First Industrial Realty Trust (NYSE:FR) Raised to Buy at Zacks Investment Research

First Industrial Realty Trust (NYSE:FR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has a $60.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 11.46% from the company’s current price.

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. “

A number of other brokerages have also commented on FR. Wolfe Research initiated coverage on shares of First Industrial Realty Trust in a report on Monday, June 14th. They issued a “peer perform” rating and a $54.00 price objective on the stock. Barclays assumed coverage on shares of First Industrial Realty Trust in a research note on Wednesday, September 1st. They set an “overweight” rating and a $65.00 price objective on the stock. Truist increased their price objective on shares of First Industrial Realty Trust from $52.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, July 30th. Royal Bank of Canada increased their price objective on shares of First Industrial Realty Trust from $58.00 to $63.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 3rd. Finally, Mizuho restated a “buy” rating and issued a $54.00 target price on shares of First Industrial Realty Trust in a research report on Wednesday, July 14th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $52.59.

Shares of First Industrial Realty Trust stock traded up $0.44 during trading on Wednesday, hitting $53.83. 832,242 shares of the company were exchanged, compared to its average volume of 1,044,350. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.80. First Industrial Realty Trust has a fifty-two week low of $38.85 and a fifty-two week high of $56.90. The stock has a market capitalization of $6.95 billion, a price-to-earnings ratio of 29.74 and a beta of 0.87. The firm has a 50 day moving average price of $54.84 and a 200 day moving average price of $51.45.

First Industrial Realty Trust (NYSE:FR) last announced its quarterly earnings data on Tuesday, July 20th. The real estate investment trust reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by ($0.07). First Industrial Realty Trust had a net margin of 50.60% and a return on equity of 11.96%. The company had revenue of $117.40 million for the quarter, compared to analysts’ expectations of $115.71 million. During the same period in the prior year, the firm earned $0.46 earnings per share. The firm’s quarterly revenue was up 7.5% on a year-over-year basis. Analysts predict that First Industrial Realty Trust will post 1.93 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Parametric Portfolio Associates LLC lifted its stake in First Industrial Realty Trust by 5.9% in the second quarter. Parametric Portfolio Associates LLC now owns 351,040 shares of the real estate investment trust’s stock valued at $18,335,000 after buying an additional 19,671 shares in the last quarter. Heitman Real Estate Securities LLC lifted its position in shares of First Industrial Realty Trust by 17.9% in the second quarter. Heitman Real Estate Securities LLC now owns 1,371,929 shares of the real estate investment trust’s stock worth $71,656,000 after purchasing an additional 208,170 shares in the last quarter. Morgan Stanley lifted its position in shares of First Industrial Realty Trust by 146.5% in the second quarter. Morgan Stanley now owns 358,812 shares of the real estate investment trust’s stock worth $18,740,000 after purchasing an additional 213,252 shares in the last quarter. Metropolitan Life Insurance Co NY lifted its position in shares of First Industrial Realty Trust by 93,085.7% in the second quarter. Metropolitan Life Insurance Co NY now owns 32,615 shares of the real estate investment trust’s stock worth $1,703,000 after purchasing an additional 32,580 shares in the last quarter. Finally, Northwood Liquid Management LP raised its position in First Industrial Realty Trust by 16.2% during the second quarter. Northwood Liquid Management LP now owns 578,437 shares of the real estate investment trust’s stock worth $30,212,000 after acquiring an additional 80,821 shares in the last quarter. Hedge funds and other institutional investors own 97.37% of the company’s stock.

About First Industrial Realty Trust

First Industrial Realty Trust, Inc operates as a real estate investment trust. It engages in the ownership, management, acquisition, sale, development and redevelopment of industrial real estate. The firm product portfolio includes bulk warehouse, regional warehouse, R&D/flex, and light industrial properties.

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

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