First Industrial Realty Trust (NYSE:FR) Price Target Cut to $57.00 by Analysts at JPMorgan Chase & Co.

First Industrial Realty Trust (NYSE:FR) had its price target lowered by JPMorgan Chase & Co. from $63.00 to $57.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has an overweight rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued reports about the stock. Robert W. Baird increased their price objective on shares of First Industrial Realty Trust from $59.00 to $61.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Scotiabank reduced their price target on shares of First Industrial Realty Trust from $58.00 to $50.00 and set a “sector perform” rating on the stock in a research note on Monday, April 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of First Industrial Realty Trust in a research report on Tuesday, January 14th. They set a “hold” rating and a $52.00 target price on the stock. Barclays reiterated a “cautious” rating on shares of First Industrial Realty Trust in a research report on Tuesday, March 25th. Finally, The Goldman Sachs Group cut their price target on shares of First Industrial Realty Trust from $59.00 to $51.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, First Industrial Realty Trust has an average rating of “Hold” and a consensus target price of $57.58.

First Industrial Realty Trust Price Performance

NYSE:FR opened at $47.75 on Monday. First Industrial Realty Trust has a 52 week low of $40.31 and a 52 week high of $58.17. The firm has a market cap of $6.32 billion, a price-to-earnings ratio of 21.90 and a beta of 1.07. The firm’s 50-day simple moving average is $51.90 and its 200 day simple moving average is $52.43. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.11 and a current ratio of 1.21.

First Industrial Realty Trust (NYSE:FR) last released its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.02). The business had revenue of $177.07 million for the quarter, compared to the consensus estimate of $176.98 million. First Industrial Realty Trust had a return on equity of 10.64% and a net margin of 42.94%. As a group, sell-side analysts predict that First Industrial Realty Trust will post 2.89 earnings per share for the current year.

First Industrial Realty Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 21st. Stockholders of record on Monday, March 31st were given a dividend of $0.445 per share. This represents a $1.78 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date of this dividend was Monday, March 31st. This is a boost from First Industrial Realty Trust’s previous quarterly dividend of $0.37. First Industrial Realty Trust’s dividend payout ratio is 88.12%.

Hedge Funds Weigh In On First Industrial Realty Trust

Several large investors have recently added to or reduced their stakes in FR. Howard Capital Management Group LLC bought a new position in First Industrial Realty Trust in the 3rd quarter valued at about $206,000. Barclays PLC increased its stake in shares of First Industrial Realty Trust by 34.6% during the 3rd quarter. Barclays PLC now owns 131,111 shares of the real estate investment trust’s stock worth $7,341,000 after purchasing an additional 33,702 shares during the last quarter. Tidal Investments LLC increased its stake in shares of First Industrial Realty Trust by 20.1% during the 3rd quarter. Tidal Investments LLC now owns 82,537 shares of the real estate investment trust’s stock worth $4,620,000 after purchasing an additional 13,827 shares during the last quarter. Synovus Financial Corp increased its stake in shares of First Industrial Realty Trust by 96.3% during the 3rd quarter. Synovus Financial Corp now owns 28,374 shares of the real estate investment trust’s stock worth $1,588,000 after purchasing an additional 13,922 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of First Industrial Realty Trust by 42.9% during the 3rd quarter. Franklin Resources Inc. now owns 193,532 shares of the real estate investment trust’s stock worth $10,546,000 after purchasing an additional 58,088 shares during the last quarter. Institutional investors own 99.85% of the company’s stock.

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.