Principal Financial Group Inc. Sells 60,233 Shares of First Industrial Realty Trust, Inc. (NYSE:FR)

Principal Financial Group Inc. reduced its stake in First Industrial Realty Trust, Inc. (NYSE:FR - Free Report) by 4.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,353,227 shares of the real estate investment trust's stock after selling 60,233 shares during the period. Principal Financial Group Inc. owned 1.02% of First Industrial Realty Trust worth $73,020,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Bessemer Group Inc. increased its position in First Industrial Realty Trust by 93.0% in the first quarter. Bessemer Group Inc. now owns 467 shares of the real estate investment trust's stock worth $25,000 after buying an additional 225 shares during the period. Alpine Bank Wealth Management acquired a new stake in shares of First Industrial Realty Trust during the 1st quarter worth approximately $26,000. Parallel Advisors LLC boosted its stake in First Industrial Realty Trust by 285.1% in the 1st quarter. Parallel Advisors LLC now owns 1,109 shares of the real estate investment trust's stock valued at $60,000 after buying an additional 821 shares in the last quarter. Fifth Third Bancorp raised its position in First Industrial Realty Trust by 22.2% in the 1st quarter. Fifth Third Bancorp now owns 1,297 shares of the real estate investment trust's stock valued at $70,000 after purchasing an additional 236 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in First Industrial Realty Trust by 73.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,360 shares of the real estate investment trust's stock valued at $68,000 after purchasing an additional 575 shares during the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FR. Truist Financial reduced their price objective on First Industrial Realty Trust from $60.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, May 5th. JPMorgan Chase & Co. lowered their target price on First Industrial Realty Trust from $63.00 to $57.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. The Goldman Sachs Group lowered their price objective on First Industrial Realty Trust from $59.00 to $51.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Scotiabank raised their price objective on First Industrial Realty Trust from $50.00 to $51.00 and gave the stock a "sector perform" rating in a research note on Monday, May 12th. Finally, Barclays decreased their price target on First Industrial Realty Trust from $56.00 to $52.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $55.91.

First Industrial Realty Trust Stock Performance

FR traded down $0.08 on Wednesday, hitting $48.46. 548,689 shares of the company traded hands, compared to its average volume of 1,202,611. The company has a 50 day moving average of $49.30 and a 200-day moving average of $51.07. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $6.42 billion, a PE ratio of 23.98 and a beta of 1.07. First Industrial Realty Trust, Inc. has a 12-month low of $40.31 and a 12-month high of $58.17.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.02). First Industrial Realty Trust had a return on equity of 9.82% and a net margin of 39.04%. The business had revenue of $177.07 million for the quarter, compared to analyst estimates of $176.98 million. Sell-side analysts anticipate that First Industrial Realty Trust, Inc. will post 2.89 earnings per share for the current year.

First Industrial Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, June 30th will be issued a $0.445 dividend. The ex-dividend date is Monday, June 30th. This represents a $1.78 annualized dividend and a dividend yield of 3.67%. First Industrial Realty Trust's dividend payout ratio is currently 88.12%.

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.