The Manufacturers Life Insurance Company Acquires 8,062 Shares of First Industrial Realty Trust, Inc. (NYSE:FR)

The Manufacturers Life Insurance Company lifted its holdings in First Industrial Realty Trust, Inc. (NYSE:FR) by 0.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 973,441 shares of the real estate investment trust’s stock after purchasing an additional 8,062 shares during the period. The Manufacturers Life Insurance Company owned 0.74% of First Industrial Realty Trust worth $46,248,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in FR. Farmers & Merchants Investments Inc. increased its stake in First Industrial Realty Trust by 781.7% during the first quarter. Farmers & Merchants Investments Inc. now owns 529 shares of the real estate investment trust’s stock valued at $28,000 after acquiring an additional 469 shares during the period. Allspring Global Investments Holdings LLC increased its stake in First Industrial Realty Trust by 46.4% during the second quarter. Allspring Global Investments Holdings LLC now owns 631 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 200 shares during the period. Mather Group LLC. bought a new position in First Industrial Realty Trust during the first quarter valued at about $50,000. C M Bidwell & Associates Ltd. increased its stake in First Industrial Realty Trust by 119.5% during the fourth quarter. C M Bidwell & Associates Ltd. now owns 1,405 shares of the real estate investment trust’s stock valued at $74,000 after acquiring an additional 765 shares during the period. Finally, Ables Iannone Moore & Associates Inc. bought a new position in First Industrial Realty Trust during the fourth quarter valued at about $82,000. 99.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FR has been the topic of several analyst reports. BNP Paribas initiated coverage on First Industrial Realty Trust in a research note on Tuesday, June 4th. They issued an “outperform” rating and a $57.00 price objective on the stock. Truist Financial upped their price objective on First Industrial Realty Trust from $54.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, August 5th. The Goldman Sachs Group upped their price objective on First Industrial Realty Trust from $46.00 to $52.00 and gave the company a “sell” rating in a research note on Friday, July 26th. Scotiabank upped their price objective on First Industrial Realty Trust from $55.00 to $58.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Finally, JPMorgan Chase & Co. upped their price objective on First Industrial Realty Trust from $53.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, First Industrial Realty Trust presently has a consensus rating of “Hold” and an average target price of $56.46.

First Industrial Realty Trust Stock Up 1.0 %

Shares of FR opened at $56.04 on Monday. The firm has a market capitalization of $7.42 billion, a price-to-earnings ratio of 25.82 and a beta of 1.08. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.16 and a current ratio of 1.16. The business’s fifty day moving average price is $55.08 and its two-hundred day moving average price is $50.95. First Industrial Realty Trust, Inc. has a 52 week low of $40.44 and a 52 week high of $57.35.

First Industrial Realty Trust (NYSE:FR) last posted its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $164.10 million during the quarter, compared to the consensus estimate of $163.48 million. During the same quarter in the prior year, the business earned $0.61 earnings per share. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, analysts predict that First Industrial Realty Trust, Inc. will post 2.62 earnings per share for the current year.

First Industrial Realty Trust Dividend Announcement

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