On October 3, 2023, Bailard Inc. announced a significant increase in its holdings of First Industrial Realty Trust, Inc. (NYSE:FR) during the second quarter. According to the company’s recent Form 13F filing with the Securities & Exchange Commission, Bailard Inc. added 6,100 shares to its portfolio, resulting in a 105.2% increase in its ownership of the real estate investment trust’s stock. As of the filing date, Bailard Inc.’s holdings in First Industrial Realty Trust were valued at $626,000.
First Industrial Realty Trust, Inc., trading under the ticker symbol FR on the New York Stock Exchange, is a prominent entity engaged in the ownership, operation, and development of industrial real estate. The company has built a strong reputation for offering exceptional customer service to both multinational corporations and local customers alike. With a presence across major markets in the United States, First Industrial Realty Trust’s team of experts effectively manage, lease, acquire, and sell various types of industrial facilities such as bulk and regional distribution centers as well as light industrial spaces.
As an integrated owner and operator of industrial real estate, First Industrial Realty Trust plays a crucial role in serving diverse industry needs by providing suitable properties that cater to their operational requirements. The company’s ability to understand market dynamics and anticipate industry trends has allowed it to establish itself as a leader in this sector.
Through strategic investments and developments in key markets throughout the country, First Industrial Realty Trust strives to meet the evolving demands of businesses seeking efficient industrial spaces. By leveraging their local market expertise and comprehensive understanding of customer requirements, they ensure that tenants benefit from tailored solutions that align with their specific operational goals.
Being fully integrated means that First Industrial Realty Trust possesses capabilities not limited to property management alone; they also engage in buying properties for investment purposes or redevelopment opportunities where value can be created through appropriate improvements. This multifaceted approach underscores the company’s commitment to delivering optimal results and maximizing value for its stakeholders.
With its focus on customer satisfaction and its ability to adapt to changing market conditions, First Industrial Realty Trust has built a solid foundation as an industry leader. By consistently meeting the needs of its diverse customer base, the company has positioned itself for continued success in an ever-evolving real estate landscape.
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Investor Interest Surges in First Industrial Realty Trust (+ Key Financial Data)
First Industrial Realty Trust, Inc. (NYSE: FR) is making headlines as a number of large investors have modified their holdings of the company. According to recent reports, several high-profile investors have significantly increased their stakes in First Industrial Realty Trust, causing perplexity and bustiness in the investor community.
Nomura Holdings Inc., for instance, grew its holdings in shares of First Industrial Realty Trust by an astounding 192.7% during the first quarter of this year. As a result, Nomura Holdings now owns 3,088,269 shares of the real estate investment trust’s stock, amounting to approximately $164,296,000 in value.
Not to be outdone, Norges Bank also purchased a new stake in shares of First Industrial Realty Trust earlier this year. The investment giant bought the stake in the fourth quarter of last year for approximately $70,783,000.
JPMorgan Chase & Co., another major player in the investment world, followed suit and grew its holdings in shares of First Industrial Realty Trust by an impressive 92.2% during the first quarter. JPMorgan Chase & Co. now owns 2,799,425 shares valued at $148,929,000.
Balyasny Asset Management L.P., known for its astute investment strategies, also joined the fray by growing its holdings in First Industrial Realty Trust by an extraordinary 167.4% during the first quarter. Balyasny now holds 1,899,461 shares worth approximately $101,051,000.
State Street Corp was not one to miss out on this opportunity either; it grew its holdings by 13.4% during the first quarter and currently possesses an impressive 7,126,381 shares valued at $443,256,000.
It is important to note that hedge funds and other institutional investors own a staggering 98.36% of First Industrial Realty Trust. This level of ownership by institutional investors highlights the high degree of trust and confidence in the company and its potential for growth.
In light of these developments, several equities research analysts have issued reports on First Industrial Realty Trust’s stock. StockNews.com, for instance, initiated coverage on the stock with a “hold” rating. Similarly, BMO Capital Markets recently reissued a “market perform” rating, while Citigroup started coverage with a “neutral” rating and set a price target of $57.00.
Overall, according to data from Bloomberg.com, First Industrial Realty Trust currently holds a consensus rating of “Hold” and has a consensus target price of $58.86.
On the business front, First Industrial Realty Trust is recognized as a leading fully integrated owner, operator, and developer of industrial real estate in the United States. The company prides itself on providing industry-leading customer service to multinational corporations and regional customers alike. Its portfolio includes bulk and regional distribution centers, light industrial facilities, and other industrial property types across major markets in the country.
As of October 3, 2023, First Industrial Realty Trust’s stock opened at $46.77 on the New York Stock Exchange (NYSE). The company’s 50-day moving average stands at $50.95, while its two-hundred day moving average hovers around $51.82. Over the past year, First Industrial Realty Trust has experienced trading between its low of $42.91 and its high of $55.51.
Additionally, it was announced that First Industrial Realty Trust will be paying out a quarterly dividend to shareholders on October 16th. Those who are registered by September 29th will receive a dividend of $0.32 per share on an annualized basis. This represents a yield of 2.74% for investors in the company.
First Industrial Realty Trust’s current payout ratio stands at 53.56%, indicating its commitment to rewarding shareholders with consistent dividends.
With the recent surge in investor interest and a strong track record in the industrial real estate sector, First Industrial Realty Trust continues to draw attention from both institutional investors and equities research analysts alike. As always, prospective investors should conduct their own due diligence before making any investment decisions.