Zacks Investment Research upgraded shares of First Industrial Realty Trust (NYSE:FR) from a hold rating to a buy rating in a research note released on Monday morning, Zacks.com reports. The brokerage currently has $48.00 target price on the real estate investment trust’s stock.

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. “

FR has been the topic of several other reports. Raymond James reaffirmed a hold rating on shares of First Industrial Realty Trust in a research note on Thursday, August 6th. Jefferies Financial Group upped their price objective on shares of First Industrial Realty Trust from $40.00 to $41.00 and gave the stock a hold rating in a research note on Monday, July 27th. Robert W. Baird raised shares of First Industrial Realty Trust from a neutral rating to an outperform rating in a research note on Friday, July 24th. JPMorgan Chase & Co. decreased their price target on shares of First Industrial Realty Trust from $44.00 to $40.00 and set a neutral rating on the stock in a research note on Wednesday, April 29th. Finally, Stifel Nicolaus increased their price target on shares of First Industrial Realty Trust from $32.00 to $38.00 and gave the company a buy rating in a research note on Friday, April 24th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $36.11.

NYSE:FR opened at $43.01 on Monday. First Industrial Realty Trust has a 12-month low of $25.89 and a 12-month high of $46.12. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $5.42 billion, a PE ratio of 21.72 and a beta of 0.89. The firm has a 50-day moving average price of $40.09 and a 200 day moving average price of $38.40.

First Industrial Realty Trust (NYSE:FR) last posted its quarterly earnings results on Wednesday, July 22nd. The real estate investment trust reported $0.28 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.16). First Industrial Realty Trust had a return on equity of 14.15% and a net margin of 57.56%. The business had revenue of $109.20 million during the quarter, compared to analyst estimates of $109.04 million. On average, research analysts expect that First Industrial Realty Trust will post 1.8 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 19th. Shareholders of record on Wednesday, September 30th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $1.00 annualized dividend and a yield of 2.33%. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 57.47%.

Large investors have recently modified their holdings of the stock. Wellington Management Group LLP raised its holdings in shares of First Industrial Realty Trust by 2.6% during the first quarter. Wellington Management Group LLP now owns 1,066,090 shares of the real estate investment trust’s stock worth $35,426,000 after acquiring an additional 27,207 shares during the period. Louisiana State Employees Retirement System raised its holdings in shares of First Industrial Realty Trust by 3.6% during the second quarter. Louisiana State Employees Retirement System now owns 31,800 shares of the real estate investment trust’s stock worth $1,222,000 after acquiring an additional 1,100 shares during the period. Legal & General Group Plc raised its holdings in shares of First Industrial Realty Trust by 9.8% during the first quarter. Legal & General Group Plc now owns 869,204 shares of the real estate investment trust’s stock worth $28,883,000 after acquiring an additional 77,840 shares during the period. Manning & Napier Group LLC raised its holdings in shares of First Industrial Realty Trust by 70.9% during the second quarter. Manning & Napier Group LLC now owns 118,435 shares of the real estate investment trust’s stock worth $4,552,000 after acquiring an additional 49,125 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in shares of First Industrial Realty Trust by 16.7% during the second quarter. Envestnet Asset Management Inc. now owns 191,519 shares of the real estate investment trust’s stock worth $7,362,000 after acquiring an additional 27,425 shares during the period. Institutional investors and hedge funds own 95.74% of the company’s stock.

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

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