 shares of the real estate investment trust's stock after buying an additional 154,600 shares during the quarter. First Industrial Realty Trust comprises approximately 1.5% of Adelante Capital Management LLC's holdings, making the stock its 23rd largest position. Adelante Capital Management LLC owned about 0.30% of First Industrial Realty Trust worth $21,533,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of First Industrial Realty Trust by 0.8% in the first quarter. Vanguard Group Inc. now owns 19,349,577 shares of the real estate investment trust's stock worth $1,044,103,000 after purchasing an additional 158,692 shares during the last quarter. Invesco Ltd. raised its holdings in shares of First Industrial Realty Trust by 2.0% during the 1st quarter. Invesco Ltd. now owns 4,364,135 shares of the real estate investment trust's stock worth $235,489,000 after acquiring an additional 87,229 shares in the last quarter. Millennium Management LLC raised its holdings in shares of First Industrial Realty Trust by 159.5% during the 1st quarter. Millennium Management LLC now owns 2,260,701 shares of the real estate investment trust's stock worth $121,987,000 after acquiring an additional 1,389,418 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of First Industrial Realty Trust by 0.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,212,857 shares of the real estate investment trust's stock valued at $119,406,000 after acquiring an additional 6,977 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC grew 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 valued at $111,708,000 after purchasing an additional 1,639,952 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company's stock.

Wall Street Analysts Forecast Growth

FR has been the subject of several recent research reports. Wells Fargo & Company dropped their price target on First Industrial Realty Trust from $57.00 to $54.00 and set an "equal weight" rating for the company in a research report on Monday, May 19th. Scotiabank raised 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. Wall Street Zen upgraded First Industrial Realty Trust from a "sell" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Mizuho increased 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. Five equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $54.80.

First Industrial Realty Trust Trading Down 0.3%

FR stock traded down $0.13 during midday trading on Wednesday, reaching $51.12. The company's stock had a trading volume of 1,012,528 shares, compared to its average volume of 851,049. First Industrial Realty Trust, Inc. has a 1 year low of $40.31 and a 1 year high of $58.17. The firm has a market capitalization of $6.77 billion, a price-to-earnings ratio of 18.11 and a beta of 1.08. The stock has a fifty day simple moving average of $49.89 and a two-hundred day simple moving average of $50.31. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.04 and a current ratio of 1.04.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last posted its quarterly earnings results 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. First Industrial Realty Trust had a net margin of 38.70% and a return on equity of 9.92%. The firm had revenue of $180.16 million during the quarter, compared to the consensus estimate of $176.46 million. During the same quarter in the previous year, the firm posted $0.66 earnings per share. The company's revenue was up 9.8% on a year-over-year basis. First Industrial Realty Trust has set its FY 2025 guidance at 2.880-2.960 EPS. On average, equities research analysts predict that First Industrial Realty Trust, Inc. will post 2.89 EPS for the current year.

First Industrial Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 20th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.445 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $1.78 dividend on an annualized basis and a dividend yield of 3.5%. First Industrial Realty Trust's dividend payout ratio is presently 86.83%.

About First Industrial Realty Trust

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.