First Industrial Realty Trust (NYSE:FR) Reaches New 52-Week High – Time to Buy?

First Industrial Realty Trust, Inc. (NYSE:FR)’s stock price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $57.39 and last traded at $57.22, with a volume of 89283 shares. The stock had previously closed at $56.82.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Barclays lowered their price objective on First Industrial Realty Trust from $56.00 to $55.00 and set an “equal weight” rating for the company in a research report on Monday, November 18th. Deutsche Bank Aktiengesellschaft started coverage on First Industrial Realty Trust in a research report on Tuesday, January 14th. They set a “hold” rating and a $52.00 price objective for the company. The Goldman Sachs Group raised First Industrial Realty Trust from a “sell” rating to a “neutral” rating and upped their target price for the company from $52.00 to $59.00 in a research report on Friday, February 21st. Robert W. Baird upped their target price on First Industrial Realty Trust from $59.00 to $61.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Finally, KeyCorp raised First Industrial Realty Trust from an “underweight” rating to a “sector weight” rating in a research report on Tuesday, December 17th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, First Industrial Realty Trust currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.31.

First Industrial Realty Trust Trading Up 0.2 %

The stock has a market capitalization of $7.56 billion, a PE ratio of 26.18 and a beta of 1.09. The company has a 50 day simple moving average of $52.84 and a 200 day simple moving average of $53.77. The company has a current ratio of 1.21, a quick ratio of 1.11 and a debt-to-equity ratio of 0.80.

First Industrial Realty Trust (NYSE:FR) last issued its earnings results on Wednesday, February 5th. The real estate investment trust reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.36. First Industrial Realty Trust had a return on equity of 10.64% and a net margin of 42.94%. Analysts predict that First Industrial Realty Trust, Inc. will post 2.89 earnings per share for the current fiscal year.

First Industrial Realty Trust Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, March 31st will be paid a dividend of $0.445 per share. This represents a $1.78 dividend on an annualized basis and a dividend yield of 3.12%. This is an increase from First Industrial Realty Trust’s previous quarterly dividend of $0.37. The ex-dividend date is Monday, March 31st. First Industrial Realty Trust’s dividend payout ratio is 81.65%.

Hedge Funds Weigh In On First Industrial Realty Trust

A number of large investors have recently modified their holdings of the business. Employees Retirement System of Texas grew its holdings in shares of First Industrial Realty Trust by 9.4% in the 4th quarter. Employees Retirement System of Texas now owns 114,000 shares of the real estate investment trust’s stock worth $5,715,000 after acquiring an additional 9,800 shares during the period. Bernard Wealth Management Corp. acquired a new stake in shares of First Industrial Realty Trust in the 4th quarter worth approximately $254,000. GF Fund Management CO. LTD. acquired a new stake in shares of First Industrial Realty Trust in the 4th quarter worth approximately $121,000. PharVision Advisers LLC acquired a new stake in shares of First Industrial Realty Trust in the 4th quarter worth approximately $263,000. Finally, Voloridge Investment Management LLC grew its holdings in shares of First Industrial Realty Trust by 20.5% in the 4th quarter. Voloridge Investment Management LLC now owns 164,910 shares of the real estate investment trust’s stock worth $8,267,000 after acquiring an additional 28,066 shares during the period. 99.85% of the stock is owned by hedge funds and other institutional investors.

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.