First Industrial Realty Trust (NYSE:FR) Upgraded 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 report released on Tuesday, Zacks.com reports. The firm presently has a $44.00 target price on the real estate investment trust’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.62% from the stock’s previous close.

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 stock traded up $0.23 during trading on Tuesday, reaching $39.42. 507,000 shares of the company were exchanged, compared to its average volume of 696,832. The company has a market cap of $4.91 billion, a P/E ratio of 24.64, a PEG ratio of 3.54 and a beta of 0.72. First Industrial Realty Trust has a 52-week low of $27.30 and a 52-week high of $39.65. The stock’s 50 day moving average price is $38.48 and its 200 day moving average price is $36.38. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.88 and a current ratio of 0.88.

First Industrial Realty Trust (NYSE:FR) last released its quarterly earnings data on Wednesday, July 24th. The real estate investment trust reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.11). The company had revenue of $104.10 million for the quarter, compared to analysts’ expectations of $105.62 million. First Industrial Realty Trust had a return on equity of 8.70% and a net margin of 35.11%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 EPS. As a group, equities research analysts forecast that First Industrial Realty Trust will post 1.71 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in FR. Geode Capital Management LLC raised its position in First Industrial Realty Trust by 9.1% during the fourth quarter. Geode Capital Management LLC now owns 1,702,290 shares of the real estate investment trust’s stock worth $49,128,000 after acquiring an additional 141,450 shares during the last quarter. California Public Employees Retirement System raised its position in First Industrial Realty Trust by 5.0% during the first quarter. California Public Employees Retirement System now owns 169,753 shares of the real estate investment trust’s stock worth $6,002,000 after acquiring an additional 8,127 shares during the last quarter. Cetera Advisor Networks LLC raised its position in First Industrial Realty Trust by 13.9% during the first quarter. Cetera Advisor Networks LLC now owns 8,460 shares of the real estate investment trust’s stock worth $299,000 after acquiring an additional 1,030 shares during the last quarter. Mason Street Advisors LLC raised its position in First Industrial Realty Trust by 1.8% during the first quarter. Mason Street Advisors LLC now owns 67,319 shares of the real estate investment trust’s stock worth $2,380,000 after acquiring an additional 1,158 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in First Industrial Realty Trust by 3.5% during the first quarter. JPMorgan Chase & Co. now owns 922,266 shares of the real estate investment trust’s stock worth $32,612,000 after acquiring an additional 31,220 shares during the last quarter. Institutional investors own 94.38% 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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