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 30.2% during the most recent quarter end. The investment management company now holds a total of 3,089,843 shares of First Industrial Realty Trust which is valued at $90,223,416 after selling 1,336,600 shares in First Industrial Realty Trust , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.First Industrial Realty Trust makes up approximately 3.81% of Third Avenue Management’s portfolio.

Other Hedge Funds, Including , Comerica Bank added FR to its portfolio by purchasing 79,749 company shares during the most recent quarter which is valued at $2,328,671. First Industrial Realty Trust makes up approx 0.02% of Comerica Bank’s portfolio. Glenmede Trust Co Na added FR to its portfolio by purchasing 114 company shares during the most recent quarter which is valued at $3,309.Msi Financial Services Inc reduced its stake in FR by selling 32 shares or 5.97% in the most recent quarter. The Hedge Fund company now holds 504 shares of FR which is valued at $14,293.Daiwa Securities Group boosted its stake in FR in the latest quarter, The investment management firm added 400 additional shares and now holds a total of 4,300 shares of First Industrial Realty Trust which is valued at $121,948.

First Industrial Realty Trust opened for trading at $28.91 and hit $28.94 on the upside on Tuesday, eventually ending the session at $28.88, with a gain of 0.52% or 0.15 points. The heightened volatility saw the trading volume jump to 6,75,663 shares. Company has a market cap of $3,375 M.

On the company’s financial health, First Industrial Realty Trust reported $0.36 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.35. The company had revenue of $93.01 million for the quarter, compared to analysts expectations of $94.08 million. The company’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.35 EPS.

Investors should note that on Aug 2, 2016, First Industrial Realty Trust announced a cash dividend of $0.1900. The company’s management has announced Sep 28, 2016 as the ex-dividend date and fixed the record date on Sep 30, 2016. The payable date has been fixed on Oct 17, 2016.

Many Wall Street Analysts have commented on First Industrial Realty Trust. First Industrial Realty Trust was Downgraded by Jefferies to ” Hold” on Jun 1, 2016.

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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