Legal & General Group Plc Buys Shares of 699,998 First Industrial Realty Trust, Inc. $FR

Key Points

• Legal & General Group Plc acquired 699,998 shares of First Industrial Realty Trust worth approximately $42.9 million, giving it a 0.53% stake. Institutional investors collectively own 99.85% of the REIT.
• Analysts maintain a generally positive outlook, with an overall “Moderate Buy” rating and an average price target of $67.07. Recent targets range from $72 to $74, although Citigroup kept a neutral rating.
• First Industrial reported quarterly revenue of $194.94 million, up 8.2% year over year, but earnings of $0.58 per share missed estimates. The company declared a quarterly dividend of $0.50, equivalent to a 3.2% annualized yield.

Legal & General Group Plc bought a new position in shares of First Industrial Realty Trust, Inc. (NYSE:FR - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 699,998 shares of the real estate investment trust's stock, valued at approximately $42,917,000. Legal & General Group Plc owned about 0.53% of First Industrial Realty Trust as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Sequoia Financial Advisors LLC lifted its stake in shares of First Industrial Realty Trust by 2.0% in the 1st quarter. Sequoia Financial Advisors LLC now owns 8,184 shares of the real estate investment trust's stock valued at $473,000 after acquiring an additional 163 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its holdings in shares of First Industrial Realty Trust by 4.3% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 4,463 shares of the real estate investment trust's stock valued at $258,000 after acquiring an additional 183 shares in the last quarter. Quadrant Capital Group LLC grew its position in First Industrial Realty Trust by 2.0% during the 3rd quarter. Quadrant Capital Group LLC now owns 10,761 shares of the real estate investment trust's stock worth $554,000 after acquiring an additional 211 shares during the last quarter. Fifth Third Bancorp grew its position in First Industrial Realty Trust by 16.0% during the 4th quarter. Fifth Third Bancorp now owns 1,758 shares of the real estate investment trust's stock worth $101,000 after acquiring an additional 242 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in First Industrial Realty Trust by 1.8% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 14,870 shares of the real estate investment trust's stock worth $852,000 after purchasing an additional 260 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on FR shares. Raymond James Financial reiterated a "strong-buy" rating on shares of First Industrial Realty Trust in a research report on Thursday, June 18th. KeyCorp restated a "sector weight" rating on shares of First Industrial Realty Trust in a report on Wednesday, June 10th. Truist Financial upped their price objective on First Industrial Realty Trust from $67.00 to $73.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Citigroup lifted their target price on shares of First Industrial Realty Trust from $63.00 to $72.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 28th. Finally, Robert W. Baird boosted their target price on shares of First Industrial Realty Trust from $71.00 to $74.00 and gave the stock an "outperform" rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $67.07.

First Industrial Realty Trust Stock Performance

NYSE FR opened at $61.93 on Friday. The company has a market capitalization of $8.21 billion, a price-to-earnings ratio of 22.60 and a beta of 1.04. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.89. First Industrial Realty Trust, Inc. has a twelve month low of $50.24 and a twelve month high of $69.88. The stock has a fifty day simple moving average of $64.31 and a 200 day simple moving average of $62.23.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last announced 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). First Industrial Realty Trust had a return on equity of 12.99% and a net margin of 47.97%.The company had revenue of $194.94 million for the quarter, compared to analyst estimates of $195.81 million. During the same period in the previous year, the firm posted $0.76 earnings per share. The firm's quarterly revenue was up 8.2% compared to the same quarter last year. First Industrial Realty Trust has set its FY 2026 guidance at 3.120-3.200 EPS. Sell-side analysts expect that First Industrial Realty Trust, Inc. will post 3.17 EPS for the current year.

First Industrial Realty Trust Dividend Announcement

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

First Industrial Realty Trust Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source