Inceptionr LLC Decreases Stake in First Industrial Realty Trust by 21.5%

Inceptionr LLC has significantly reduced its holdings in First Industrial Realty Trust, Inc. (NYSE: FR), lowering its position by 21.5% during the second quarter of 2023. This adjustment, reported in the company’s latest filing with the U.S. Securities and Exchange Commission (SEC), reflects a sale of 3,725 shares, leaving Inceptionr with 13,591 shares valued at approximately $654,000.

The move comes amid a broader trend as several institutional investors adjust their stakes in the real estate investment trust. For instance, Hunter Perkins Capital Management LLC entered the market by acquiring a new stake in First Industrial Realty Trust worth around $746,000 during the same period. Meanwhile, FJ Capital Management LLC increased its investment significantly, raising its position by 76.8% in the first quarter, now holding 38,445 shares valued at $2.074 million.

Additional institutional movements include GSA Capital Partners LLP, which purchased shares valued at $569,000, and Liberty One Investment Management LLC, which boosted its holdings by 6.4%, now owning 97,647 shares worth approximately $4.7 million. Graham Capital Management L.P. also expanded its position, growing its holdings by 149.2% to 30,754 shares valued at $1.659 million. Notably, institutional investors collectively own 99.85% of First Industrial Realty Trust’s stock.

Analyst Ratings and Stock Performance

Recent evaluations from analysts reveal a generally optimistic outlook for First Industrial Realty Trust. The Royal Bank of Canada raised its price target from $60.00 to $64.00, issuing an “outperform” rating. Other analysts have similarly adjusted their forecasts; JPMorgan Chase & Co. increased its target to $61.00, maintaining an “overweight” rating, while Barclays set its target at $54.00.

As of October 15, 2023, First Industrial Realty Trust stock opened at $57.66. The firm has a market capitalization of $7.64 billion, with a price-to-earnings ratio of 32.21. The stock has fluctuated between a fifty-two week low of $40.31 and a high of $58.17.

The company recently announced its earnings results, reporting an earnings per share (EPS) of $0.76 for the quarter, surpassing analyst expectations of $0.74. First Industrial Realty Trust recorded a net margin of 33.18% and a return on equity of 8.65%. Revenue for the quarter reached $181.43 million, slightly below the forecast of $182.63 million, but reflecting an 8.2% increase compared to the same quarter last year. For fiscal year 2025, the company has projected EPS guidance between $2.940 and $2.980.

Dividend Announcement and Future Outlook

First Industrial Realty Trust also announced a forthcoming quarterly dividend, scheduled for payment on January 20, 2024. Shareholders of record by December 31, 2023 will receive a dividend of $0.445 per share, translating to an annualized dividend of $1.78 and a yield of 3.1%. The company’s current dividend payout ratio stands at 99.44%.

First Industrial Realty Trust, Inc. focuses on the ownership, operation, development, and acquisition of logistics properties in the United States. It aims to provide high-quality facilities and exceptional customer service to companies essential for supply chain operations.

For further updates on institutional holdings and market performance, interested investors can refer to resources such as HoldingsChannel.com.