Raymond James Financial Reaffirms Strong-Buy Rating for First Industrial Realty Trust (NYSE:FR)

First Industrial Realty Trust (NYSE:FR)‘s stock had its “strong-buy” rating reissued by analysts at Raymond James Financial in a note issued to investors on Thursday,Benzinga reports.

Several other brokerages have also recently weighed in on FR. Truist Financial lifted their price objective on First Industrial Realty Trust from $66.00 to $67.00 and gave the company a “buy” rating in a report on Friday, May 15th. Scotiabank lifted their price objective on First Industrial Realty Trust from $62.00 to $63.00 and gave the company a “sector perform” rating in a report on Monday, March 2nd. Wells Fargo & Company dropped their price objective on First Industrial Realty Trust from $63.00 to $61.00 and set an “equal weight” rating for the company in a report on Monday, June 1st. Weiss Ratings raised First Industrial Realty Trust from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, April 27th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of First Industrial Realty Trust in a report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $63.93.

First Industrial Realty Trust Price Performance

First Industrial Realty Trust stock opened at $60.56 on Thursday. The stock’s fifty day moving average price is $61.99 and its two-hundred day moving average price is $60.03. First Industrial Realty Trust has a one year low of $47.36 and a one year high of $64.66. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $8.03 billion, a PE ratio of 23.47 and a beta of 1.05.

Hedge Funds Weigh In On First Industrial Realty Trust

Several hedge funds and other institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. increased its stake in shares of First Industrial Realty Trust by 856,065.6% in the 4th 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 during the last quarter. Norges Bank bought a new position in shares of First Industrial Realty Trust in the 4th quarter valued at $320,075,000. Invesco Ltd. increased its stake in shares of First Industrial Realty Trust by 8.0% in the 3rd 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 during the last quarter. Centersquare Investment Management LLC increased its stake in shares of First Industrial Realty Trust by 10.5% in the 4th 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 during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of First Industrial Realty Trust by 1.6% in the 4th 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 during the last quarter. Institutional investors own 99.85% of the company’s stock.

First Industrial Realty Trust Company Profile

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.