First Industrial Realty Trust (NYSE:FR) Sets New 12-Month High – Here’s What Happened

Shares of First Industrial Realty Trust, Inc. (NYSE:FR) reached a new 52-week high on Wednesday . The company traded as high as $64.81 and last traded at $65.0750, with a volume of 108265 shares trading hands. The stock had previously closed at $64.43.

Wall Street Analyst Weigh In

FR has been the topic of several analyst reports. KeyCorp reissued a “sector weight” rating on shares of First Industrial Realty Trust in a report on Wednesday, June 10th. Truist Financial lifted their price target on First Industrial Realty Trust from $66.00 to $67.00 and gave the stock a “buy” rating in a research report on Friday, May 15th. Robert W. Baird upped their price target on shares of First Industrial Realty Trust from $67.00 to $68.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th. Weiss Ratings raised shares of First Industrial Realty Trust from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, April 27th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $65.00 price objective on shares of First Industrial Realty Trust in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, First Industrial Realty Trust has an average rating of “Moderate Buy” and a consensus price target of $63.93.

First Industrial Realty Trust Stock Up 0.4%

The company’s 50 day simple moving average is $62.27 and its 200-day simple moving average is $60.54. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.90. The firm has a market cap of $8.58 billion, a P/E ratio of 25.11 and a beta of 1.05.

First Industrial Realty Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 20th. Investors of record on Tuesday, June 30th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 30th. This represents a $2.00 dividend on an annualized basis and a yield of 3.1%. First Industrial Realty Trust’s dividend payout ratio is 77.52%.

Institutional Investors Weigh In On First Industrial Realty Trust

A number of large investors have recently added to or reduced their stakes in FR. Northwestern Mutual Wealth Management Co. increased its holdings in First Industrial Realty Trust by 856,065.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 9,785,973 shares of the real estate investment trust’s stock valued at $560,443,000 after buying an additional 9,784,830 shares during the last quarter. Norges Bank bought a new stake in shares of First Industrial Realty Trust during the 4th quarter valued at $320,075,000. Cohen & Steers Inc. bought a new stake in shares of First Industrial Realty Trust during the 4th quarter valued at $118,365,000. Rush Island Management LP purchased a new stake in shares of First Industrial Realty Trust in the 2nd quarter worth $79,904,000. Finally, AQR Capital Management LLC raised its holdings in First Industrial Realty Trust by 491.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,855,214 shares of the real estate investment trust’s stock worth $89,291,000 after purchasing an additional 1,541,778 shares during the period. Institutional investors own 99.85% of the company’s stock.

About First Industrial Realty Trust

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.