First Industrial Realty Trust (NYSE:FR) Lowered to Neutral at Wedbush

First Industrial Realty Trust (NYSE:FR) was downgraded by equities researchers at Wedbush from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, Marketbeat.com reports. They presently have a $49.00 price objective on the real estate investment trust’s stock, down from their prior price objective of $59.00. Wedbush’s price target suggests a potential upside of 6.52% from the stock’s previous close. Wedbush also issued estimates for First Industrial Realty Trust’s FY2024 earnings at $2.58 EPS and FY2025 earnings at $2.84 EPS.

FR has been the subject of several other reports. Barclays reiterated an “equal weight” rating and set a $53.00 price target (down from $63.00) on shares of First Industrial Realty Trust in a report on Wednesday, March 27th. Royal Bank of Canada upped their target price on First Industrial Realty Trust from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. The Goldman Sachs Group lifted their price target on First Industrial Realty Trust from $41.00 to $47.00 and gave the company a “sell” rating in a research note on Thursday, January 11th. TheStreet raised First Industrial Realty Trust from a “c+” rating to a “b-” rating in a research note on Thursday, January 11th. Finally, Truist Financial raised their price objective on shares of First Industrial Realty Trust from $57.00 to $59.00 and gave the company a “buy” rating in a report on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $53.11.

First Industrial Realty Trust Price Performance

FR stock opened at $46.00 on Thursday. The stock has a market cap of $6.09 billion, a price-to-earnings ratio of 21.20 and a beta of 1.01. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.25 and a quick ratio of 1.06. The company has a 50 day simple moving average of $51.55 and a 200 day simple moving average of $49.86. First Industrial Realty Trust has a 1 year low of $40.44 and a 1 year high of $55.22.

Institutional Investors Weigh In On First Industrial Realty Trust

Several large investors have recently modified their holdings of the company. Louisiana State Employees Retirement System lifted its holdings in First Industrial Realty Trust by 2.4% in the first quarter. Louisiana State Employees Retirement System now owns 38,100 shares of the real estate investment trust’s stock valued at $2,002,000 after buying an additional 900 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in First Industrial Realty Trust by 13.1% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 28,860 shares of the real estate investment trust’s stock worth $1,516,000 after acquiring an additional 3,339 shares during the period. Azzad Asset Management Inc. ADV raised its position in shares of First Industrial Realty Trust by 7.0% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 6,177 shares of the real estate investment trust’s stock worth $325,000 after acquiring an additional 405 shares in the last quarter. State of Michigan Retirement System lifted its stake in shares of First Industrial Realty Trust by 2.2% in the 1st quarter. State of Michigan Retirement System now owns 32,468 shares of the real estate investment trust’s stock valued at $1,706,000 after purchasing an additional 700 shares during the period. Finally, Farmers & Merchants Investments Inc. boosted its position in shares of First Industrial Realty Trust by 781.7% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 529 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 469 shares in the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains.