Cohen & Steers Inc. Invests $118.37 Million in First Industrial Realty Trust, Inc. $FR

Cohen & Steers Inc. bought a new stake in shares of First Industrial Realty Trust, Inc. (NYSE:FR) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,066,795 shares of the real estate investment trust’s stock, valued at approximately $118,365,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. lifted its position 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 purchasing an additional 9,784,830 shares in the last quarter. Norges Bank purchased a new position in First Industrial Realty Trust during the fourth quarter valued at $320,075,000. Invesco Ltd. lifted its position in First Industrial Realty Trust by 8.0% during the third quarter. Invesco Ltd. now owns 4,343,723 shares of the real estate investment trust’s stock valued at $223,571,000 after purchasing an additional 323,248 shares in the last quarter. Centersquare Investment Management LLC lifted its position in First Industrial Realty Trust by 10.5% during the fourth quarter. Centersquare Investment Management LLC now owns 2,649,757 shares of the real estate investment trust’s stock valued at $151,752,000 after purchasing an additional 252,650 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in First Industrial Realty Trust by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 2,629,908 shares of the real estate investment trust’s stock valued at $150,644,000 after purchasing an additional 41,042 shares in the last quarter. 99.85% of the stock is currently owned by hedge funds and other institutional investors.

First Industrial Realty Trust Trading Up 1.1%

Shares of NYSE FR opened at $63.49 on Friday. The business’s 50 day moving average is $61.77 and its two-hundred day moving average is $59.91. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.04 and a quick ratio of 1.04. First Industrial Realty Trust, Inc. has a 1-year low of $47.36 and a 1-year high of $64.66. The stock has a market capitalization of $8.42 billion, a P/E ratio of 24.61 and a beta of 1.05.

First Industrial Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 20th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.2%. First Industrial Realty Trust’s dividend payout ratio is currently 77.52%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Truist Financial lifted their target price on First Industrial Realty Trust from $66.00 to $67.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Robert W. Baird lifted their target price on First Industrial Realty Trust from $67.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, April 28th. Cantor Fitzgerald reiterated a “neutral” rating and set a $65.00 target price on shares of First Industrial Realty Trust in a research report on Monday, April 27th. Wall Street Zen upgraded First Industrial Realty Trust from a “sell” rating to a “hold” rating in a research report on Saturday, April 11th. Finally, Weiss Ratings raised First Industrial Realty Trust from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, April 27th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, First Industrial Realty Trust presently has an average rating of “Moderate Buy” and a consensus target price of $63.93.

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.