Pictet Asset Management SA Decreases Holdings in First Industrial Realty Trust, Inc. (NYSE:FR)

Posted by on Feb 27th, 2023

Pictet Asset Management SA decreased its holdings in First Industrial Realty Trust, Inc. (NYSE:FR – Get Rating) by 2.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,268 shares of the real estate investment trust’s stock after selling 1,555 shares during the period. Pictet Asset Management SA’s holdings in First Industrial Realty Trust were worth $2,298,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Hotaling Investment Management LLC lifted its holdings in shares of First Industrial Realty Trust by 0.8% in the 2nd quarter. Hotaling Investment Management LLC now owns 34,930 shares of the real estate investment trust’s stock worth $1,658,000 after acquiring an additional 290 shares during the last quarter. Bessemer Group Inc. lifted its stake in First Industrial Realty Trust by 46.6% in the third quarter. Bessemer Group Inc. now owns 1,129 shares of the real estate investment trust’s stock worth $51,000 after purchasing an additional 359 shares during the last quarter. Quadrant Capital Group LLC boosted its position in shares of First Industrial Realty Trust by 42.0% during the second quarter. Quadrant Capital Group LLC now owns 1,248 shares of the real estate investment trust’s stock valued at $59,000 after buying an additional 369 shares during the period. Cibc World Markets Corp grew its stake in shares of First Industrial Realty Trust by 0.7% during the first quarter. Cibc World Markets Corp now owns 65,586 shares of the real estate investment trust’s stock valued at $4,060,000 after buying an additional 453 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC raised its holdings in shares of First Industrial Realty Trust by 2.1% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 22,094 shares of the real estate investment trust’s stock worth $1,049,000 after buying an additional 455 shares during the period. Hedge funds and other institutional investors own 98.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Royal Bank of Canada restated an “outperform” rating and set a $65.00 price objective on shares of First Industrial Realty Trust in a report on Thursday. Truist Financial boosted their target price on shares of First Industrial Realty Trust from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 21st. Finally, JPMorgan Chase & Co. raised shares of First Industrial Realty Trust from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $53.00 to $56.00 in a research note on Friday, December 16th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, First Industrial Realty Trust has an average rating of “Moderate Buy” and a consensus target price of $61.25.

First Industrial Realty Trust Price Performance

Shares of FR opened at $52.52 on Monday. The stock has a market capitalization of $6.94 billion, a PE ratio of 19.38 and a beta of 0.99. The company has a 50 day moving average price of $51.35 and a 200-day moving average price of $49.87. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.25 and a current ratio of 1.25. First Industrial Realty Trust, Inc. has a fifty-two week low of $42.91 and a fifty-two week high of $65.92.

First Industrial Realty Trust Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 17th. Stockholders of record on Friday, March 31st will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.44%. This is a positive change from First Industrial Realty Trust’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, March 30th. First Industrial Realty Trust’s payout ratio is presently 43.54%.

First Industrial Realty Trust Company Profile

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First Industrial Realty Trust, Inc operates as a real estate investment trust. It engages in the ownership, management, acquisition, sale, development and redevelopment of industrial real estate. The firm product portfolio includes bulk warehouse, regional warehouse, R&D/flex, and light industrial properties.

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Institutional Ownership by Quarter for First Industrial Realty Trust (NYSE:FR)

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