Cornercap Investment Counsel Inc. Cuts Stock Position in First Industrial Realty Trust, Inc. (NYSE:FR)

Cornercap Investment Counsel Inc. cut its holdings in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 37.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,207 shares of the real estate investment trust’s stock after selling 9,189 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in First Industrial Realty Trust were worth $851,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in FR. Vanguard Group Inc. lifted its stake in First Industrial Realty Trust by 0.4% in the first 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 position in shares of First Industrial Realty Trust by 8.4% during the 1st quarter. Centersquare Investment Management LLC now owns 4,932,306 shares of the real estate investment trust’s stock valued at $259,143,000 after buying an additional 380,805 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of First Industrial Realty Trust by 7.3% during the 2nd quarter. Victory Capital Management Inc. now owns 2,177,761 shares of the real estate investment trust’s stock valued at $103,465,000 after buying an additional 148,996 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of First Industrial Realty Trust by 6.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,023,449 shares of the real estate investment trust’s stock worth $96,133,000 after acquiring an additional 118,239 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in First Industrial Realty Trust by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,315 shares of the real estate investment trust’s stock worth $62,776,000 after acquiring an additional 11,522 shares during the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FR has been the subject of a number of research reports. Truist Financial increased their target price on shares of First Industrial Realty Trust from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Mizuho raised their price objective on shares of First Industrial Realty Trust from $58.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday, September 5th. Barclays lifted their price objective on shares of First Industrial Realty Trust from $52.00 to $56.00 and gave the company an “equal weight” rating in a research note on Thursday, October 10th. Wells Fargo & Company increased their target price on First Industrial Realty Trust from $50.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 28th. Finally, Royal Bank of Canada lifted their price target on First Industrial Realty Trust from $57.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $57.92.

First Industrial Realty Trust Price Performance

FR stock opened at $52.44 on Friday. The firm has a 50 day simple moving average of $54.76 and a two-hundred day simple moving average of $51.76. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $6.94 billion, a PE ratio of 22.51 and a beta of 1.08. First Industrial Realty Trust, Inc. has a one year low of $44.17 and a one year high of $57.35.

First Industrial Realty Trust (NYSE:FR) last released its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.08. First Industrial Realty Trust had a return on equity of 11.53% and a net margin of 47.34%. The business had revenue of $167.60 million for the quarter, compared to analysts’ expectations of $164.01 million. During the same quarter in the prior year, the firm earned $0.62 earnings per share. The firm’s revenue was up 8.1% on a year-over-year basis. On average, analysts predict that First Industrial Realty Trust, Inc. will post 2.63 EPS for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Tuesday, December 31st will be issued a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.82%. First Industrial Realty Trust’s payout ratio is 63.52%.

First Industrial Realty Trust Company Profile

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.