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First Industrial Realty Trust, Inc. (NYSE:FR) Sees Large Increase in Short Interest

First Industrial Realty Trust logo with Finance background

First Industrial Realty Trust, Inc. (NYSE:FR - Get Free Report) saw a large increase in short interest in October. As of October 15th, there was short interest totalling 1,580,000 shares, an increase of 14.5% from the September 30th total of 1,380,000 shares. Based on an average daily trading volume, of 1,200,000 shares, the days-to-cover ratio is currently 1.3 days.

Institutional Investors Weigh In On First Industrial Realty Trust

Several large investors have recently added to or reduced their stakes in FR. Land & Buildings Investment Management LLC grew its position in shares of 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 purchasing an additional 581,472 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of First Industrial Realty Trust by 328.4% in the 1st quarter. Russell Investments Group Ltd. now owns 750,189 shares of the real estate investment trust's stock valued at $39,413,000 after acquiring an additional 575,057 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of First Industrial Realty Trust in the 2nd quarter valued at about $23,755,000. Bank of Montreal Can raised 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 valued at $26,570,000 after purchasing an additional 456,124 shares during the last quarter. Finally, BROOKFIELD Corp ON raised its position in First Industrial Realty Trust by 479.8% during the 1st quarter. BROOKFIELD Corp ON now owns 486,178 shares of the real estate investment trust's stock valued at $25,544,000 after purchasing an additional 402,331 shares during the last quarter. Institutional investors and hedge funds own 99.85% of the company's stock.

First Industrial Realty Trust Price Performance

Shares of First Industrial Realty Trust stock traded down $0.74 during trading on Tuesday, reaching $52.83. The company's stock had a trading volume of 645,872 shares, compared to its average volume of 1,106,926. The stock has a 50-day moving average price of $55.50 and a two-hundred day moving average price of $51.33. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.80. First Industrial Realty Trust has a one year low of $40.58 and a one year high of $57.35. The stock has a market capitalization of $6.99 billion, a P/E ratio of 24.69 and a beta of 1.08.

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

First Industrial Realty Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 21st. Stockholders of record on Monday, September 30th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.80%. First Industrial Realty Trust's dividend payout ratio (DPR) is 68.20%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FR. Scotiabank increased their price objective on shares of First Industrial Realty Trust from $55.00 to $58.00 and gave the company a "sector perform" rating in a research report on Monday, August 26th. Royal Bank of Canada increased their price target on shares of First Industrial Realty Trust from $57.00 to $60.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 30th. Mizuho raised their target price on shares of First Industrial Realty Trust from $58.00 to $62.00 and gave the stock an "outperform" rating in a research note on Thursday, September 5th. Barclays increased their price target on shares of First Industrial Realty Trust from $52.00 to $56.00 and gave the company an "equal weight" rating in a report on Thursday, October 10th. Finally, Truist Financial increased their price target on shares of First Industrial Realty Trust from $54.00 to $60.00 and gave the company a "buy" rating in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $57.92.

Get Our Latest Stock Report on FR

First Industrial Realty Trust Company Profile

(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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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