PNC Financial Services Group Inc. Raises Stock Holdings in First Industrial Realty Trust, Inc. (NYSE:FR)

PNC Financial Services Group Inc. lifted its holdings in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 10.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,701 shares of the real estate investment trust’s stock after purchasing an additional 1,345 shares during the quarter. PNC Financial Services Group Inc.’s holdings in First Industrial Realty Trust were worth $714,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of First Industrial Realty Trust by 1.4% during the second quarter. Vanguard Group Inc. now owns 18,714,214 shares of the real estate investment trust’s stock worth $977,444,000 after purchasing an additional 265,524 shares in the last quarter. State Street Corp lifted its position in First Industrial Realty Trust by 4.1% in the 2nd quarter. State Street Corp now owns 5,801,165 shares of the real estate investment trust’s stock worth $304,559,000 after buying an additional 226,328 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in First Industrial Realty Trust by 57.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 3,037,868 shares of the real estate investment trust’s stock worth $158,668,000 after buying an additional 1,108,366 shares during the last quarter. Geode Capital Management LLC lifted its position in First Industrial Realty Trust by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 2,231,862 shares of the real estate investment trust’s stock worth $116,570,000 after buying an additional 37,469 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in First Industrial Realty Trust by 0.7% in the 3rd quarter. Victory Capital Management Inc. now owns 1,985,333 shares of the real estate investment trust’s stock worth $103,396,000 after buying an additional 14,237 shares during the last quarter. 93.35% of the stock is owned by institutional investors.

Shares of FR stock opened at $62.41 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market capitalization of $8.13 billion, a P/E ratio of 33.55 and a beta of 0.90. The stock has a 50 day moving average price of $62.56 and a two-hundred day moving average price of $57.64. First Industrial Realty Trust, Inc. has a fifty-two week low of $40.08 and a fifty-two week high of $66.74.

First Industrial Realty Trust (NYSE:FR) last announced its earnings results on Tuesday, October 19th. The real estate investment trust reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.16). The business had revenue of $121.08 million for the quarter, compared to the consensus estimate of $117.95 million. First Industrial Realty Trust had a net margin of 51.46% and a return on equity of 12.01%. First Industrial Realty Trust’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.49 EPS. As a group, equities analysts predict that First Industrial Realty Trust, Inc. will post 1.96 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 18th. Investors of record on Friday, December 31st will be issued a dividend of $0.27 per share. The ex-dividend date is Thursday, December 30th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.73%. First Industrial Realty Trust’s dividend payout ratio is presently 58.06%.

FR has been the subject of a number of recent research reports. Berenberg Bank initiated coverage on First Industrial Realty Trust in a research report on Wednesday, October 20th. They issued a “buy” rating and a $66.00 target price for the company. Zacks Investment Research upgraded First Industrial Realty Trust from a “hold” rating to a “buy” rating and set a $69.00 target price for the company in a research report on Tuesday. Mizuho downgraded First Industrial Realty Trust from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $54.00 to $64.00 in a research report on Thursday. TD Securities upgraded First Industrial Realty Trust to a “buy” rating and dropped their target price for the stock from $19.50 to $18.00 in a research report on Tuesday, December 7th. Finally, Truist boosted their price objective on First Industrial Realty Trust from $58.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, October 25th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, First Industrial Realty Trust currently has an average rating of “Buy” and an average target price of $53.44.

In related news, CIO Johannson L. Yap sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, December 17th. The stock was sold at an average price of $64.12, for a total transaction of $641,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.29% of the stock is owned by corporate insiders.

First Industrial Realty Trust Company Profile

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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Institutional Ownership by Quarter for First Industrial Realty Trust (NYSE:FR)

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