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

Key Points

• First Industrial Realty Trust shares fell to a new 52-week low of $54.16 after Truist cut its price target from $73 to $62, while maintaining a Buy rating.
• Analyst sentiment is mixed: the stock has an average Hold rating and a $64.93 average price target, with seven Buy ratings and eight Holds.
• The REIT reported quarterly EPS of $0.44, below the $0.82 consensus, despite revenue growing 8.6% year over year. It also declared a $0.50 quarterly dividend, equivalent to a 3.7% yield.

Shares of First Industrial Realty Trust, Inc. (NYSE:FR - Get Free Report) hit a new 52-week low during mid-day trading on Thursday after Truist Financial lowered their price target on the stock from $73.00 to $62.00. Truist Financial currently has a buy rating on the stock. First Industrial Realty Trust traded as low as $54.16 and last traded at $54.2480, with a volume of 478,773 shares. The stock had previously closed at $55.51.

Several other analysts have also recently issued reports on FR. Scotiabank dropped their target price on First Industrial Realty Trust from $66.00 to $61.00 and set a "sector perform" rating for the company in a report on Friday, October 30th. JPMorgan Chase & Co. cut First Industrial Realty Trust from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $74.00 to $60.00 in a research report on Friday, October 30th. Raymond James Financial downgraded shares of First Industrial Realty Trust from a "strong-buy" rating to an "outperform" rating and cut their price target for the company from $86.00 to $71.00 in a report on Friday, October 23rd. Cantor Fitzgerald cut their price objective on First Industrial Realty Trust from $71.00 to $58.00 and set a "neutral" rating for the company in a research report on Monday, October 26th. Finally, Royal Bank Of Canada reduced their price target on First Industrial Realty Trust from $75.00 to $70.00 and set an "outperform" rating on the stock in a research note on Friday, October 30th. Seven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $64.93.

Institutional Investors Weigh In On First Industrial Realty Trust

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in First Industrial Realty Trust in the 2nd quarter valued at approximately $1,021,489,000. Deutsche Bank AG purchased a new stake in shares of First Industrial Realty Trust during the second quarter valued at approximately $79,730,000. Bank of New York Mellon Corp bought a new stake in shares of First Industrial Realty Trust during the second quarter valued at approximately $64,042,000. Bank of America Corp DE bought a new position in First Industrial Realty Trust during the 2nd quarter valued at approximately $52,588,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of First Industrial Realty Trust during the 2nd quarter valued at about $50,505,000. 99.85% of the stock is owned by hedge funds and other institutional investors.

First Industrial Realty Trust Trading Down 2.3%

The stock has a 50 day moving average price of $59.50 and a 200-day moving average price of $61.28. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $7.19 billion, a PE ratio of 20.16 and a beta of 1.01.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing analysts' consensus estimates of $0.82 by ($0.38). The business had revenue of $197.12 million during the quarter, compared to the consensus estimate of $196.41 million. First Industrial Realty Trust had a return on equity of 12.60% and a net margin of 46.12%. The business's revenue was up 8.6% on a year-over-year basis. During the same period last year, the company earned $0.76 EPS. Sell-side analysts expect that First Industrial Realty Trust, Inc. will post 3.15 earnings per share for the current year.

First Industrial Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 19th. Investors of record on Thursday, December 31st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, December 31st. This represents a $2.00 annualized dividend and a yield of 3.7%. First Industrial Realty Trust's dividend payout ratio is presently 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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