First Industrial Realty Trust, Inc. (NYSE:FR) Sees Large Increase in Short Interest

29 Oct 2024, 23:20 by Michael Walen · The Markets Daily

First Industrial Realty Trust, Inc. (NYSE:FR – Get Free Report) saw a significant growth in short interest in October. As of October 15th, there was short interest totalling 1,580,000 shares, a growth of 14.5% from the September 30th total of 1,380,000 shares. Based on an average daily volume of 1,200,000 shares, the short-interest ratio is presently 1.3 days.

Institutional Investors Weigh In On First Industrial Realty Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FR. Vanguard Group Inc. boosted its stake in shares of First Industrial Realty Trust by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 19,190,794 shares of the real estate investment trust’s stock worth $1,008,284,000 after acquiring an additional 77,270 shares in the last quarter. Centersquare Investment Management LLC boosted its stake in shares of First Industrial Realty Trust by 8.4% during the 1st quarter. Centersquare Investment Management LLC now owns 4,932,306 shares of the real estate investment trust’s stock worth $259,143,000 after acquiring an additional 380,805 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of First Industrial Realty Trust by 7.3% during the 2nd quarter. Victory Capital Management Inc. now owns 2,177,761 shares of the real estate investment trust’s stock worth $103,465,000 after acquiring an additional 148,996 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in First Industrial Realty Trust by 6.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,023,449 shares of the real estate investment trust’s stock valued at $96,133,000 after buying an additional 118,239 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in First Industrial Realty Trust by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,321,315 shares of the real estate investment trust’s stock valued at $62,776,000 after buying an additional 11,522 shares in the last quarter. 99.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Royal Bank of Canada boosted their price target on First Industrial Realty Trust from $57.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. Mizuho boosted their price target on First Industrial Realty Trust from $58.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, September 5th. Barclays boosted their price target on First Industrial Realty Trust from $52.00 to $56.00 and gave the company an “equal weight” rating in a report on Thursday, October 10th. Wolfe Research upgraded First Industrial Realty Trust from a “peer perform” rating to an “outperform” rating and set a $64.00 price target for the company in a report on Tuesday, August 13th. Finally, Scotiabank upped their target price on First Industrial Realty Trust from $55.00 to $58.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $57.92.

Check Out Our Latest Analysis on FR

First Industrial Realty Trust Stock Down 1.4 %

Shares of FR stock traded down $0.74 during trading hours on Tuesday, reaching $52.83. 645,872 shares of the company’s stock were exchanged, compared to its average volume of 1,106,926. The stock’s 50 day moving average is $55.50 and its 200-day moving average is $51.33. The company has a market cap of $6.99 billion, a price-to-earnings ratio of 24.69 and a beta of 1.08. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.80. First Industrial Realty Trust has a fifty-two week low of $40.58 and a fifty-two week high of $57.35.

First Industrial Realty Trust (NYSE:FR – Get Free Report) last released its earnings results on Wednesday, October 16th. The real estate investment trust reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.08. First Industrial Realty Trust had a return on equity of 11.53% and a net margin of 47.34%. The firm had revenue of $167.60 million for the quarter, compared to the consensus estimate of $164.01 million. During the same period in the prior year, the firm earned $0.62 EPS. The firm’s revenue was up 8.1% on a year-over-year basis. Analysts predict that First Industrial Realty Trust will post 2.63 earnings per share for the current fiscal year.

First Industrial Realty Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 21st. Investors of record on Monday, September 30th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 2.80%. The ex-dividend date was Monday, September 30th. First Industrial Realty Trust’s payout ratio is 68.20%.

First Industrial Realty Trust Company Profile

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