Pinebridge Investments L.P. Grows Holdings in First Industrial Realty Trust, Inc. (NYSE:FR)

Pinebridge Investments L.P. grew its holdings in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 18.3% in the 4th quarter, Holdings Channel reports. The fund owned 92,268 shares of the real estate investment trust’s stock after acquiring an additional 14,287 shares during the period. Pinebridge Investments L.P.’s holdings in First Industrial Realty Trust were worth $4,625,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in First Industrial Realty Trust by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 19,190,885 shares of the real estate investment trust’s stock valued at $962,039,000 after acquiring an additional 304,589 shares during the last quarter. Invesco Ltd. raised its stake in shares of First Industrial Realty Trust by 80.2% in the 4th quarter. Invesco Ltd. now owns 4,276,906 shares of the real estate investment trust’s stock valued at $214,401,000 after purchasing an additional 1,903,164 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of First Industrial Realty Trust by 28.7% during the third quarter. JPMorgan Chase & Co. now owns 3,354,728 shares of the real estate investment trust’s stock worth $187,798,000 after purchasing an additional 747,101 shares during the last quarter. Geode Capital Management LLC grew its stake in First Industrial Realty Trust by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 2,482,693 shares of the real estate investment trust’s stock worth $124,492,000 after purchasing an additional 14,298 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in First Industrial Realty Trust by 5.7% in the fourth quarter. Alliancebernstein L.P. now owns 2,432,120 shares of the real estate investment trust’s stock valued at $121,922,000 after buying an additional 130,819 shares during the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on FR. The Goldman Sachs Group reduced their target price on First Industrial Realty Trust from $59.00 to $51.00 and set a “neutral” rating on the stock in a report on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on shares of First Industrial Realty Trust in a report on Tuesday, January 14th. They issued a “hold” rating and a $52.00 price objective for the company. Scotiabank dropped their target price on shares of First Industrial Realty Trust from $58.00 to $50.00 and set a “sector perform” rating on the stock in a report on Monday, April 7th. Barclays reaffirmed a “cautious” rating on shares of First Industrial Realty Trust in a report on Tuesday, March 25th. Finally, Robert W. Baird boosted their price objective on shares of First Industrial Realty Trust from $59.00 to $61.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $57.83.

First Industrial Realty Trust Stock Performance

FR opened at $47.29 on Friday. First Industrial Realty Trust, Inc. has a twelve month low of $40.31 and a twelve month high of $58.17. The stock has a market cap of $6.26 billion, a PE ratio of 21.69 and a beta of 1.07. The business’s 50 day moving average is $52.06 and its 200-day moving average is $52.50. The company has a current ratio of 1.21, a quick ratio of 1.11 and a debt-to-equity ratio of 0.80.

First Industrial Realty Trust (NYSE:FR) last announced its quarterly earnings results on Wednesday, April 16th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.70 by ($0.02). The business had revenue of $177.07 million for the quarter, compared to analyst estimates of $176.98 million. First Industrial Realty Trust had a return on equity of 10.64% and a net margin of 42.94%. On average, analysts predict that First Industrial Realty Trust, Inc. will post 2.89 earnings per share for the current year.

First Industrial Realty Trust Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 21st. Shareholders of record on Monday, March 31st were paid a dividend of $0.445 per share. This is a boost from First Industrial Realty Trust’s previous quarterly dividend of $0.37. The ex-dividend date was Monday, March 31st. This represents a $1.78 annualized dividend and a yield of 3.76%. First Industrial Realty Trust’s dividend payout ratio (DPR) is presently 88.12%.

First Industrial Realty Trust Profile

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.