Vestcor Inc Acquires New Position in First Industrial Realty Trust, Inc. (NYSE:FR)

Key Points

• Vestcor Inc has invested approximately $507,000 to acquire 9,389 shares in First Industrial Realty Trust during the first quarter of the year.
• Recent analyst reports indicate a downward adjustment in price targets for First Industrial Realty Trust, with a current consensus rating of "Hold" and an average price target of $55.91.
• First Industrial Realty Trust reported $0.76 earnings per share in its latest quarterly earnings, surpassing analyst expectations and showing a year-over-year revenue increase of 9.8%.

Vestcor Inc acquired a new stake in First Industrial Realty Trust, Inc. (NYSE:FR - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The firm acquired 9,389 shares of the real estate investment trust's stock, valued at approximately $507,000.

Other large investors also recently modified their holdings of the company. Cetera Investment Advisers boosted its holdings in First Industrial Realty Trust by 1.1% in the 1st quarter. Cetera Investment Advisers now owns 19,500 shares of the real estate investment trust's stock valued at $1,052,000 after purchasing an additional 220 shares during the period. Stifel Financial Corp increased its position in shares of First Industrial Realty Trust by 0.9% during the fourth quarter. Stifel Financial Corp now owns 26,121 shares of the real estate investment trust's stock valued at $1,309,000 after buying an additional 222 shares during the period. Bessemer Group Inc. increased its position in shares of First Industrial Realty Trust by 93.0% during the first quarter. Bessemer Group Inc. now owns 467 shares of the real estate investment trust's stock valued at $25,000 after buying an additional 225 shares during the period. Fifth Third Bancorp boosted its stake in First Industrial Realty Trust by 22.2% during 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 in the last quarter. Finally, Park Avenue Securities LLC boosted its stake in First Industrial Realty Trust by 2.7% during the first quarter. Park Avenue Securities LLC now owns 10,397 shares of the real estate investment trust's stock worth $561,000 after acquiring an additional 273 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Robert W. Baird lowered their price objective on shares of First Industrial Realty Trust from $61.00 to $59.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Wall Street Zen upgraded shares of First Industrial Realty Trust from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Truist Financial dropped 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 note on Monday, May 5th. The Goldman Sachs Group cut 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 research note on Tuesday, April 22nd. Finally, Royal Bank Of Canada dropped their price objective on shares of First Industrial Realty Trust from $62.00 to $58.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $55.91.

First Industrial Realty Trust Trading Up 0.3%

First Industrial Realty Trust stock traded up $0.14 during trading on Thursday, hitting $48.30. The company had a trading volume of 284,189 shares, compared to its average volume of 1,294,361. First Industrial Realty Trust, Inc. has a 1-year low of $40.31 and a 1-year high of $58.17. The company's 50 day simple moving average is $49.26 and its 200-day simple moving average is $50.95. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.88. The stock has a market cap of $6.40 billion, a price-to-earnings ratio of 23.57 and a beta of 1.04.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The real estate investment trust reported $0.76 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $176.46 million. During the same quarter in the previous year, the firm earned $0.66 earnings per share. The firm's revenue was up 9.8% on a year-over-year basis. As a group, analysts expect that First Industrial Realty Trust, Inc. will post 2.89 EPS for the current fiscal year.

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.