First Industrial Realty Trust’s (FR) Buy Rating Reaffirmed at SunTrust Banks, Inc.

SunTrust Banks, Inc. reissued their buy rating on shares of First Industrial Realty Trust, Inc. (NYSE:FR) in a research report sent to investors on Friday. The brokerage currently has a $32.00 price target on the real estate investment trust’s stock.

FR has been the subject of a number of other research reports. KeyCorp reaffirmed a hold rating on shares of First Industrial Realty Trust in a research report on Tuesday. Jefferies Group LLC reaffirmed a neutral rating on shares of First Industrial Realty Trust in a research report on Tuesday, September 26th. Janney Montgomery Scott assumed coverage on shares of First Industrial Realty Trust in a research report on Friday, September 29th. They issued a buy rating and a $34.00 target price for the company. Zacks Investment Research downgraded shares of First Industrial Realty Trust from a hold rating to a sell rating in a research report on Tuesday, July 4th. Finally, BidaskClub raised shares of First Industrial Realty Trust from a hold rating to a buy rating in a research report on Monday, July 24th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $31.17.

First Industrial Realty Trust (NYSE FR) traded up 1.37% during trading on Friday, hitting $31.04. The stock had a trading volume of 981,904 shares. The company has a market capitalization of $3.72 billion, a P/E ratio of 31.61 and a beta of 1.00. First Industrial Realty Trust has a 1-year low of $24.85 and a 1-year high of $31.83. The stock’s 50-day moving average price is $30.93 and its 200-day moving average price is $29.67.

First Industrial Realty Trust (NYSE:FR) last posted its earnings results on Wednesday, October 25th. The real estate investment trust reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.25. First Industrial Realty Trust had a net margin of 32.44% and a return on equity of 9.68%. The business had revenue of $99.30 million during the quarter, compared to the consensus estimate of $98.38 million. During the same quarter in the previous year, the firm posted $0.37 EPS. The firm’s revenue was up 6.1% on a year-over-year basis. Analysts expect that First Industrial Realty Trust will post $0.83 earnings per share for the current year.

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The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 16th. Stockholders of record on Friday, September 29th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date of this dividend was Thursday, September 28th. First Industrial Realty Trust’s payout ratio is 78.50%.

In other news, CFO Scott A. Musil sold 20,000 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $30.22, for a total transaction of $604,400.00. Following the completion of the sale, the chief financial officer now owns 107,273 shares of the company’s stock, valued at approximately $3,241,790.06. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Peter Schultz sold 12,132 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $30.43, for a total transaction of $369,176.76. Following the sale, the executive vice president now directly owns 109,399 shares of the company’s stock, valued at approximately $3,329,011.57. The disclosure for this sale can be found here. In the last three months, insiders have sold 100,988 shares of company stock valued at $3,090,138. Insiders own 1.71% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. grew its position in shares of First Industrial Realty Trust by 2,211.2% during the 1st quarter. BlackRock Inc. now owns 16,959,238 shares of the real estate investment trust’s stock valued at $451,625,000 after acquiring an additional 16,225,445 shares during the period. State Street Corp boosted its holdings in First Industrial Realty Trust by 2.9% in the 2nd quarter. State Street Corp now owns 5,558,921 shares of the real estate investment trust’s stock worth $159,093,000 after buying an additional 154,676 shares during the period. Principal Financial Group Inc. boosted its holdings in First Industrial Realty Trust by 1.8% in the 2nd quarter. Principal Financial Group Inc. now owns 4,298,943 shares of the real estate investment trust’s stock worth $123,036,000 after buying an additional 75,723 shares during the period. Northern Trust Corp boosted its holdings in First Industrial Realty Trust by 3.5% in the 2nd quarter. Northern Trust Corp now owns 3,322,800 shares of the real estate investment trust’s stock worth $95,098,000 after buying an additional 112,948 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in First Industrial Realty Trust by 3.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,668,832 shares of the real estate investment trust’s stock worth $47,762,000 after buying an additional 56,330 shares during the period. 92.04% of the stock is owned by hedge funds and other institutional investors.

First Industrial Realty Trust Company Profile

First Industrial Realty Trust, Inc is a real estate investment trust (REIT). The Trust is a self-administered real estate company, which owns, manages, acquires, sells, develops and redevelops industrial real estate. As of December 31, 2016, the Company’s in-service portfolio consisted of 215 light industrial properties, 53 research and development (R&D)/flex properties, 167 bulk warehouse properties and 100 regional warehouse properties containing an aggregate of approximately 62.2 million square feet of gross leasable area (GLA) located in 23 states.

Analyst Recommendations for First Industrial Realty Trust (NYSE:FR)

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