First Industrial Realty Trust (FR) Downgraded by Zacks Investment Research
First Industrial Realty Trust (NYSE:FR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “FIRST INDUSTRIAL REALTY TRUST is a self-administered and fully integrated industrial real estate company which owns, mamages, acquires and develops industrial real estste. “
FR has been the topic of several other reports. Stifel Nicolaus upped their price objective on First Industrial Realty Trust from $33.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, November 6th. KeyCorp reiterated a “hold” rating on shares of First Industrial Realty Trust in a research note on Tuesday, October 24th. ValuEngine lowered First Industrial Realty Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, December 20th. Jefferies Group upgraded First Industrial Realty Trust from a “hold” rating to a “buy” rating in a research note on Thursday, December 21st. Finally, SunTrust Banks reiterated a “buy” rating and issued a $32.00 price objective on shares of First Industrial Realty Trust in a research note on Friday, October 27th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $32.29.
In related news, Director Bruce W. Duncan sold 16,854 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $32.42, for a total transaction of $546,406.68. Following the sale, the director now directly owns 866,966 shares in the company, valued at approximately $28,107,037.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.71% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MetLife Investment Advisors LLC bought a new stake in First Industrial Realty Trust during the 4th quarter worth approximately $4,108,000. Macquarie Group Ltd. grew its position in First Industrial Realty Trust by 12.5% during the 4th quarter. Macquarie Group Ltd. now owns 1,538,144 shares of the real estate investment trust’s stock worth $47,665,000 after acquiring an additional 171,367 shares during the last quarter. Vident Investment Advisory LLC bought a new stake in First Industrial Realty Trust during the 4th quarter worth approximately $236,000. Jane Street Group LLC grew its position in First Industrial Realty Trust by 139.6% during the 4th quarter. Jane Street Group LLC now owns 22,781 shares of the real estate investment trust’s stock worth $717,000 after acquiring an additional 13,273 shares during the last quarter. Finally, Zeke Capital Advisors LLC bought a new stake in First Industrial Realty Trust during the 4th quarter worth approximately $213,000. Institutional investors and hedge funds own 94.14% of the company’s stock.
About First Industrial Realty Trust
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.
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