First Industrial Realty Trust (FR) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of First Industrial Realty Trust (NYSE:FR) from a hold rating to a sell rating in a report issued on Monday.

According to Zacks, “FIRST INDUSTRIAL REALTY TRUST is a self-administered and fully integrated industrial real estate company which owns, mamages, acquires and develops industrial real estste. “

Several other research analysts have also issued reports on FR. ValuEngine upgraded First Industrial Realty Trust from a hold rating to a buy rating in a research report on Monday, July 2nd. Jefferies Financial Group lowered First Industrial Realty Trust from a buy rating to a hold rating in a research report on Tuesday, July 17th. SunTrust Banks set a $35.00 price objective on First Industrial Realty Trust and gave the stock a buy rating in a research note on Tuesday, August 7th. Finally, JPMorgan Chase & Co. raised their price objective on First Industrial Realty Trust from $30.00 to $34.00 and gave the stock an underweight rating in a research note on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $33.67.

NYSE:FR opened at $31.50 on Monday. First Industrial Realty Trust has a 12-month low of $27.61 and a 12-month high of $34.04. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.53 and a current ratio of 1.53. The firm has a market capitalization of $3.96 billion, a PE ratio of 20.06 and a beta of 0.70.

First Industrial Realty Trust (NYSE:FR) last posted its quarterly earnings results on Wednesday, July 25th. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.19. First Industrial Realty Trust had a return on equity of 14.81% and a net margin of 55.66%. The business had revenue of $98.85 million for the quarter, compared to analyst estimates of $98.71 million. During the same period last year, the company earned $0.39 EPS. The firm’s revenue was up 1.3% on a year-over-year basis. Analysts forecast that First Industrial Realty Trust will post 1.59 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Investors of record on Friday, September 28th will be paid a dividend of $0.218 per share. This represents a $0.87 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Thursday, September 27th. First Industrial Realty Trust’s payout ratio is presently 55.41%.

In other First Industrial Realty Trust news, Director Bruce W. Duncan sold 30,000 shares of First Industrial Realty Trust stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $32.52, for a total value of $975,600.00. Following the sale, the director now owns 612,564 shares of the company’s stock, valued at approximately $19,920,581.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director H Patrick Hackett, Jr. sold 15,000 shares of First Industrial Realty Trust stock in a transaction dated Monday, July 30th. The shares were sold at an average price of $31.93, for a total value of $478,950.00. Following the completion of the sale, the director now directly owns 52,577 shares in the company, valued at approximately $1,678,783.61. The disclosure for this sale can be found here. Insiders have sold a total of 75,000 shares of company stock worth $2,457,150 in the last ninety days. 1.59% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in FR. New York State Common Retirement Fund raised its stake in shares of First Industrial Realty Trust by 16.0% in the 1st quarter. New York State Common Retirement Fund now owns 145,783 shares of the real estate investment trust’s stock valued at $4,261,000 after purchasing an additional 20,083 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of First Industrial Realty Trust by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,814,483 shares of the real estate investment trust’s stock valued at $53,037,000 after purchasing an additional 40,984 shares during the period. Hsbc Holdings PLC raised its stake in shares of First Industrial Realty Trust by 12.8% in the 1st quarter. Hsbc Holdings PLC now owns 17,293 shares of the real estate investment trust’s stock valued at $505,000 after purchasing an additional 1,969 shares during the period. Sei Investments Co. raised its stake in shares of First Industrial Realty Trust by 11.1% in the 1st quarter. Sei Investments Co. now owns 130,888 shares of the real estate investment trust’s stock valued at $3,826,000 after purchasing an additional 13,130 shares during the period. Finally, OppenheimerFunds Inc. raised its stake in shares of First Industrial Realty Trust by 92.5% in the 1st quarter. OppenheimerFunds Inc. now owns 15,068 shares of the real estate investment trust’s stock valued at $440,000 after purchasing an additional 7,242 shares during the period. 94.86% of the stock is currently owned by hedge funds and other institutional investors.

First Industrial Realty Trust Company Profile

First Industrial Realty Trust, Inc (NYSE: FR) is a leading fully integrated owner, operator, and developer of industrial real estate with a track record of providing industry-leading customer service to multinational corporations and regional customers. Across major markets in the United States, our local market experts manage, lease, buy, (re)develop, and sell bulk and regional distribution centers, light industrial, and other industrial facility types.

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