Synovus Financial Corp Has $1.59 Million Stake in First Industrial Realty Trust, Inc. (NYSE:FR)

Synovus Financial Corp increased its stake in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 96.3% during the third quarter, HoldingsChannel reports. The institutional investor 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FR. V Square Quantitative Management LLC acquired a new stake in First Industrial Realty Trust during the third quarter worth about $28,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of 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 acquiring an additional 200 shares during the period. UMB Bank n.a. boosted its position in shares of 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 acquiring an additional 466 shares in the last quarter. Blue Trust Inc. increased 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 acquiring an additional 636 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in First Industrial Realty Trust by 77.4% during the third quarter. Farther Finance Advisors LLC now owns 956 shares of the real estate investment trust’s stock valued at $53,000 after purchasing an additional 417 shares in the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

First Industrial Realty Trust Stock Performance

Shares of First Industrial Realty Trust stock opened at $52.80 on Monday. The stock 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, Inc. has a twelve month low of $45.10 and a twelve month high of $57.35. The company’s fifty day moving average is $53.44 and its 200 day moving average is $52.69. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.80.

First Industrial Realty Trust (NYSE:FR) last released its quarterly earnings results on Wednesday, October 16th. The real estate investment trust reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.08. The firm had revenue of $167.60 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.62 EPS. Sell-side analysts forecast that First Industrial Realty Trust, Inc. will post 2.63 EPS for the current year.

First Industrial Realty Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 21st. Investors of record on Tuesday, December 31st will be issued a $0.37 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 2.80%. First Industrial Realty Trust’s payout ratio is 63.52%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FR. Barclays decreased their price target on 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. Mizuho lifted their target price 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. Wells Fargo & Company increased their target price 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. Finally, Scotiabank lifted their price target on shares of First Industrial Realty Trust from $55.00 to $58.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $57.83.

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.