Synovus Financial Corp Grows Holdings in First Industrial Realty Trust, Inc. (NYSE:FR)

Synovus Financial Corp grew its position in shares of First Industrial Realty Trust, Inc. (NYSE:FR - Free Report) by 96.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,374 shares of the real estate investment trust's stock after buying an additional 13,922 shares during the quarter. Synovus Financial Corp's holdings in First Industrial Realty Trust were worth $1,588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently modified their holdings of the business. D. E. Shaw & Co. Inc. increased its stake in First Industrial Realty Trust by 17.6% during the second quarter. D. E. Shaw & Co. Inc. now owns 531,900 shares of the real estate investment trust's stock valued at $25,271,000 after acquiring an additional 79,515 shares during the period. United Services Automobile Association acquired a new position in shares of First Industrial Realty Trust in the second quarter valued at $507,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in First Industrial Realty Trust by 2.1% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,297,240 shares of the real estate investment trust's stock worth $61,632,000 after buying an additional 26,353 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in First Industrial Realty Trust by 2,886.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 18,843 shares of the real estate investment trust's stock valued at $1,055,000 after acquiring an additional 18,212 shares during the period. Finally, Renaissance Technologies LLC raised its position in First Industrial Realty Trust by 77.7% in the second quarter. Renaissance Technologies LLC now owns 143,400 shares of the real estate investment trust's stock worth $6,813,000 after purchasing an additional 62,700 shares in the last quarter. Institutional investors and hedge funds own 99.85% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Barclays dropped their price objective on shares of 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. Scotiabank upped their target price on shares of First Industrial Realty Trust from $55.00 to $58.00 and gave the stock a "sector perform" rating in a research report on Monday, August 26th. Mizuho increased their price objective on First Industrial Realty Trust from $58.00 to $62.00 and gave the company an "outperform" rating in a research report on Thursday, September 5th. Finally, Wells Fargo & Company boosted their price objective on First Industrial Realty Trust from $50.00 to $61.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, First Industrial Realty Trust presently has an average rating of "Moderate Buy" and an average target price of $57.83.

First Industrial Realty Trust Trading Down 0.7 %

NYSE:FR traded down $0.35 during mid-day trading on Monday, hitting $52.45. 1,000,960 shares of the company's stock were exchanged, compared to its average volume of 1,070,383. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.80. First Industrial Realty Trust, Inc. has a fifty-two week low of $45.10 and a fifty-two week high of $57.35. The company has a 50 day simple moving average of $53.44 and a 200-day simple moving average of $52.69. The firm has a market capitalization of $6.94 billion, a P/E ratio of 22.51 and a beta of 1.07.

First Industrial Realty Trust (NYSE:FR - Get Free Report) last issued its quarterly 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. The firm had revenue of $167.60 million during the quarter, compared to the consensus estimate of $164.01 million. First Industrial Realty Trust had a return on equity of 11.53% and a net margin of 47.34%. The business's revenue was up 8.1% compared to the same quarter last year. During the same period last year, the business posted $0.62 EPS. As a group, research analysts expect that First Industrial Realty Trust, Inc. will post 2.63 earnings per share 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. Stockholders of record on Tuesday, December 31st will be paid a $0.37 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.82%. First Industrial Realty Trust's payout ratio is presently 63.52%.

First Industrial Realty Trust Company 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.