Synovus Financial Corp Purchases 13,922 Shares of First Industrial Realty Trust, Inc. (NYSE:FR)

Synovus Financial Corp boosted its holdings in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 96.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 28,374 shares of the real estate investment trust’s stock after acquiring an additional 13,922 shares during the period. 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.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. V Square Quantitative Management LLC bought a new position in shares of First Industrial Realty Trust during the 3rd quarter valued at about $28,000. Allspring Global Investments Holdings LLC raised its holdings in First Industrial Realty Trust by 46.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 631 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 200 shares during the period. UMB Bank n.a. raised its holdings in First Industrial Realty Trust by 116.2% during the 3rd quarter. UMB Bank n.a. now owns 867 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 466 shares during the period. Blue Trust Inc. lifted its stake in First Industrial Realty Trust by 201.9% in the third quarter. Blue Trust Inc. now owns 951 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 636 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of First Industrial Realty Trust by 77.4% in the third quarter. Farther Finance Advisors LLC now owns 956 shares of the real estate investment trust’s stock valued at $53,000 after buying an additional 417 shares during the period. 99.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on FR shares. Wells Fargo & Company raised their price objective on shares of 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. Mizuho lifted their price target on 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 reduced their price objective on First Industrial Realty Trust from $56.00 to $55.00 and set an “equal weight” rating for the company 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 company a “sector perform” rating in a research report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $57.83.

First Industrial Realty Trust Price Performance

Shares of FR opened at $52.80 on Monday. 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 company’s fifty day simple moving average is $53.44 and its 200 day simple moving average is $52.69. First Industrial Realty Trust, Inc. has a 1-year low of $45.10 and a 1-year high of $57.35. The company has a market cap of $6.99 billion, a price-to-earnings ratio of 22.66 and a beta of 1.07.

First Industrial Realty Trust (NYSE:FR) last released its quarterly earnings data on Wednesday, October 16th. The real estate investment trust reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.08. First Industrial Realty Trust had a net margin of 47.34% and a return on equity of 11.53%. The company 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 business earned $0.62 EPS. First Industrial Realty Trust’s revenue for the quarter was up 8.1% compared to the same quarter last year. On average, research 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 firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 21st. Stockholders of record on Tuesday, December 31st will be given a $0.37 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.80%. First Industrial Realty Trust’s payout ratio is 63.52%.

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.