First Industrial Realty Trust (NYSE:FR) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• First Industrial Realty Trust shares fell 6.9% to $55.287 while trading volume surged 67% to 1.78 million shares.
• Analysts remain broadly positive, with an overall “Moderate Buy” rating and an average price target of $68.08; several firms recently raised their targets.
• The REIT reported quarterly revenue of $197.12 million, up 8.6% year over year, but EPS of $0.81 narrowly missed estimates. It also maintains a $0.50 quarterly dividend, equivalent to a 3.6% yield.

Shares of First Industrial Realty Trust, Inc. (NYSE:FR - Get Free Report) saw strong trading volume on Thursday. 1,782,522 shares traded hands during trading, an increase of 67% from the previous session's volume of 1,065,565 shares. The stock last traded at $55.2870 and had previously closed at $59.40.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Barclays upped their price objective on shares of First Industrial Realty Trust from $64.00 to $69.00 and gave the stock an "equal weight" rating in a report on Thursday, July 16th. Scotiabank lifted their target price on shares of First Industrial Realty Trust from $63.00 to $66.00 and gave the company a "sector perform" rating in a report on Wednesday, August 12th. Royal Bank Of Canada boosted their price target on First Industrial Realty Trust from $68.00 to $75.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. Cantor Fitzgerald restated a "neutral" rating and issued a $71.00 price target on shares of First Industrial Realty Trust in a research note on Monday, July 27th. Finally, Truist Financial raised their price objective on First Industrial Realty Trust from $67.00 to $73.00 and gave the company a "buy" rating in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, First Industrial Realty Trust has an average rating of "Moderate Buy" and an average price target of $68.08.

First Industrial Realty Trust Stock Down 6.9%

The company has a debt-to-equity ratio of 0.89, a current ratio of 1.44 and a quick ratio of 1.44. The firm has a market capitalization of $7.34 billion, a P/E ratio of 20.19 and a beta of 1.03. The company's 50-day simple moving average is $61.09 and its two-hundred day simple moving average is $62.37.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last issued its earnings results on Wednesday, October 21st. The real estate investment trust reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.01). First Industrial Realty Trust had a return on equity of 12.99% and a net margin of 47.97%. The firm had revenue of $197.12 million during the quarter, compared to the consensus estimate of $196.41 million. During the same period in the prior year, the company posted $0.76 EPS. The company's quarterly revenue was up 8.6% on a year-over-year basis. As a group, research analysts expect that First Industrial Realty Trust, Inc. will post 3.17 earnings per share for the current year.

First Industrial Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, October 19th. Investors of record on Wednesday, September 30th were given a $0.50 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $2.00 dividend on an annualized basis and a yield of 3.6%. First Industrial Realty Trust's dividend payout ratio (DPR) is currently 72.99%.

Institutional Trading of First Industrial Realty Trust

A number of hedge funds and other institutional investors have recently bought and sold shares of FR. Nisa Investment Advisors LLC lifted its holdings in First Industrial Realty Trust by 66.4% in the third quarter. Nisa Investment Advisors LLC now owns 5,737 shares of the real estate investment trust's stock valued at $344,000 after acquiring an additional 2,289 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in shares of First Industrial Realty Trust by 21.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 180,619 shares of the real estate investment trust's stock valued at $10,754,000 after acquiring an additional 32,000 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of First Industrial Realty Trust by 8.0% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 33,858 shares of the real estate investment trust's stock worth $2,016,000 after acquiring an additional 2,518 shares in the last quarter. Bank of Stockton boosted its stake in shares of First Industrial Realty Trust by 5.5% during the 3rd quarter. Bank of Stockton now owns 30,860 shares of the real estate investment trust's stock worth $1,837,000 after acquiring an additional 1,609 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH purchased a new stake in shares of First Industrial Realty Trust during the 3rd quarter worth approximately $31,608,000. Hedge funds and other institutional investors own 99.85% of the company's stock.

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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