Johannson Yap, Chief Investment Officer of First Industrial Realty Trust, Inc. (NYSE: FR), sold 680 shares of the company on December 17, 2023. The shares were sold at an average price of $58.37, resulting in a total transaction value of $39,691.60. Following this sale, Yap holds 3,770 shares of the company, which are currently valued at approximately $220,054.90. This transaction represents a 15.28% decrease in his ownership stake.
The transaction details were disclosed through a legal filing with the Securities and Exchange Commission (SEC), which is publicly accessible.
Current Market Performance
On the following trading day, December 18, 2023, First Industrial Realty Trust opened at $58.10. The company has a market capitalization of $7.69 billion and a price-to-earnings ratio of 32.46. Over the past year, the stock has experienced a low of $40.31 and a high of $59.43. The 50-day moving average price stands at $56.26, while the 200-day moving average is $52.28. The company maintains a debt-to-equity ratio of 0.88 and both a quick ratio and current ratio of 0.91.
First Industrial Realty Trust recently reported its quarterly earnings, disclosing earnings per share (EPS) of $0.76, exceeding analysts’ expectations of $0.74 by $0.02. The company recorded revenue of $181.43 million, slightly below the anticipated $182.63 million. The reported return on equity was 8.65%, with a net margin of 33.18%. Revenue for the quarter increased by 8.2% compared to the same period last year, when the EPS was $0.69. Looking ahead, the company has set its guidance for fiscal year 2025 at an EPS range of $2.940-$2.980.
Institutional Investment Activity
Recent activity among institutional investors has also influenced First Industrial Realty Trust’s stock. Notably, Crossmark Global Holdings Inc. increased its stake in the company by 1.9% during the third quarter, now holding 9,550 shares valued at $492,000. Similar increases were made by other firms, including AlphaQuest LLC and Global Retirement Partners LLC, which raised their positions by 0.5% and 3.6%, respectively.
Overall, institutional investors and hedge funds own 99.85% of First Industrial Realty Trust’s stock, reflecting strong confidence in the company’s performance.
Analyst Ratings
Analysts have provided a mixed outlook on First Industrial Realty Trust. Cantor Fitzgerald initiated coverage with a “neutral” rating and a target price of $55.00. In contrast, Mizuho raised its price target from $56.00 to $62.00, designating the stock as “outperform.” Other analysts have similarly adjusted their price targets, with Scotiabank setting a target of $57.00 and Royal Bank of Canada lifting its target to $64.00. Currently, five analysts recommend a “Buy” rating, while seven suggest holding the stock.
In summary, First Industrial Realty Trust continues to show robust performance metrics and remains a focal point for both investors and analysts in the real estate investment trust sector.
