Scotiabank Issues Pessimistic Forecast for First Industrial Realty Trust (NYSE:FR) Stock Price

First Industrial Realty Trust (NYSE:FR) had its price target lowered by equities researchers at Scotiabank from $66.00 to $61.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “sector perform” rating on the real estate investment trust’s stock. Scotiabank‘s price target suggests a potential upside of 12.15% from the company’s previous close.

Several other research firms have also commented on FR. Raymond James Financial lowered shares of First Industrial Realty Trust from a “strong-buy” rating to an “outperform” rating and reduced their price target for the company from $86.00 to $71.00 in a research report on Friday, October 23rd. Wells Fargo & Company increased their price objective on First Industrial Realty Trust from $61.00 to $66.00 and gave the stock an “equal weight” rating in a research report on Tuesday, September 1st. UBS Group set a $71.00 target price on First Industrial Realty Trust in a research note on Friday, October 23rd. The Goldman Sachs Group reduced their target price on First Industrial Realty Trust from $72.00 to $62.00 and set a “neutral” rating on the stock in a research report on Friday, October 23rd. Finally, Cantor Fitzgerald decreased their price target on First Industrial Realty Trust from $71.00 to $58.00 and set a “neutral” rating on the stock in a research note on Monday. Seven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $66.07.

First Industrial Realty Trust Trading Down 1.1%

First Industrial Realty Trust stock traded down $0.60 during midday trading on Friday, hitting $54.39. 1,775,702 shares of the stock were exchanged, compared to its average volume of 1,115,450. First Industrial Realty Trust has a fifty-two week low of $54.16 and a fifty-two week high of $69.88. The stock has a market capitalization of $7.21 billion, a price-to-earnings ratio of 20.22 and a beta of 1.03. The stock’s 50-day simple moving average is $60.16 and its 200 day simple moving average is $61.36. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.92.

First Industrial Realty Trust (NYSE:FR) last posted its earnings results on Wednesday, October 21st. The real estate investment trust reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.38). The firm had revenue of $197.12 million during the quarter, compared to analyst estimates of $196.41 million. First Industrial Realty Trust had a net margin of 46.12% and a return on equity of 12.60%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.76 earnings per share. On average, equities analysts anticipate that First Industrial Realty Trust will post 3.16 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio grew its stake in shares of First Industrial Realty Trust by 26.3% in the first quarter. Public Employees Retirement System of Ohio now owns 290,663 shares of the real estate investment trust’s stock worth $16,815,000 after acquiring an additional 60,459 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of First Industrial Realty Trust during the second quarter worth $52,588,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of First Industrial Realty Trust in the second quarter valued at $4,272,000. Jupiter Topco LLC acquired a new stake in shares of First Industrial Realty Trust in the second quarter valued at $3,715,000. Finally, Corient Private Wealth LP raised its stake in shares of First Industrial Realty Trust by 15.0% in the second quarter. Corient Private Wealth LP now owns 173,817 shares of the real estate investment trust’s stock valued at $10,657,000 after acquiring an additional 22,642 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc (NYSE: FR) is a real estate investment trust focused on the ownership, management, acquisition, development and redevelopment of industrial properties in the United States. Its portfolio primarily serves businesses that require space for distribution, warehousing, manufacturing, light industrial operations and other logistics-related activities.

The company leases its properties to a diverse group of tenants, including retailers, manufacturers, logistics providers and third-party distribution companies.