State of Michigan Retirement System Sells 600 Shares of First Industrial Realty Trust, Inc. (NYSE:FR)

State of Michigan Retirement System cut its stake in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 1.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,868 shares of the real estate investment trust’s stock after selling 600 shares during the quarter. State of Michigan Retirement System’s holdings in First Industrial Realty Trust were worth $1,514,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in FR. CWM LLC boosted its position in First Industrial Realty Trust by 31.9% during the 4th quarter. CWM LLC now owns 1,613 shares of the real estate investment trust’s stock worth $85,000 after buying an additional 390 shares during the period. Azzad Asset Management Inc. ADV boosted its position in First Industrial Realty Trust by 7.0% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 6,177 shares of the real estate investment trust’s stock worth $325,000 after buying an additional 405 shares during the period. Farmers & Merchants Investments Inc. boosted its position in First Industrial Realty Trust by 781.7% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 529 shares of the real estate investment trust’s stock worth $28,000 after buying an additional 469 shares during the period. Hennion & Walsh Asset Management Inc. lifted its position in shares of First Industrial Realty Trust by 8.5% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 6,607 shares of the real estate investment trust’s stock worth $314,000 after purchasing an additional 517 shares during the period. Finally, Treasurer of the State of North Carolina lifted its position in shares of First Industrial Realty Trust by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 58,538 shares of the real estate investment trust’s stock worth $3,083,000 after purchasing an additional 570 shares during the period. 99.85% of the stock is owned by institutional investors.

First Industrial Realty Trust Stock Performance

Shares of FR stock opened at $56.15 on Friday. The firm has a market capitalization of $7.43 billion, a PE ratio of 25.88 and a beta of 1.07. The firm has a fifty day simple moving average of $52.02 and a two-hundred day simple moving average of $50.60. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.83. First Industrial Realty Trust, Inc. has a 12 month low of $40.44 and a 12 month high of $57.11.

First Industrial Realty Trust (NYSE:FR) last announced its quarterly 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). The business had revenue of $164.10 million for the quarter, compared to the consensus estimate of $163.48 million. First Industrial Realty Trust had a net margin of 44.46% and a return on equity of 10.72%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.61 EPS. Analysts forecast that First Industrial Realty Trust, Inc. will post 2.61 EPS for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Stockholders of record on Monday, September 30th will be paid a $0.37 dividend. The ex-dividend date is Monday, September 30th. This represents a $1.48 annualized dividend and a dividend yield of 2.64%. First Industrial Realty Trust’s payout ratio is 68.20%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FR. Royal Bank of Canada boosted their price target on shares of First Industrial Realty Trust from $57.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 30th. BNP Paribas began coverage on shares of First Industrial Realty Trust in a research report on Tuesday, June 4th. They issued an “outperform” rating and a $57.00 price target on the stock. Truist Financial boosted their price target 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. Wolfe Research upgraded shares of First Industrial Realty Trust from a “peer perform” rating to an “outperform” rating and set a $64.00 price target on the stock in a research report on Tuesday, August 13th. Finally, Scotiabank lifted their price objective on shares of First Industrial Realty Trust from $55.00 to $58.00 and gave the company a “sector perform” rating in a research note on Monday. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $56.15.

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.