Truist Financial Has Lowered Expectations for First Industrial Realty Trust (NYSE:FR) Stock Price

First Industrial Realty Trust (NYSE:FR) had its target price cut by Truist Financial from $73.00 to $62.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the real estate investment trust’s stock. Truist Financial‘s target price would indicate a potential upside of 12.38% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Robert W. Baird lifted their price objective on shares of First Industrial Realty Trust from $71.00 to $74.00 and gave the stock an “outperform” rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. downgraded shares of First Industrial Realty Trust from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $74.00 to $60.00 in a research note on Friday, October 30th. Wells Fargo & Company lowered their price objective on shares of First Industrial Realty Trust from $66.00 to $60.00 and set an “equal weight” rating for the company in a report on Monday. Barclays upped their price objective on shares of First Industrial Realty Trust from $64.00 to $69.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Finally, Royal Bank Of Canada reduced their target price on shares of First Industrial Realty Trust from $75.00 to $70.00 and set an “outperform” rating on the stock in a report on Friday, October 30th. Seven research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $64.93.

First Industrial Realty Trust Stock Performance

NYSE FR traded down $0.34 during trading hours on Thursday, reaching $55.17. 127,695 shares of the company were exchanged, compared to its average volume of 1,124,850. The stock has a market capitalization of $7.31 billion, a P/E ratio of 20.48 and a beta of 1.01. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.92. First Industrial Realty Trust has a 1 year low of $54.16 and a 1 year high of $69.88. The business’s 50 day simple moving average is $59.50 and its 200-day simple moving average is $61.28.

First Industrial Realty Trust (NYSE:FR) last released its quarterly earnings data on Wednesday, October 21st. The real estate investment trust reported $0.44 earnings per share 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 business had revenue of $197.12 million during the quarter, compared to analysts’ expectations of $196.41 million. During the same quarter in the prior year, the firm posted $0.76 earnings per share. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. On average, equities research analysts expect that First Industrial Realty Trust will post 3.15 earnings per share for the current year.

Institutional Trading of First Industrial Realty Trust

A number of institutional investors have recently modified their holdings of FR. BlackRock Inc. purchased a new stake in First Industrial Realty Trust in the 2nd quarter worth approximately $1,021,489,000. Dimensional Fund Advisors LP increased its position in First Industrial Realty Trust by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,025,484 shares of the real estate investment trust’s stock valued at $117,173,000 after purchasing an additional 40,101 shares during the period. Deutsche Bank AG bought a new stake in shares of First Industrial Realty Trust during the 2nd quarter valued at about $79,730,000. Artemis Investment Management LLP raised its stake in First Industrial Realty Trust by 0.5% in the third quarter. Artemis Investment Management LLP now owns 1,244,218 shares of the real estate investment trust’s stock worth $74,081,000 after buying an additional 6,732 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its holdings in First Industrial Realty Trust by 27.1% in the first quarter. Quantinno Capital Management LP now owns 1,217,721 shares of the real estate investment trust’s stock worth $70,445,000 after buying an additional 259,476 shares during the period. 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 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.