JPMorgan Chase & Co. Trims First Industrial Realty Trust (NYSE:FR) Target Price to $53.00

First Industrial Realty Trust (NYSE:FR) had its price objective cut by JPMorgan Chase & Co. from $59.00 to $53.00 in a research note published on Wednesday morning, Benzinga reports. They currently have an overweight rating on the real estate investment trust’s stock.

A number of other research firms have also weighed in on FR. The Goldman Sachs Group boosted their price objective on First Industrial Realty Trust from $41.00 to $47.00 and gave the stock a sell rating in a research note on Thursday, January 11th. Truist Financial boosted their price objective on First Industrial Realty Trust from $57.00 to $59.00 and gave the stock a buy rating in a research note on Tuesday, February 20th. Mizuho reaffirmed a buy rating and issued a $58.00 price target on shares of First Industrial Realty Trust in a research note on Tuesday, April 2nd. Royal Bank of Canada upped their price target on First Industrial Realty Trust from $55.00 to $60.00 and gave the company an outperform rating in a research note on Friday, February 16th. Finally, TheStreet raised First Industrial Realty Trust from a c+ rating to a b- rating in a research note on Thursday, January 11th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, First Industrial Realty Trust has a consensus rating of Hold and an average target price of $53.11.

First Industrial Realty Trust Stock Performance

Shares of NYSE:FR opened at $46.00 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.25 and a quick ratio of 1.06. The business’s 50 day moving average price is $51.55 and its 200-day moving average price is $49.86. The firm has a market capitalization of $6.09 billion, a PE ratio of 21.20 and a beta of 1.01. First Industrial Realty Trust has a 1 year low of $40.44 and a 1 year high of $55.22.

First Industrial Realty Trust Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a dividend of $0.37 per share. This is an increase from First Industrial Realty Trust’s previous quarterly dividend of $0.32. The ex-dividend date was Wednesday, March 27th. This represents a $1.48 annualized dividend and a yield of 3.22%. First Industrial Realty Trust’s dividend payout ratio is 68.20%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Centersquare Investment Management LLC boosted its position in shares of First Industrial Realty Trust by 23.6% during the 4th quarter. Centersquare Investment Management LLC now owns 4,551,501 shares of the real estate investment trust’s stock worth $239,728,000 after acquiring an additional 869,676 shares in the last quarter. Nomura Holdings Inc. boosted its position in shares of First Industrial Realty Trust by 14.9% during the 4th quarter. Nomura Holdings Inc. now owns 3,110,986 shares of the real estate investment trust’s stock worth $163,856,000 after acquiring an additional 402,744 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of First Industrial Realty Trust by 5.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,024,655 shares of the real estate investment trust’s stock worth $143,943,000 after acquiring an additional 158,722 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of First Industrial Realty Trust by 22.0% in the 3rd quarter. Hsbc Holdings PLC now owns 2,240,983 shares of the real estate investment trust’s stock valued at $106,847,000 after purchasing an additional 403,887 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of First Industrial Realty Trust by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,042,028 shares of the real estate investment trust’s stock valued at $107,554,000 after purchasing an additional 60,658 shares during the period. 99.85% of the stock is owned by institutional investors and hedge funds.

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.