First Industrial Realty Trust (NYSE:FR) Hits New 1-Year Low on Analyst Downgrade

Key Points

• First Industrial Realty Trust shares hit a new 52-week low, falling to $54.16 after RBC cut its price target from $75 to $70, while maintaining an “outperform” rating.
• Analyst sentiment has weakened, with JPMorgan and Citigroup lowering their targets and JPMorgan downgrading the stock to “neutral.” The consensus rating is “Hold,” with an average price target of $66.40.
• The REIT reported quarterly earnings of $0.44 per share, well below the $0.82 estimate, though revenue rose 8.6% year over year to $197.12 million. It continues to pay a $0.50 quarterly dividend, representing a 3.7% yield.

First Industrial Realty Trust, Inc. (NYSE:FR - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Friday after Royal Bank Of Canada lowered their price target on the stock from $75.00 to $70.00. Royal Bank Of Canada currently has an outperform rating on the stock. First Industrial Realty Trust traded as low as $54.16 and last traded at $54.3590, with a volume of 1,123,522 shares changing hands. The stock had previously closed at $54.99.

Several other equities research analysts have also recently issued reports on FR. Citigroup reduced their target price on First Industrial Realty Trust from $72.00 to $60.00 and set a "neutral" rating on the stock in a report on Wednesday. Scotiabank increased their price target on First Industrial Realty Trust from $63.00 to $66.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 12th. JPMorgan Chase & Co. cut First Industrial Realty Trust from an "overweight" rating to a "neutral" rating and cut their price target for the company from $74.00 to $60.00 in a report on Friday. Truist Financial raised their price target on First Industrial Realty Trust from $67.00 to $73.00 and gave the company a "buy" rating in a report on Monday, July 27th. Finally, Weiss Ratings downgraded First Industrial Realty Trust from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, September 8th. Seven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $66.40.

Hedge Funds Weigh In On First Industrial Realty Trust

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Trust Co. of Vermont purchased a new position in First Industrial Realty Trust in the second quarter valued at about $39,000. Elevation Wealth Partners LLC increased its stake in shares of First Industrial Realty Trust by 94.1% during the 3rd quarter. Elevation Wealth Partners LLC now owns 751 shares of the real estate investment trust's stock worth $45,000 after purchasing an additional 364 shares during the last quarter. Persistent Asset Partners Ltd bought a new stake in shares of First Industrial Realty Trust in the 2nd quarter worth approximately $70,000. State of Wyoming bought a new stake in shares of First Industrial Realty Trust in the 2nd quarter worth approximately $71,000. Finally, Parallel Advisors LLC lifted its stake in First Industrial Realty Trust by 120.8% in the first quarter. Parallel Advisors LLC now owns 1,382 shares of the real estate investment trust's stock valued at $80,000 after purchasing an additional 756 shares during the last quarter. Institutional investors and hedge funds own 99.85% of the company's stock.

First Industrial Realty Trust Trading Down 1.1%

The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.92. The firm has a 50 day moving average of $60.16 and a 200 day moving average of $61.36. The firm has a market cap of $7.21 billion, a PE ratio of 20.22 and a beta of 1.03.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last issued its earnings results on Wednesday, October 21st. The real estate investment trust reported $0.44 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.38). First Industrial Realty Trust had a return on equity of 12.60% and a net margin of 46.12%. The firm had revenue of $197.12 million during the quarter, compared to analysts' expectations of $196.41 million. During the same period in the previous year, the firm earned $0.76 earnings per share. The firm's quarterly revenue was up 8.6% compared to the same quarter last year. Equities analysts anticipate that First Industrial Realty Trust, Inc. will post 3.16 earnings per share for the current year.

First Industrial Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 19th. Shareholders of record on Wednesday, September 30th were issued a dividend of $0.50 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $2.00 annualized dividend and a yield of 3.7%. First Industrial Realty Trust's payout ratio is currently 74.35%.

First Industrial Realty Trust Company Profile

First Industrial Realty Trust, Inc NYSE: FR is a real estate investment trust focused on the ownership, management, acquisition, development and redevelopment of industrial properties in the United States. Its portfolio primarily serves businesses that require space for distribution, warehousing, manufacturing, light industrial operations and other logistics-related activities.

The company leases its properties to a diverse group of tenants, including retailers, manufacturers, logistics providers and third-party distribution companies.

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