Sumitomo Mitsui Trust Holdings Inc. Grows Stake in First Industrial Realty Trust, Inc. (NYSE:FR)

Sumitomo Mitsui Trust Holdings Inc. grew its holdings in First Industrial Realty Trust, Inc. (NYSE:FR) by 27.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,311,911 shares of the real estate investment trust’s stock after purchasing an additional 283,634 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in First Industrial Realty Trust were worth $69,098,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Neo Ivy Capital Management bought a new stake in shares of First Industrial Realty Trust in the second quarter valued at approximately $28,000. Quarry LP raised its position in shares of First Industrial Realty Trust by 1,004.7% in the second quarter. Quarry LP now owns 707 shares of the real estate investment trust’s stock valued at $37,000 after purchasing an additional 643 shares during the period. Brown Brothers Harriman & Co. bought a new stake in shares of First Industrial Realty Trust in the first quarter valued at approximately $46,000. Lazard Asset Management LLC raised its position in shares of First Industrial Realty Trust by 99.1% in the first quarter. Lazard Asset Management LLC now owns 1,396 shares of the real estate investment trust’s stock valued at $86,000 after purchasing an additional 695 shares during the period. Finally, Covestor Ltd increased its holdings in First Industrial Realty Trust by 96.3% during the 1st quarter. Covestor Ltd now owns 1,790 shares of the real estate investment trust’s stock worth $111,000 after acquiring an additional 878 shares during the period. Institutional investors own 99.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Barclays reaffirmed an “equal weight” rating and set a $53.00 target price (down previously from $63.00) on shares of First Industrial Realty Trust in a report on Wednesday, March 27th. JPMorgan Chase & Co. upped their target price on shares of First Industrial Realty Trust from $51.00 to $59.00 and gave the stock an “overweight” rating in a report on Tuesday, February 20th. Truist Financial upped their target price on shares of First Industrial Realty Trust from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, February 20th. Mizuho reaffirmed a “buy” rating and set a $58.00 target price on shares of First Industrial Realty Trust in a report on Tuesday, April 2nd. Finally, Royal Bank of Canada upped their target price on shares of First Industrial Realty Trust from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, First Industrial Realty Trust has an average rating of “Hold” and an average price target of $55.30.

First Industrial Realty Trust Price Performance

Shares of First Industrial Realty Trust stock opened at $48.60 on Thursday. First Industrial Realty Trust, Inc. has a 52-week low of $40.44 and a 52-week high of $55.22. The stock has a market capitalization of $6.43 billion, a price-to-earnings ratio of 23.48 and a beta of 1.01. The company has a fifty day moving average of $52.73 and a 200-day moving average of $49.91. The company has a debt-to-equity ratio of 0.84, a quick ratio of 1.06 and a current ratio of 1.06.

First Industrial Realty Trust Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $1.48 annualized dividend and a yield of 3.05%. This is a boost from First Industrial Realty Trust’s previous quarterly dividend of $0.32. First Industrial Realty Trust’s dividend payout ratio is presently 71.50%.

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.