Convergence Investment Partners LLC Acquires New Holdings in First Industrial Realty Trust, Inc. $FR

Convergence Investment Partners LLC bought a new position in shares of First Industrial Realty Trust, Inc. (NYSE:FR) in the first quarter, HoldingsChannel reports. The firm bought 23,635 shares of the real estate investment trust’s stock, valued at approximately $1,367,000.

Several other hedge funds have also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. lifted its stake in First Industrial Realty Trust by 856,065.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 9,785,973 shares of the real estate investment trust’s stock valued at $560,443,000 after buying an additional 9,784,830 shares in the last quarter. Norges Bank bought a new stake in shares of First Industrial Realty Trust during the fourth quarter worth $320,075,000. Cohen & Steers Inc. bought a new stake in shares of First Industrial Realty Trust during the fourth quarter worth $118,365,000. Rush Island Management LP acquired a new stake in shares of First Industrial Realty Trust during the second quarter worth $79,904,000. Finally, AQR Capital Management LLC raised its holdings in shares of First Industrial Realty Trust by 491.9% during the second quarter. AQR Capital Management LLC now owns 1,855,214 shares of the real estate investment trust’s stock worth $89,291,000 after acquiring an additional 1,541,778 shares during the period. 99.85% of the stock is currently owned by institutional investors and hedge funds.

First Industrial Realty Trust Stock Performance

Shares of FR stock opened at $68.47 on Wednesday. First Industrial Realty Trust, Inc. has a 12 month low of $47.38 and a 12 month high of $69.88. The company’s fifty day simple moving average is $63.12 and its 200-day simple moving average is $61.13. The firm has a market cap of $9.08 billion, a PE ratio of 26.54 and a beta of 1.05. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.90.

First Industrial Realty Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 20th. Shareholders of record on Tuesday, June 30th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, June 30th. First Industrial Realty Trust’s payout ratio is presently 77.52%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Wall Street Zen raised shares of First Industrial Realty Trust from a “sell” rating to a “hold” rating in a research note on Saturday, April 11th. Cantor Fitzgerald reissued a “neutral” rating and issued a $65.00 price target on shares of First Industrial Realty Trust in a research note on Monday, April 27th. Weiss Ratings upgraded First Industrial Realty Trust from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, April 27th. KeyCorp reaffirmed a “sector weight” rating on shares of First Industrial Realty Trust in a research report on Wednesday, June 10th. Finally, Truist Financial increased their price objective on First Industrial Realty Trust from $66.00 to $67.00 and gave the stock a “buy” rating in a report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.29.

First Industrial Realty Trust Company Profile

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.