The Manufacturers Life Insurance Company Reduces Position in First Industrial Realty Trust, Inc. (NYSE:FR)

The Manufacturers Life Insurance Company lessened its position in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 9.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 881,082 shares of the real estate investment trust’s stock after selling 92,359 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.67% of First Industrial Realty Trust worth $49,323,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in FR. Land & Buildings Investment Management LLC grew its stake in First Industrial Realty Trust by 256.4% during the 2nd quarter. Land & Buildings Investment Management LLC now owns 808,212 shares of the real estate investment trust’s stock worth $38,398,000 after buying an additional 581,472 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in First Industrial Realty Trust during the 2nd quarter worth approximately $23,755,000. Bank of Montreal Can lifted its position in First Industrial Realty Trust by 442.8% during the 2nd quarter. Bank of Montreal Can now owns 559,132 shares of the real estate investment trust’s stock worth $26,570,000 after acquiring an additional 456,124 shares during the period. National Bank of Canada FI lifted its position in First Industrial Realty Trust by 84.4% during the 2nd quarter. National Bank of Canada FI now owns 876,000 shares of the real estate investment trust’s stock worth $41,286,000 after acquiring an additional 401,000 shares during the period. Finally, Lighthouse Investment Partners LLC lifted its position in First Industrial Realty Trust by 88.9% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 425,000 shares of the real estate investment trust’s stock worth $20,192,000 after acquiring an additional 200,000 shares during the period. Hedge funds and other institutional investors own 99.85% of the company’s stock.

First Industrial Realty Trust Stock Performance

Shares of FR stock opened at $54.08 on Friday. The stock has a fifty day moving average price of $54.11 and a 200 day moving average price of $52.22. The stock has a market cap of $7.16 billion, a PE ratio of 23.21 and a beta of 1.08. First Industrial Realty Trust, Inc. has a 1 year low of $45.02 and a 1 year high of $57.35. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.11 and a current ratio of 1.11.

First Industrial Realty Trust (NYSE:FR) last issued its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.08. The firm had revenue of $167.60 million during the quarter, compared to analysts’ expectations of $164.01 million. First Industrial Realty Trust had a return on equity of 11.53% and a net margin of 47.34%. First Industrial Realty Trust’s revenue was up 8.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.62 earnings per share. Sell-side analysts forecast that First Industrial Realty Trust, Inc. will post 2.63 earnings per share for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 21st. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.74%. The ex-dividend date is Tuesday, December 31st. First Industrial Realty Trust’s payout ratio is 63.52%.

Analysts Set New Price Targets

A number of analysts have weighed in on FR shares. Mizuho increased their price objective on First Industrial Realty Trust from $58.00 to $62.00 and gave the stock an “outperform” rating in a research report on Thursday, September 5th. Truist Financial increased their price objective on First Industrial Realty Trust from $54.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Wells Fargo & Company increased their price objective on First Industrial Realty Trust from $50.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 28th. Barclays reduced their price target on First Industrial Realty Trust from $56.00 to $55.00 and set an “equal weight” rating for the company in a report on Monday, November 18th. Finally, Wolfe Research raised First Industrial Realty Trust from a “peer perform” rating to an “outperform” rating and set a $64.00 price target for the company in a report on Tuesday, August 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $57.83.

About First Industrial Realty Trust

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.