First Industrial Realty Trust (NYSE:FR) Reaches New 1-Year High – What’s Next?

First Industrial Realty Trust, Inc. (NYSE:FR) shares hit a new 52-week high on Tuesday . The stock traded as high as $65.74 and last traded at $65.0640, with a volume of 1137043 shares. The stock had previously closed at $65.01.

Wall Street Analyst Weigh In

FR has been the topic of several recent research reports. KeyCorp restated a “sector weight” rating on shares of First Industrial Realty Trust in a research report on Wednesday, June 10th. 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 note on Friday, May 15th. Weiss Ratings raised First Industrial Realty Trust from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, April 27th. Raymond James Financial reissued a “strong-buy” rating on shares of First Industrial Realty Trust in a report on Thursday, June 18th. Finally, Wells Fargo & Company cut their price target on First Industrial Realty Trust from $63.00 to $61.00 and set an “equal weight” rating for the company in a research note on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, First Industrial Realty Trust presently has a consensus rating of “Moderate Buy” and an average target price of $63.93.

First Industrial Realty Trust Trading Up 0.1%

The firm has a market capitalization of $8.63 billion, a price-to-earnings ratio of 25.22 and a beta of 1.05. The business’s 50 day moving average price is $62.51 and its 200-day moving average price is $60.74. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 20th. Shareholders of record on Tuesday, June 30th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Tuesday, June 30th. First Industrial Realty Trust’s payout ratio is currently 77.52%.

Hedge Funds Weigh In On First Industrial Realty Trust

Large investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. lifted its holdings 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 buying an additional 9,784,830 shares during the period. Norges Bank acquired a new position in First Industrial Realty Trust during the fourth quarter worth $320,075,000. Cohen & Steers Inc. acquired a new position in First Industrial Realty Trust during the fourth quarter worth $118,365,000. Rush Island Management LP purchased a new position in First Industrial Realty Trust in the second quarter worth $79,904,000. Finally, AQR Capital Management LLC raised its position in First Industrial Realty Trust by 491.9% in the second quarter. AQR Capital Management LLC now owns 1,855,214 shares of the real estate investment trust’s stock worth $89,291,000 after acquiring an additional 1,541,778 shares in the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

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.