Principal Financial Group Inc. Lowers Position in First Industrial Realty Trust, Inc. (NYSE:FR)

Principal Financial Group Inc. lessened its position in First Industrial Realty Trust, Inc. (NYSE:FR) by 6.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,413,460 shares of the real estate investment trust’s stock after selling 91,436 shares during the quarter. Principal Financial Group Inc. owned approximately 1.07% of First Industrial Realty Trust worth $70,857,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Synovus Financial Corp increased its stake in shares of First Industrial Realty Trust by 96.3% during the third quarter. Synovus Financial Corp now owns 28,374 shares of the real estate investment trust’s stock valued at $1,588,000 after purchasing an additional 13,922 shares in the last quarter. Franklin Resources Inc. increased its position in First Industrial Realty Trust by 42.9% during the 3rd quarter. Franklin Resources Inc. now owns 193,532 shares of the real estate investment trust’s stock valued at $10,546,000 after buying an additional 58,088 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings 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 worth $1,055,000 after acquiring an additional 18,212 shares in the last quarter. Commerce Bank purchased a new stake in shares of First Industrial Realty Trust in the third quarter worth $4,817,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of First Industrial Realty Trust by 28.7% during the third quarter. JPMorgan Chase & Co. now owns 3,354,728 shares of the real estate investment trust’s stock valued at $187,798,000 after acquiring an additional 747,101 shares in the last quarter. Hedge funds and other institutional investors own 99.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Barclays dropped their price target on shares of First Industrial Realty Trust from $56.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Monday, November 18th. Deutsche Bank Aktiengesellschaft began coverage on shares of First Industrial Realty Trust in a report on Tuesday, January 14th. They set a “hold” rating and a $52.00 price target on the stock. KeyCorp upgraded shares of First Industrial Realty Trust from an “underweight” rating to a “sector weight” rating in a report on Tuesday, December 17th. Finally, Robert W. Baird increased their target price on First Industrial Realty Trust from $59.00 to $61.00 and gave the company an “outperform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, First Industrial Realty Trust has a consensus rating of “Hold” and an average price target of $57.77.

First Industrial Realty Trust Stock Performance

Shares of FR opened at $55.63 on Thursday. First Industrial Realty Trust, Inc. has a one year low of $45.10 and a one year high of $57.35. The business has a fifty day moving average of $52.13 and a 200 day moving average of $53.59. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.21 and a quick ratio of 1.11. The firm has a market capitalization of $7.36 billion, a P/E ratio of 25.52 and a beta of 1.09.

First Industrial Realty Trust (NYSE:FR) last released its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $0.71 EPS for the quarter, beating the consensus estimate of $0.35 by $0.36. First Industrial Realty Trust had a net margin of 42.94% and a return on equity of 10.64%. As a group, sell-side analysts anticipate that First Industrial Realty Trust, Inc. will post 2.89 EPS for the current year.

First Industrial Realty Trust Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 21st. Stockholders of record on Monday, March 31st will be paid a $0.445 dividend. This represents a $1.78 annualized dividend and a dividend yield of 3.20%. This is a positive change from First Industrial Realty Trust’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, March 31st. First Industrial Realty Trust’s dividend payout ratio is 67.89%.

First Industrial Realty Trust 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.