Vanguard Group Inc. Acquires 158,692 Shares of First Industrial Realty Trust, Inc. (NYSE:FR)

Key Points

• Vanguard Group Inc. increased its stake in First Industrial Realty Trust by 0.8% during the first quarter, now owning 19,349,577 shares valued at over $1 billion.
• Institutional investors currently hold 99.85% of First Industrial Realty Trust stock, indicating strong institutional confidence in the company.
• Recent analyst ratings have led to decreased price targets for First Industrial Realty Trust, with an average target price now sitting at $55.91, reflecting cautious sentiment among analysts.

Vanguard Group Inc. lifted its stake in shares of First Industrial Realty Trust, Inc. (NYSE:FR - Free Report) by 0.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 19,349,577 shares of the real estate investment trust's stock after purchasing an additional 158,692 shares during the period. Vanguard Group Inc. owned about 14.61% of First Industrial Realty Trust worth $1,044,103,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of FR. Bessemer Group Inc. lifted its holdings 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 acquiring an additional 225 shares during the last quarter. Alpine Bank Wealth Management bought a new position in First Industrial Realty Trust in the first quarter worth about $26,000. Parallel Advisors LLC lifted its holdings in First Industrial Realty Trust by 285.1% in the first quarter. Parallel Advisors LLC now owns 1,109 shares of the real estate investment trust's stock worth $60,000 after acquiring an additional 821 shares during the last quarter. Harvest Fund Management Co. Ltd bought a new position in First Industrial Realty Trust in the first quarter worth about $69,000. Finally, Fifth Third Bancorp lifted its holdings in First Industrial Realty Trust by 22.2% in the first quarter. Fifth Third Bancorp now owns 1,297 shares of the real estate investment trust's stock worth $70,000 after acquiring an additional 236 shares during the last quarter. Institutional investors own 99.85% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on FR. Wells Fargo & Company cut their target price on shares of First Industrial Realty Trust from $57.00 to $54.00 and set an "equal weight" rating on the stock in a report on Monday, May 19th. Scotiabank raised their price objective on shares of First Industrial Realty Trust from $50.00 to $51.00 and gave the company a "sector perform" rating in a research note on Monday, May 12th. The Goldman Sachs Group reduced their target price on shares of First Industrial Realty Trust from $59.00 to $51.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd. Barclays reduced their target price on shares of First Industrial Realty Trust from $56.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, April 30th. Finally, Robert W. Baird reduced their target price on shares of First Industrial Realty Trust from $61.00 to $59.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $55.10.

First Industrial Realty Trust Trading Up 0.8%

First Industrial Realty Trust stock traded up $0.37 during midday trading on Friday, reaching $48.89. The stock had a trading volume of 680,997 shares, compared to its average volume of 936,356. The firm's fifty day simple moving average is $49.13 and its two-hundred day simple moving average is $50.74. First Industrial Realty Trust, Inc. has a twelve month low of $40.31 and a twelve month high of $58.17. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $6.47 billion, a price-to-earnings ratio of 23.85 and a beta of 1.04.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last issued its earnings results on Wednesday, July 16th. The real estate investment trust reported $0.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.04. The company had revenue of $180.16 million during the quarter, compared to analyst estimates of $176.46 million. First Industrial Realty Trust had a net margin of 38.70% and a return on equity of 9.92%. The company's revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the business posted $0.66 EPS. Equities analysts anticipate that First Industrial Realty Trust, Inc. will post 2.89 EPS for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 20th. Shareholders of record on Tuesday, September 30th will be paid 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 3.6%. First Industrial Realty Trust's dividend payout ratio (DPR) is 86.83%.

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.