Zimmer Partners LP Cuts Stake in First Industrial Realty Trust, Inc. (NYSE:FR)

Zimmer Partners LP lowered its stake in shares of First Industrial Realty Trust, Inc. (NYSE:FR) by 85.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 50,000 shares of the real estate investment trust’s stock after selling 283,136 shares during the quarter. Zimmer Partners LP’s holdings in First Industrial Realty Trust were worth $2,506,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Invesco Ltd. raised its stake in shares of First Industrial Realty Trust by 80.2% in the fourth quarter. Invesco Ltd. now owns 4,276,906 shares of the real estate investment trust’s stock valued at $214,401,000 after buying an additional 1,903,164 shares during the period. Norges Bank purchased a new stake in First Industrial Realty Trust in the 4th quarter worth about $90,489,000. Deutsche Bank AG raised its stake in First Industrial Realty Trust by 56.1% in the 4th quarter. Deutsche Bank AG now owns 1,878,628 shares of the real estate investment trust’s stock valued at $94,176,000 after acquiring an additional 675,306 shares during the period. Rush Island Management LP lifted its holdings in First Industrial Realty Trust by 50.9% during the fourth quarter. Rush Island Management LP now owns 1,640,530 shares of the real estate investment trust’s stock valued at $82,240,000 after purchasing an additional 553,567 shares during the last quarter. Finally, Argosy Lionbridge Management LLC purchased a new stake in First Industrial Realty Trust during the fourth quarter valued at about $26,447,000. Hedge funds and other institutional investors own 99.85% of the company’s stock.

First Industrial Realty Trust Stock Performance

Shares of FR opened at $50.32 on Wednesday. The company has a current ratio of 1.21, a quick ratio of 1.11 and a debt-to-equity ratio of 0.80. The stock has a 50-day moving average price of $49.68 and a 200-day moving average price of $51.93. The company has a market cap of $6.66 billion, a PE ratio of 23.08 and a beta of 1.08. First Industrial Realty Trust, Inc. has a 12-month low of $40.31 and a 12-month high of $58.17.

First Industrial Realty Trust (NYSE:FR) last announced its earnings results on Wednesday, April 16th. The real estate investment trust reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($0.02). The company had revenue of $177.07 million for the quarter, compared to the consensus estimate of $176.98 million. First Industrial Realty Trust had a net margin of 42.94% and a return on equity of 10.64%. As a group, equities analysts forecast that First Industrial Realty Trust, Inc. will post 2.89 earnings per share for the current fiscal year.

First Industrial Realty Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 21st. Shareholders of record on Monday, June 30th will be paid a dividend of $0.445 per share. This represents a $1.78 annualized dividend and a yield of 3.54%. The ex-dividend date is Monday, June 30th. First Industrial Realty Trust’s dividend payout ratio (DPR) is currently 88.12%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Barclays lowered their price target on shares of First Industrial Realty Trust from $56.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 30th. Scotiabank increased their target price on First Industrial Realty Trust from $50.00 to $51.00 and gave the stock a “sector perform” rating in a research report on Monday, May 12th. The Goldman Sachs Group decreased their price objective on First Industrial Realty Trust from $59.00 to $51.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. cut their target price on First Industrial Realty Trust from $63.00 to $57.00 and set an “overweight” rating for the company in a research note on Monday, April 28th. Finally, Robert W. Baird reduced their target price on First Industrial Realty Trust from $61.00 to $59.00 and set an “outperform” rating for the company in a report on Tuesday, May 6th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, First Industrial Realty Trust presently has an average rating of “Moderate Buy” and a consensus price target of $56.00.

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.