First Industrial Realty Trust (NYSE:FR) Hits New 52-Week High – What’s Next?

First Industrial Realty Trust, Inc. (NYSE:FR)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $65.01 and last traded at $61.44, with a volume of 104 shares trading hands. The stock had previously closed at $61.52.

Analysts Set New Price Targets

Several equities analysts recently weighed in on FR shares. Truist Financial increased their price target on shares of First Industrial Realty Trust from $66.00 to $67.00 and gave the company a “buy” rating in a research report on Friday. Royal Bank Of Canada increased their target price on shares of First Industrial Realty Trust from $64.00 to $66.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Wall Street Zen upgraded shares of First Industrial Realty Trust from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. Citigroup upped their price objective on First Industrial Realty Trust from $60.00 to $63.00 and gave the company a “neutral” rating in a research note on Tuesday, February 10th. Finally, Scotiabank raised their target price on First Industrial Realty Trust from $62.00 to $63.00 and gave the stock a “sector perform” rating in a research report on Monday, March 2nd. Eight research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $63.64.

First Industrial Realty Trust Stock Performance

The stock has a market capitalization of $8.15 billion, a P/E ratio of 23.83 and a beta of 1.07. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.90. The company has a 50-day moving average price of $60.64 and a two-hundred day moving average price of $59.08.

First Industrial Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 20th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, June 30th. First Industrial Realty Trust’s dividend payout ratio is 77.52%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Measured Wealth Private Client Group LLC purchased a new stake in shares of First Industrial Realty Trust in the third quarter worth $26,000. Parallel Advisors LLC grew its position in First Industrial Realty Trust by 86.9% during the fourth quarter. Parallel Advisors LLC now owns 626 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 291 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in First Industrial Realty Trust by 64.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 771 shares of the real estate investment trust’s stock worth $44,000 after buying an additional 301 shares in the last quarter. Danske Bank A S bought a new position in First Industrial Realty Trust in the 3rd quarter worth about $51,000. Finally, Parkside Financial Bank & Trust raised its holdings in shares of First Industrial Realty Trust by 27.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,231 shares of the real estate investment trust’s stock valued at $70,000 after acquiring an additional 262 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

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.