First Industrial Realty Trust (NYSE:FR) Price Target Cut to $70.00 by Analysts at Royal Bank Of Canada

First Industrial Realty Trust (NYSE:FR) had its target price reduced by Royal Bank Of Canada from $75.00 to $70.00 in a report published on Friday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the real estate investment trust’s stock.

FR has been the subject of several other reports. The Goldman Sachs Group reduced their target price on First Industrial Realty Trust from $72.00 to $62.00 and set a “neutral” rating for the company in a report on Friday, October 23rd. Citigroup dropped their price target on First Industrial Realty Trust from $72.00 to $60.00 and set a “neutral” rating on the stock in a research note on Wednesday. Robert W. Baird lifted their price target on First Industrial Realty Trust from $71.00 to $74.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 29th. Weiss Ratings cut First Industrial Realty Trust from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, September 8th. Finally, Scotiabank boosted their price objective on First Industrial Realty Trust from $63.00 to $66.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 12th. Seven equities research 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, First Industrial Realty Trust has an average rating of “Hold” and an average price target of $66.07.

First Industrial Realty Trust Price Performance

Shares of FR opened at $54.39 on Friday. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.06 and a quick ratio of 1.06. First Industrial Realty Trust has a 1-year low of $54.16 and a 1-year high of $69.88. The stock has a market cap of $7.21 billion, a PE ratio of 17.85 and a beta of 1.03. The firm has a fifty day moving average price of $59.99 and a 200 day moving average price of $61.34.

First Industrial Realty Trust (NYSE:FR) last issued its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.38). The firm had revenue of $197.12 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.76 EPS. As a group, sell-side analysts anticipate that First Industrial Realty Trust will post 3.16 EPS for the current year.

First Industrial Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 19th. Shareholders of record on Wednesday, September 30th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Wednesday, September 30th. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 74.35%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Covestor Ltd raised its stake in shares of First Industrial Realty Trust by 250.8% during the third quarter. Covestor Ltd now owns 414 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 296 shares during the last quarter. Trust Co. of Vermont acquired a new stake in shares of First Industrial Realty Trust during the second quarter worth $39,000. Elevation Wealth Partners LLC lifted its holdings in shares of First Industrial Realty Trust by 94.1% during the third quarter. Elevation Wealth Partners LLC now owns 751 shares of the real estate investment trust’s stock worth $45,000 after purchasing an additional 364 shares during the period. Persistent Asset Partners Ltd purchased a new position in First Industrial Realty Trust in the 2nd quarter valued at $70,000. Finally, State of Wyoming purchased a new position in First Industrial Realty Trust in the 2nd quarter valued at $71,000. Institutional investors and hedge funds own 99.85% of the company’s stock.

More First Industrial Realty Trust News

Here are the key news stories impacting First Industrial Realty Trust this week:

• Positive Sentiment: Royal Bank of Canada maintained its “outperform” rating while lowering its price target to $70 from $75. The revised target still implies substantial potential upside. RBC target reduction article
• Neutral Sentiment: Scotiabank reduced its price target to $61 from $66 and assigned a “sector perform” rating, signaling expectations broadly in line with the sector despite some implied upside. Scotiabank recommendations
• Neutral Sentiment: Citigroup lowered its target to $60 from $72 and kept a “neutral” rating. The sharp reduction reflects a more cautious outlook, even though the new target remains above recent trading levels. Citigroup recommendations
• Negative Sentiment: JPMorgan downgraded First Industrial Realty Trust from “overweight” to “neutral” and cut its price target to $60 from $74. This was the most notable negative revision and likely contributed to selling pressure. JPMorgan downgrade article
• Negative Sentiment: The latest quarterly results also remain a concern: earnings per share came in well below consensus, while revenue increased year over year. The earnings shortfall may be reinforcing analysts’ more conservative valuations.

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.