First Industrial Realty Trust (NYSE:FR) Stock Price Target Cut by Wells Fargo & Company

First Industrial Realty Trust (NYSE:FR) had its price target cut by Wells Fargo & Company from $66.00 to $60.00 in a report released on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the real estate investment trust’s stock. Wells Fargo & Company‘s price target points to a potential upside of 9.49% from the stock’s current price.

Several other research analysts have also recently issued reports on the stock. Raymond James Financial cut shares of First Industrial Realty Trust from a “strong-buy” rating to an “outperform” rating and decreased their target price for the stock from $86.00 to $71.00 in a report on Friday, October 23rd. Weiss Ratings lowered First Industrial Realty Trust from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, September 8th. Robert W. Baird lifted their target price on shares of First Industrial Realty Trust from $71.00 to $74.00 and gave the company an “outperform” rating in a research note on Wednesday, July 29th. Barclays upped their target price on shares of First Industrial Realty Trust from $64.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada lowered their price objective on shares of First Industrial Realty Trust from $75.00 to $70.00 and set an “outperform” rating for the company in a research report on Friday. Seven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $65.67.

First Industrial Realty Trust Price Performance

Shares of First Industrial Realty Trust stock opened at $54.80 on Monday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.92. The company’s fifty day simple moving average is $59.99 and its two-hundred day simple moving average is $61.34. The firm has a market cap of $7.27 billion, a PE ratio of 20.33 and a beta of 1.01. First Industrial Realty Trust has a 12-month low of $54.16 and a 12-month high of $69.88.

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

Institutional Trading of First Industrial Realty Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio raised its holdings in shares of First Industrial Realty Trust by 26.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 290,663 shares of the real estate investment trust’s stock valued at $16,815,000 after purchasing an additional 60,459 shares in the last quarter. Bank of America Corp DE acquired a new position in First Industrial Realty Trust during the second quarter worth approximately $52,588,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in First Industrial Realty Trust in the 2nd quarter valued at $4,272,000. Jupiter Topco LLC purchased a new position in shares of First Industrial Realty Trust during the second quarter worth about $3,715,000. Finally, Corient Private Wealth LP raised its stake in shares of First Industrial Realty Trust by 15.0% during the second quarter. Corient Private Wealth LP now owns 173,817 shares of the real estate investment trust’s stock worth $10,657,000 after purchasing an additional 22,642 shares during the last quarter. Institutional investors and hedge funds own 99.85% of the company’s stock.

First Industrial Realty Trust Company Profile

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.