First Industrial Realty Trust (NYSE:FR) Upgraded by Raymond James Financial to Strong-Buy Rating

Raymond James Financial upgraded shares of First Industrial Realty Trust (NYSE:FR) to a strong-buy rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company cut their price objective on First Industrial Realty Trust from $63.00 to $61.00 and set an “equal weight” rating on the stock in a report on Monday, June 1st. KeyCorp reiterated a “sector weight” rating on shares of First Industrial Realty Trust in a research report on Wednesday, June 10th. Scotiabank lifted their target price on shares of 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. Cantor Fitzgerald restated a “neutral” rating and issued a $65.00 price target on shares of First Industrial Realty Trust in a research report on Monday, April 27th. Finally, Robert W. Baird raised their price target on shares of First Industrial Realty Trust from $67.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $65.20.

First Industrial Realty Trust Stock Performance

NYSE FR opened at $61.77 on Wednesday. The firm’s 50 day simple moving average is $62.04 and its 200 day simple moving average is $60.07. The firm has a market capitalization of $8.19 billion, a price-to-earnings ratio of 23.94 and a beta of 1.05. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.90. First Industrial Realty Trust has a 1 year low of $47.36 and a 1 year high of $64.66.

First Industrial Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 20th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.00 annualized dividend and a yield of 3.2%. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 77.52%.

Institutional Investors Weigh In On First Industrial Realty Trust

Several large investors have recently modified their holdings of the company. Citadel Advisors LLC increased its holdings in shares of First Industrial Realty Trust by 70.8% during the third quarter. Citadel Advisors LLC now owns 2,498,172 shares of the real estate investment trust’s stock valued at $128,581,000 after acquiring an additional 1,035,385 shares in the last quarter. M&T Bank Corp bought a new stake in First Industrial Realty Trust during the 4th quarter valued at $1,134,000. Hudson Bay Capital Management LP bought a new position in shares of First Industrial Realty Trust in the third quarter valued at $20,172,000. NewSquare Capital LLC grew its holdings in shares of First Industrial Realty Trust by 50,026.4% during the third quarter. NewSquare Capital LLC now owns 26,567 shares of the real estate investment trust’s stock valued at $1,367,000 after buying an additional 26,514 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in shares of First Industrial Realty Trust by 52.0% during the third quarter. Handelsbanken Fonder AB now owns 71,574 shares of the real estate investment trust’s stock valued at $3,684,000 after buying an additional 24,500 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

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.