First Industrial Realty Trust (NYSE:FR) Cut to Sell at Wall Street Zen

Wall Street Zen downgraded shares of First Industrial Realty Trust (NYSE:FR - Free Report) from a hold rating to a sell rating in a research note issued to investors on Saturday.

FR has been the subject of a number of other research reports. JPMorgan Chase & Co. cut their price target on First Industrial Realty Trust from $63.00 to $57.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Scotiabank raised their target price on First Industrial Realty Trust from $50.00 to $51.00 and gave the company a "sector perform" rating in a report on Monday, May 12th. Robert W. Baird decreased their price target on 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. Royal Bank Of Canada lowered their price target on First Industrial Realty Trust from $62.00 to $58.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. Finally, Barclays cut their price objective on shares of First Industrial Realty Trust from $56.00 to $52.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $55.91.

First Industrial Realty Trust Stock Up 0.7%

First Industrial Realty Trust stock traded up $0.33 during mid-day trading on Friday, reaching $50.44. The stock had a trading volume of 1,126,068 shares, compared to its average volume of 1,161,280. The firm has a market capitalization of $6.68 billion, a PE ratio of 24.97 and a beta of 1.09. First Industrial Realty Trust has a fifty-two week low of $40.31 and a fifty-two week high of $58.17. The stock's 50-day simple moving average is $48.88 and its 200-day simple moving average is $51.28. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.05 and a current ratio of 1.05.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last posted its quarterly earnings results 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 net margin of 39.04% and a return on equity of 9.82%. The business had revenue of $177.07 million during the quarter, compared to analyst estimates of $176.98 million. On average, sell-side analysts forecast that First Industrial Realty Trust will post 2.89 EPS for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, June 30th will be given a $0.445 dividend. This represents a $1.78 annualized dividend and a yield of 3.53%. The ex-dividend date of this dividend is Monday, June 30th. First Industrial Realty Trust's dividend payout ratio is 88.12%.

Institutional Investors Weigh In On First Industrial Realty Trust

Several large investors have recently modified their holdings of FR. Invesco Ltd. grew its holdings in First Industrial Realty Trust by 80.2% during the fourth quarter. Invesco Ltd. now owns 4,276,906 shares of the real estate investment trust's stock valued at $214,401,000 after purchasing an additional 1,903,164 shares during the period. Norges Bank purchased a new position in shares of First Industrial Realty Trust during the 4th quarter valued at $90,489,000. Cbre Investment Management Listed Real Assets LLC grew its stake in shares of First Industrial Realty Trust by 381.2% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,070,197 shares of the real estate investment trust's stock worth $111,708,000 after acquiring an additional 1,639,952 shares during the period. Millennium Management LLC raised its stake in First Industrial Realty Trust by 159.5% in the 1st quarter. Millennium Management LLC now owns 2,260,701 shares of the real estate investment trust's stock valued at $121,987,000 after acquiring an additional 1,389,418 shares during the period. Finally, Nuveen LLC purchased a new stake in First Industrial Realty Trust during the first quarter valued at about $42,063,000. Hedge funds and other institutional investors own 99.85% of the company's stock.

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.