First Industrial Realty Trust (NYSE:FR) Given New $53.00 Price Target at JPMorgan Chase & Co.

First Industrial Realty Trust (NYSE:FR) had its price objective reduced by JPMorgan Chase & Co. from $59.00 to $53.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

FR has been the subject of several other reports. TheStreet raised First Industrial Realty Trust from a c+ rating to a b- rating in a report on Thursday, January 11th. Barclays reissued an equal weight rating and issued a $53.00 price objective (down from $63.00) on shares of First Industrial Realty Trust in a report on Wednesday, March 27th. The Goldman Sachs Group boosted their price objective on First Industrial Realty Trust from $41.00 to $47.00 and gave the company a sell rating in a report on Thursday, January 11th. Mizuho reissued a buy rating and issued a $58.00 price objective on shares of First Industrial Realty Trust in a report on Tuesday, April 2nd. Finally, Royal Bank of Canada boosted their price objective on First Industrial Realty Trust from $55.00 to $60.00 and gave the company an outperform rating in a report on Friday, February 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and an average target price of $53.11.

First Industrial Realty Trust Stock Down 0.1 %

Shares of NYSE FR opened at $46.00 on Wednesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.06 and a current ratio of 1.25. The firm has a market cap of $6.09 billion, a price-to-earnings ratio of 21.20 and a beta of 1.01. First Industrial Realty Trust has a 1 year low of $40.44 and a 1 year high of $55.22. The stock’s 50-day simple moving average is $51.55 and its 200-day simple moving average is $49.86.

First Industrial Realty Trust Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $0.37 per share. This is a positive change from First Industrial Realty Trust’s previous quarterly dividend of $0.32. This represents a $1.48 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date was Wednesday, March 27th. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 68.20%.

Hedge Funds Weigh In On First Industrial Realty Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FR. Norges Bank bought a new position in First Industrial Realty Trust during the 4th quarter valued at $78,559,000. Frontier Capital Management Co. LLC lifted its position in shares of First Industrial Realty Trust by 788.5% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,245,455 shares of the real estate investment trust’s stock valued at $65,598,000 after acquiring an additional 1,105,286 shares during the last quarter. Centersquare Investment Management LLC lifted its position in shares of First Industrial Realty Trust by 23.6% during the 4th quarter. Centersquare Investment Management LLC now owns 4,551,501 shares of the real estate investment trust’s stock valued at $239,728,000 after acquiring an additional 869,676 shares during the last quarter. Lasalle Investment Management Securities LLC lifted its position in shares of First Industrial Realty Trust by 49.7% during the 4th quarter. Lasalle Investment Management Securities LLC now owns 1,633,051 shares of the real estate investment trust’s stock valued at $86,013,000 after acquiring an additional 541,909 shares during the last quarter. Finally, Crestline Management LP acquired a new stake in shares of First Industrial Realty Trust during the 4th quarter valued at $26,335,000. 99.85% of the stock is owned by 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.