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KeyCorp Upgrades First Industrial Realty Trust (NYSE:FR) to Sector Weight

First Industrial Realty Trust logo with Finance background

KeyCorp upgraded shares of First Industrial Realty Trust (NYSE:FR - Free Report) from an underweight rating to a sector weight rating in a research note published on Tuesday morning, MarketBeat reports.

A number of other research analysts have also weighed in on FR. Wells Fargo & Company lifted their price target on shares of First Industrial Realty Trust from $50.00 to $61.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 28th. Mizuho lifted their price target on shares of First Industrial Realty Trust from $58.00 to $62.00 and gave the company an "outperform" rating in a research note on Thursday, September 5th. Barclays lowered their price target on First Industrial Realty Trust from $56.00 to $55.00 and set an "equal weight" rating on the stock in a research report on Monday, November 18th. Finally, Scotiabank lifted their target price on First Industrial Realty Trust from $55.00 to $58.00 and gave the stock a "sector perform" rating in a research note on Monday, August 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $57.83.

Read Our Latest Report on FR

First Industrial Realty Trust Trading Down 0.8 %

Shares of FR traded down $0.44 during trading hours on Tuesday, hitting $52.01. 863,394 shares of the stock traded hands, compared to its average volume of 1,069,531. The business has a fifty day moving average of $53.41 and a 200-day moving average of $52.73. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $6.88 billion, a PE ratio of 22.50 and a beta of 1.07. First Industrial Realty Trust has a 1-year low of $45.10 and a 1-year high of $57.35.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last released its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.75 EPS for the quarter, topping analysts' consensus estimates of $0.67 by $0.08. The firm had revenue of $167.60 million during the quarter, compared to analyst estimates of $164.01 million. First Industrial Realty Trust had a net margin of 47.34% and a return on equity of 11.53%. The business's quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.62 EPS. Analysts expect that First Industrial Realty Trust will post 2.63 EPS for the current year.

First Industrial Realty Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 21st. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Tuesday, December 31st. First Industrial Realty Trust's payout ratio is 63.52%.

Institutional Investors Weigh In On First Industrial Realty Trust

Several hedge funds have recently added to or reduced their stakes in FR. Rush Island Management LP acquired a new position in First Industrial Realty Trust in the third quarter valued at $60,848,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in First Industrial Realty Trust by 290.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 895,046 shares of the real estate investment trust's stock worth $50,105,000 after purchasing an additional 665,920 shares during the period. Land & Buildings Investment Management LLC lifted its stake in First Industrial Realty Trust by 256.4% in the second quarter. Land & Buildings Investment Management LLC now owns 808,212 shares of the real estate investment trust's stock valued at $38,398,000 after buying an additional 581,472 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in First Industrial Realty Trust in the 2nd quarter valued at $23,755,000. Finally, Bank of Montreal Can raised its holdings in First Industrial Realty Trust by 442.8% during the second quarter. Bank of Montreal Can now owns 559,132 shares of the real estate investment trust's stock worth $26,570,000 after buying an additional 456,124 shares during the last quarter. 99.85% of the stock is currently owned by institutional investors and hedge funds.

About First Industrial Realty Trust

(Get Free Report)

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.

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