Third Avenue Management Lowers stake in First Industrial Realty Trust (FR)

First Industrial Realty Trust (FR) : Third Avenue Management reduced its stake in First Industrial Realty Trust by 31.09% during the most recent quarter end. The investment management company now holds a total of 4,426,443 shares of First Industrial Realty Trust which is valued at $109.5 Million after selling 1,996,885 shares in First Industrial Realty Trust , the firm said in a disclosure report filed with the SEC on May 12, 2016.First Industrial Realty Trust makes up approximately 4.17% of Third Avenue Management’s portfolio.

Other Hedge Funds, Including , Credit Agricole S A reduced its stake in FR by selling 100 shares or 0.26% in the most recent quarter. The Hedge Fund company now holds 38,253 shares of FR which is valued at $946,379.Schwab Charles Investment Management Inc reduced its stake in FR by selling 52,638 shares or 3.51% in the most recent quarter. The Hedge Fund company now holds 1,445,882 shares of FR which is valued at $34.9 Million. First Industrial Realty Trust makes up approx 0.05% of Schwab Charles Investment Management Inc’s portfolio.Smithfield Trust Co reduced its stake in FR by selling 242 shares or 0.75% in the most recent quarter. The Hedge Fund company now holds 31,851 shares of FR which is valued at $769,202. First Industrial Realty Trust makes up approx 0.15% of Smithfield Trust Co’s portfolio.Channing Capital Management boosted its stake in FR in the latest quarter, The investment management firm added 1,903,882 additional shares and now holds a total of 2,195,369 shares of First Industrial Realty Trust which is valued at $50.4 Million. First Industrial Realty Trust makes up approx 2.20% of Channing Capital Management’s portfolio.

First Industrial Realty Trust opened for trading at $24.27 and hit $24.61 on the upside on Friday, eventually ending the session at $24.48, with a gain of 1.45% or 0.35 points. The heightened volatility saw the trading volume jump to 11,08,836 shares. Company has a market cap of $2,860 M.

On the company’s financial health, First Industrial Realty Trust reported $0.35 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $0.34. The company had revenue of $93.50 million for the quarter, compared to analysts expectations of $94.47 million. The company’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS.

Investors should note that on May 11, 2016, First Industrial Realty Trust announced a cash dividend of $0.1900. The company’s management has announced Jun 28, 2016 as the ex-dividend date and fixed the record date on Jun 30, 2016. The payable date has been fixed on Jul 18, 2016.

Many Wall Street Analysts have commented on First Industrial Realty Trust. Company shares were Reiterated by Stifel on May 3, 2016 to “Buy”, Firm has raised the Price Target to $ 25 from a previous price target of $24 .

First Industrial Realty Trust Inc. is a real estate investment trust (REIT). The Trust is a self-administered real estate company which owns manages acquires sells develops and redevelops industrial real estate. The Trust owns approximately 634 in-service industrial properties containing approximately 62.4 million square feet of gross leasable area (GLA). Its in-service portfolio consisted of approximately 285 light industrial properties 90 R&D/flex properties 160 bulk warehouse properties and 99 regional warehouse properties located in 25 states. Its in-service portfolio includes all properties other than developed redeveloped and acquired properties that have not yet reached stabilized occupancy. The Trust’s interests in its properties and land parcels are held through partnerships corporations and limited liability companies controlled directly or indirectly by the Trust including the Operating Partnership and through its REIT subsidiaries.

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