First Industrial Realty Trust (NYSE:FR) Reaches New 1-Year High - What's Next?

Key Points

• First Industrial Realty Trust hit a new 52-week high, trading as high as $65.74 and ending near $65.06 on heavy volume of more than 1.1 million shares.
• Analysts remain generally positive: the stock has a Moderate Buy consensus, with an average price target of $63.93, while recent target changes ranged from $61 to $68.
• The company also announced a quarterly dividend of $0.50 per share, payable July 20, which annualizes to $2.00 per share and a yield of about 3.1%.

First Industrial Realty Trust, Inc. (NYSE:FR - Get Free Report) reached a new 52-week high during trading on Tuesday . The stock traded as high as $65.74 and last traded at $65.0640, with a volume of 1137043 shares. The stock had previously closed at $65.01.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Weiss Ratings raised shares of First Industrial Realty Trust from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, April 27th. Wells Fargo & Company dropped their target price on First Industrial Realty Trust from $63.00 to $61.00 and set an "equal weight" rating on the stock in a report on Monday, June 1st. Truist Financial raised their price target on First Industrial Realty Trust from $66.00 to $67.00 and gave the company a "buy" rating in a research note on Friday, May 15th. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $65.00 price target on shares of First Industrial Realty Trust in a report on Monday, April 27th. Finally, Robert W. Baird upped their price objective on First Industrial Realty Trust from $67.00 to $68.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, First Industrial Realty Trust currently has a consensus rating of "Moderate Buy" and an average price target of $63.93.

First Industrial Realty Trust Stock Up 0.1%

The firm's 50 day simple moving average is $62.51 and its 200-day simple moving average is $60.74. The company has a market cap of $8.63 billion, a price-to-earnings ratio of 25.22 and a beta of 1.05. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.04 and a quick ratio of 1.04.

First Industrial Realty Trust Announces Dividend

The company also recently declared 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 of this dividend is Tuesday, June 30th. This represents a $2.00 annualized dividend and a yield of 3.1%. First Industrial Realty Trust's payout ratio is 77.52%.

Institutional Investors Weigh In On First Industrial Realty Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its position in shares of First Industrial Realty Trust by 856,065.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 9,785,973 shares of the real estate investment trust's stock worth $560,443,000 after acquiring an additional 9,784,830 shares during the last quarter. Norges Bank purchased a new stake in First Industrial Realty Trust in the 4th quarter valued at $320,075,000. Invesco Ltd. raised its position in First Industrial Realty Trust by 8.0% in the 3rd quarter. Invesco Ltd. now owns 4,343,723 shares of the real estate investment trust's stock valued at $223,571,000 after purchasing an additional 323,248 shares during the last quarter. Centersquare Investment Management LLC raised its position in First Industrial Realty Trust by 10.5% in the 4th quarter. Centersquare Investment Management LLC now owns 2,649,757 shares of the real estate investment trust's stock valued at $151,752,000 after purchasing an additional 252,650 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in First Industrial Realty Trust by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 2,629,908 shares of the real estate investment trust's stock worth $150,644,000 after purchasing an additional 41,042 shares during the period. 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 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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