Canada Pension Plan Investment Board Lowers Stock Position in First Industrial Realty Trust, Inc. (NYSE:FR)

Canada Pension Plan Investment Board lessened its stake in First Industrial Realty Trust, Inc. (NYSE:FR) by 27.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,600 shares of the real estate investment trust’s stock after selling 13,000 shares during the period. Canada Pension Plan Investment Board’s holdings in First Industrial Realty Trust were worth $1,596,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Farmers & Merchants Investments Inc. raised its holdings 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 buying an additional 469 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of First Industrial Realty Trust by 46.4% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 631 shares of the real estate investment trust’s stock valued at $30,000 after purchasing an additional 200 shares in the last quarter. Mather Group LLC. bought a new position in shares of First Industrial Realty Trust during the 1st quarter valued at $50,000. C M Bidwell & Associates Ltd. raised its position in First Industrial Realty Trust by 119.5% in the 4th quarter. C M Bidwell & Associates Ltd. now owns 1,405 shares of the real estate investment trust’s stock worth $74,000 after purchasing an additional 765 shares during the period. Finally, Ables Iannone Moore & Associates Inc. bought a new stake in First Industrial Realty Trust in the fourth quarter worth $82,000. Institutional investors own 99.85% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FR shares. The Goldman Sachs Group raised their target price on shares of First Industrial Realty Trust from $46.00 to $52.00 and gave the stock a “sell” rating in a report on Friday, July 26th. JPMorgan Chase & Co. upped their price target on First Industrial Realty Trust from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Royal Bank of Canada boosted their target price on First Industrial Realty Trust from $57.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, July 30th. Truist Financial upped their price objective on shares of First Industrial Realty Trust from $54.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Wells Fargo & Company lifted their target price on shares of First Industrial Realty Trust from $50.00 to $61.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 28th. Two analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $56.46.

First Industrial Realty Trust Stock Performance

FR stock opened at $55.48 on Friday. The stock’s 50 day simple moving average is $55.02 and its 200 day simple moving average is $50.94. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.83. First Industrial Realty Trust, Inc. has a 12-month low of $40.44 and a 12-month high of $57.35. The stock has a market capitalization of $7.34 billion, a PE ratio of 25.57 and a beta of 1.08.

First Industrial Realty Trust (NYSE:FR) last issued its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.25). The business had revenue of $164.10 million during the quarter, compared to analysts’ expectations of $163.48 million. First Industrial Realty Trust had a return on equity of 10.72% and a net margin of 44.46%. First Industrial Realty Trust’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period last year, the firm posted $0.61 EPS. As a group, research analysts forecast that First Industrial Realty Trust, Inc. will post 2.62 earnings per share for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Investors of record on Monday, September 30th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend is Monday, September 30th. First Industrial Realty Trust’s dividend payout ratio is currently 68.20%.

First Industrial Realty Trust Company Profile

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.