Janney Montgomery Scott assumed coverage on shares of First Industrial Realty Trust, Inc. (NYSE:FR) in a report issued on Friday morning. The firm issued a buy rating and a $34.00 price objective on the real estate investment trust’s stock.

Other analysts have also recently issued research reports about the stock. Jefferies Group LLC reiterated a neutral rating on shares of First Industrial Realty Trust in a research note on Tuesday. BidaskClub cut shares of First Industrial Realty Trust from a buy rating to a hold rating in a research note on Wednesday, June 21st. Stifel Nicolaus boosted their price target on shares of First Industrial Realty Trust from $30.00 to $31.50 and gave the stock a buy rating in a research note on Wednesday, June 14th. Zacks Investment Research cut shares of First Industrial Realty Trust from a hold rating to a sell rating in a research note on Tuesday, July 4th. Finally, KeyCorp reiterated a hold rating on shares of First Industrial Realty Trust in a research note on Friday, August 25th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. First Industrial Realty Trust has an average rating of Hold and a consensus target price of $31.17.

First Industrial Realty Trust (FR) traded down 0.53% during midday trading on Friday, reaching $30.09. The company’s stock had a trading volume of 1,264,044 shares. First Industrial Realty Trust has a one year low of $24.85 and a one year high of $31.83. The firm has a 50 day moving average price of $30.65 and a 200 day moving average price of $28.86. The firm has a market cap of $3.61 billion, a P/E ratio of 30.64 and a beta of 1.00.

First Industrial Realty Trust (NYSE:FR) last issued its earnings results on Wednesday, July 26th. The real estate investment trust reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.18. The company had revenue of $97.60 million during the quarter, compared to the consensus estimate of $97.62 million. First Industrial Realty Trust had a net margin of 29.91% and a return on equity of 8.88%. First Industrial Realty Trust’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 EPS. Equities research analysts forecast that First Industrial Realty Trust will post $0.82 EPS for the current fiscal year.

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The business also recently declared a quarterly dividend, which will be paid on Monday, October 16th. Shareholders of record on Friday, September 29th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.79%. The ex-dividend date of this dividend is Thursday, September 28th. First Industrial Realty Trust’s payout ratio is currently 85.71%.

In other news, CFO Scott A. Musil sold 20,000 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $30.22, for a total transaction of $604,400.00. Following the sale, the chief financial officer now directly owns 107,273 shares in the company, valued at approximately $3,241,790.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bruce W. Duncan sold 15,146 shares of the company’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $28.68, for a total transaction of $434,387.28. Following the sale, the director now owns 949,531 shares in the company, valued at $27,232,549.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 99,279 shares of company stock worth $3,004,548. Corporate insiders own 1.83% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Phocas Financial Corp. raised its position in shares of First Industrial Realty Trust by 3.5% during the 2nd quarter. Phocas Financial Corp. now owns 34,336 shares of the real estate investment trust’s stock valued at $983,000 after buying an additional 1,177 shares in the last quarter. 1st Global Advisors Inc. raised its position in shares of First Industrial Realty Trust by 3.4% during the 2nd quarter. 1st Global Advisors Inc. now owns 45,248 shares of the real estate investment trust’s stock valued at $1,295,000 after buying an additional 1,479 shares in the last quarter. Verition Fund Management LLC raised its position in shares of First Industrial Realty Trust by 6.0% during the 2nd quarter. Verition Fund Management LLC now owns 25,557 shares of the real estate investment trust’s stock valued at $731,000 after buying an additional 1,449 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in shares of First Industrial Realty Trust by 1.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 45,128 shares of the real estate investment trust’s stock valued at $1,292,000 after buying an additional 523 shares in the last quarter. Finally, Susquehanna International Group LLP purchased a new stake in shares of First Industrial Realty Trust during the 2nd quarter valued at about $1,175,000. Hedge funds and other institutional investors own 92.07% of the company’s stock.

First Industrial Realty Trust Company Profile

First Industrial Realty Trust, Inc is a real estate investment trust (REIT). The Trust is a self-administered real estate company, which owns, manages, acquires, sells, develops and redevelops industrial real estate. As of December 31, 2016, the Company’s in-service portfolio consisted of 215 light industrial properties, 53 research and development (R&D)/flex properties, 167 bulk warehouse properties and 100 regional warehouse properties containing an aggregate of approximately 62.2 million square feet of gross leasable area (GLA) located in 23 states.

Analyst Recommendations for First Industrial Realty Trust (NYSE:FR)

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