Daiwa Securities Group Inc. Sells 1,608 Shares of First Industrial Realty Trust, Inc. (NYSE:FR)

Daiwa Securities Group Inc. cut its holdings in First Industrial Realty Trust, Inc. (NYSE:FR) by 2.6% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 59,203 shares of the real estate investment trust’s stock after selling 1,608 shares during the period. Daiwa Securities Group Inc.’s holdings in First Industrial Realty Trust were worth $2,813,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Texas Permanent School Fund Corp lifted its stake in First Industrial Realty Trust by 20.5% in the second quarter. Texas Permanent School Fund Corp now owns 139,450 shares of the real estate investment trust’s stock worth $6,625,000 after purchasing an additional 23,684 shares during the last quarter. United Services Automobile Association purchased a new position in shares of First Industrial Realty Trust in the second quarter valued at about $507,000. Choreo LLC purchased a new position in shares of First Industrial Realty Trust in the second quarter valued at about $597,000. Paralel Advisors LLC increased its position in shares of First Industrial Realty Trust by 63.3% in the second quarter. Paralel Advisors LLC now owns 41,260 shares of the real estate investment trust’s stock valued at $1,960,000 after acquiring an additional 16,000 shares during the period. Finally, Arizona State Retirement System increased its position in shares of First Industrial Realty Trust by 1.9% during the second quarter. Arizona State Retirement System now owns 37,050 shares of the real estate investment trust’s stock valued at $1,760,000 after buying an additional 698 shares during the period. 99.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on FR shares. JPMorgan Chase & Co. boosted their price target on shares of First Industrial Realty Trust from $53.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Wells Fargo & Company upped their price objective on shares of 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 upped 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 note 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 target price on the stock in a research note on Tuesday, August 13th. Finally, The Goldman Sachs Group upped their target price on shares of First Industrial Realty Trust from $46.00 to $52.00 and gave the stock a “sell” rating in a research note on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $56.46.

First Industrial Realty Trust Stock Up 1.3 %

Shares of First Industrial Realty Trust stock opened at $56.34 on Friday. The company has a market cap of $7.46 billion, a price-to-earnings ratio of 25.96 and a beta of 1.08. The company’s 50 day moving average is $53.97 and its 200 day moving average is $50.75. First Industrial Realty Trust, Inc. has a twelve month low of $40.44 and a twelve month high of $57.35. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.83.

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

First Industrial Realty Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 21st. Shareholders of record on Monday, September 30th will be issued a dividend of $0.37 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a yield of 2.63%. First Industrial Realty Trust’s dividend payout ratio is currently 68.20%.

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.