M&T Bank Corp Takes $1.13 Million Position in First Industrial Realty Trust, Inc. $FR

Key Points

• M&T Bank Corp opened a new position in First Industrial Realty Trust, buying 19,803 shares valued at about $1.13 million in the fourth quarter.
• Institutional ownership remains heavy, with several large investors including Invesco and Citadel expanding their stakes; overall, 99.85% of the stock is held by hedge funds and other institutional investors.
• First Industrial Realty Trust reported quarterly earnings of $0.59 per share, missing estimates, while revenue rose 7.3% year over year; the company also declared a $0.50 quarterly dividend yielding about 3.2%.

M&T Bank Corp acquired a new stake in First Industrial Realty Trust, Inc. (NYSE:FR - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 19,803 shares of the real estate investment trust's stock, valued at approximately $1,134,000.

Other large investors have also made changes to their positions in the company. Invesco Ltd. boosted its holdings in First Industrial Realty Trust by 8.0% during the third quarter. Invesco Ltd. now owns 4,343,723 shares of the real estate investment trust's stock worth $223,571,000 after buying an additional 323,248 shares in the last quarter. Citadel Advisors LLC boosted its holdings in First Industrial Realty Trust by 70.8% during the third quarter. Citadel Advisors LLC now owns 2,498,172 shares of the real estate investment trust's stock worth $128,581,000 after buying an additional 1,035,385 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC boosted its holdings in First Industrial Realty Trust by 4.1% during the third quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,438,012 shares of the real estate investment trust's stock worth $125,484,000 after buying an additional 95,177 shares in the last quarter. PGGM Investments boosted its holdings in First Industrial Realty Trust by 46.0% during the third quarter. PGGM Investments now owns 2,337,100 shares of the real estate investment trust's stock worth $120,291,000 after buying an additional 736,477 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in First Industrial Realty Trust by 3.0% during the third quarter. Thrivent Financial for Lutherans now owns 2,134,890 shares of the real estate investment trust's stock worth $109,883,000 after buying an additional 63,112 shares in the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

First Industrial Realty Trust Stock Performance

NYSE:FR opened at $62.77 on Friday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 1.04 and a current ratio of 1.04. The company has a fifty day moving average of $60.75 and a two-hundred day moving average of $58.79. The stock has a market capitalization of $8.32 billion, a PE ratio of 24.33 and a beta of 1.07. First Industrial Realty Trust, Inc. has a fifty-two week low of $47.36 and a fifty-two week high of $64.66.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The real estate investment trust reported $0.59 earnings per share for the quarter, missing analysts' consensus estimates of $0.76 by ($0.17). The company had revenue of $188.41 million for the quarter, compared to analyst estimates of $186.20 million. First Industrial Realty Trust had a return on equity of 12.36% and a net margin of 45.98%.The business's revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.71 earnings per share. As a group, research analysts forecast that First Industrial Realty Trust, Inc. will post 3.15 earnings per share for the current fiscal year.

First Industrial Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 20th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 3.2%. First Industrial Realty Trust's dividend payout ratio is currently 77.52%.

Wall Street Analysts Forecast Growth

FR has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of First Industrial Realty Trust from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, April 27th. Scotiabank increased their price target on shares of First Industrial Realty Trust from $62.00 to $63.00 and gave the stock a "sector perform" rating in a report on Monday, March 2nd. Wall Street Zen raised shares of First Industrial Realty Trust from a "sell" rating to a "hold" rating in a report on Saturday, April 11th. Robert W. Baird increased their price target on shares of First Industrial Realty Trust from $67.00 to $68.00 and gave the stock an "outperform" rating in a report on Tuesday, April 28th. Finally, Royal Bank Of Canada increased their price target on shares of First Industrial Realty Trust from $64.00 to $66.00 and gave the stock an "outperform" rating in a report on Monday, February 9th. Eight research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $63.57.

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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