Mizuho Boosts First Industrial Realty Trust (NYSE:FR) Price Target to $62.00

First Industrial Realty Trust (NYSE:FR) had its price objective upped by Mizuho from $58.00 to $62.00 in a research note published on Thursday morning, Benzinga reports. They currently have an outperform rating on the real estate investment trust’s stock.

Several other research firms have also commented on FR. Scotiabank upped their price target on shares of First Industrial Realty Trust from $55.00 to $58.00 and gave the company a sector perform rating in a report on Monday, August 26th. Wells Fargo & Company raised their target price on First Industrial Realty Trust from $50.00 to $61.00 and gave the stock an equal weight rating in a report on Wednesday, August 28th. Truist Financial boosted their price target on First Industrial Realty Trust from $54.00 to $60.00 and gave the company a buy rating in a report on Monday, August 5th. Wolfe Research raised shares of First Industrial Realty Trust from a peer perform rating to an outperform rating and set a $64.00 price objective on the stock in a research note on Tuesday, August 13th. Finally, BNP Paribas began coverage on shares of First Industrial Realty Trust in a research note on Tuesday, June 4th. They issued an outperform rating and a $57.00 target price for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, First Industrial Realty Trust has a consensus rating of Hold and an average target price of $56.46.

First Industrial Realty Trust Stock Performance

Shares of FR stock opened at $55.91 on Thursday. The business has a fifty day moving average of $53.12 and a 200 day moving average of $50.69. First Industrial Realty Trust has a 1 year low of $40.44 and a 1 year high of $57.35. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $7.40 billion, a price-to-earnings ratio of 25.76 and a beta of 1.08.

First Industrial Realty Trust (NYSE:FR) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.64 by ($0.25). First Industrial Realty Trust had a return on equity of 10.72% and a net margin of 44.46%. The firm had revenue of $164.10 million for the quarter, compared to analyst estimates of $163.48 million. During the same period last year, the firm earned $0.61 EPS. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, research analysts expect that First Industrial Realty Trust will post 2.62 earnings per share for the current year.

First Industrial Realty Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, September 30th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.48 annualized dividend and a yield of 2.65%. First Industrial Realty Trust’s dividend payout ratio (DPR) is currently 68.20%.

Hedge Funds Weigh In On First Industrial Realty Trust

A number of hedge funds have recently made changes to their positions in FR. Vanguard Group Inc. raised its stake in First Industrial Realty Trust by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 19,190,794 shares of the real estate investment trust’s stock valued at $1,008,284,000 after purchasing an additional 77,270 shares during the last quarter. Centersquare Investment Management LLC lifted its stake in shares of First Industrial Realty Trust by 8.4% in the first quarter. Centersquare Investment Management LLC now owns 4,932,306 shares of the real estate investment trust’s stock worth $259,143,000 after buying an additional 380,805 shares in the last quarter. Nomura Holdings Inc. lifted its stake in shares of First Industrial Realty Trust by 14.9% in the fourth quarter. Nomura Holdings Inc. now owns 3,110,986 shares of the real estate investment trust’s stock worth $163,856,000 after buying an additional 402,744 shares in the last quarter. Victory Capital Management Inc. boosted its position in First Industrial Realty Trust by 7.3% during the second quarter. Victory Capital Management Inc. now owns 2,177,761 shares of the real estate investment trust’s stock worth $103,465,000 after acquiring an additional 148,996 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in First Industrial Realty Trust by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,042,028 shares of the real estate investment trust’s stock valued at $107,554,000 after acquiring an additional 60,658 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 leading U.S.-only owner, operator, developer and acquirer of logistics properties. Through our fully integrated operating and investing platform, we provide high quality facilities and industry-leading customer service to multinational corporations and regional firms that are essential for their supply chains.