First Industrial Realty Trust (NYSE:FR) Stock Gets Downgrade from JPMorgan Chase & Co.

First Industrial Realty Trust (NYSE:FR) was downgraded by research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued on Friday, MarketBeat Ratings reports. They presently have a $60.00 price objective on the real estate investment trust’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 9.10% from the company’s previous close.

Several other equities analysts have also commented on the company. Truist Financial increased 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. Wells Fargo & Company upped their target price on First Industrial Realty Trust from $61.00 to $66.00 and gave the stock an “equal weight” rating in a research note on Tuesday, September 1st. Robert W. Baird increased their price target on shares of First Industrial Realty Trust from $71.00 to $74.00 and gave the company an “outperform” rating in a research report on Wednesday, July 29th. Royal Bank Of Canada lifted their price target on shares of First Industrial Realty Trust from $68.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Finally, Raymond James Financial lowered shares of First Industrial Realty Trust from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the stock from $86.00 to $71.00 in a report on Friday, October 23rd. Seven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $66.73.

First Industrial Realty Trust Stock Performance

First Industrial Realty Trust stock opened at $54.99 on Friday. The firm’s fifty day moving average price is $60.16 and its 200-day moving average price is $61.36. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market cap of $7.29 billion, a P/E ratio of 17.64 and a beta of 1.03. First Industrial Realty Trust has a fifty-two week low of $54.16 and a fifty-two week high of $69.88.

First Industrial Realty Trust (NYSE:FR) last released its earnings results on Wednesday, October 21st. The real estate investment trust reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.38). First Industrial Realty Trust had a net margin of 46.12% and a return on equity of 12.60%. 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 earned $0.76 EPS. The firm’s revenue was up 8.6% compared to the same quarter last year. On average, equities research analysts expect that First Industrial Realty Trust will post 3.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Industrial Realty Trust

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its holdings in First Industrial Realty Trust by 2.0% during the 1st quarter. Sequoia Financial Advisors LLC now owns 8,184 shares of the real estate investment trust’s stock valued at $473,000 after purchasing an additional 163 shares during the period. Arizona State Retirement System grew its position in shares of First Industrial Realty Trust by 0.6% in the 2nd quarter. Arizona State Retirement System now owns 36,580 shares of the real estate investment trust’s stock worth $2,243,000 after buying an additional 207 shares during the last quarter. North Dakota State Investment Board increased its stake in shares of First Industrial Realty Trust by 6.1% during the third quarter. North Dakota State Investment Board now owns 4,039 shares of the real estate investment trust’s stock valued at $240,000 after buying an additional 233 shares during the period. Versant Capital Management Inc raised its holdings in shares of First Industrial Realty Trust by 2.9% during the third quarter. Versant Capital Management Inc now owns 8,525 shares of the real estate investment trust’s stock valued at $508,000 after acquiring an additional 242 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV raised its holdings in shares of First Industrial Realty Trust by 3.3% during the first quarter. Azzad Asset Management Inc. ADV now owns 8,669 shares of the real estate investment trust’s stock valued at $502,000 after acquiring an additional 274 shares in the last quarter. 99.85% of the stock is owned by institutional investors.

About First Industrial Realty Trust

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.