Zimmer Partners LP Sells 283,136 Shares of First Industrial Realty Trust, Inc. (NYSE:FR)

Zimmer Partners LP cut its holdings in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 85.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 50,000 shares of the real estate investment trust’s stock after selling 283,136 shares during the quarter. Zimmer Partners LP’s holdings in First Industrial Realty Trust were worth $2,506,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. CIBC Asset Management Inc boosted its holdings in First Industrial Realty Trust by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 4,089 shares of the real estate investment trust’s stock valued at $205,000 after acquiring an additional 210 shares during the period. UMB Bank n.a. lifted its position in First Industrial Realty Trust by 24.7% in the fourth quarter. UMB Bank n.a. now owns 1,081 shares of the real estate investment trust’s stock valued at $54,000 after purchasing an additional 214 shares during the last quarter. Stifel Financial Corp boosted its stake in shares of First Industrial Realty Trust by 0.9% during the fourth quarter. Stifel Financial Corp now owns 26,121 shares of the real estate investment trust’s stock valued at $1,309,000 after purchasing an additional 222 shares during the period. Principal Securities Inc. grew its holdings in shares of First Industrial Realty Trust by 9.3% in the fourth quarter. Principal Securities Inc. now owns 3,151 shares of the real estate investment trust’s stock worth $158,000 after purchasing an additional 269 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of First Industrial Realty Trust by 30.7% in the fourth quarter. Blue Trust Inc. now owns 1,243 shares of the real estate investment trust’s stock worth $62,000 after purchasing an additional 292 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors.

First Industrial Realty Trust Price Performance

FR stock opened at $50.32 on Wednesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.21 and a quick ratio of 1.11. First Industrial Realty Trust, Inc. has a 1 year low of $40.31 and a 1 year high of $58.17. The firm has a 50-day moving average of $49.68 and a 200 day moving average of $51.93. The company has a market cap of $6.66 billion, a P/E ratio of 23.08 and a beta of 1.08.

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

First Industrial Realty Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Investors of record on Monday, June 30th will be paid a $0.445 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $1.78 annualized dividend and a yield of 3.54%. First Industrial Realty Trust’s payout ratio is 88.12%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FR. The Goldman Sachs Group lowered their price target on shares of First Industrial Realty Trust from $59.00 to $51.00 and set a “neutral” rating for the company in a report on Tuesday, April 22nd. Barclays decreased their price objective on shares of First Industrial Realty Trust from $56.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 30th. JPMorgan Chase & Co. dropped their target price on shares of First Industrial Realty Trust from $63.00 to $57.00 and set an “overweight” rating for the company in a report on Monday, April 28th. Robert W. Baird reduced their price target on First Industrial Realty Trust from $61.00 to $59.00 and set an “outperform” rating on the stock in a report on Tuesday, May 6th. Finally, Royal Bank of Canada lowered their price target on First Industrial Realty Trust from $62.00 to $58.00 and set an “outperform” rating for the company in a research report on Tuesday, April 29th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.00.

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.