Franklin Street Properties Corp. (AMEX:FSP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, October 17th.
According to Zacks, “Franklin Street Properties Corp., a real estate investment trust, is focused on investing in institutional-quality office properties in major U.S. markets. FSP’s strategy is to invest in select urban infill and central business district (CBD) properties, with primary emphasis on their top five markets of Atlanta, Dallas, Denver, Houston, and Minneapolis. FSP seeks value-oriented investments with an eye towards long-term growth and appreciation, as well as current income. FSP’s primary real estate operations include property acquisitions and dispositions, leasing, development and asset management. FSP has also been a cyclical investor in San Diego, Silicon Valley, Greater Boston, Raleigh-Durham, and Greater Washington, DC, and will continue to monitor these markets, as well as other markets, for opportunistic investments. “
FSP has been the topic of a number of other reports. Stifel Nicolaus restated a “hold” rating and issued a $10.00 price objective on shares of Franklin Street Properties Corp. in a report on Thursday, September 21st. FBR & Co reiterated an “outperform” rating and set a $13.00 target price on shares of Franklin Street Properties Corp. in a report on Tuesday, July 11th. BidaskClub downgraded Franklin Street Properties Corp. from a “hold” rating to a “sell” rating in a report on Thursday, June 22nd. ValuEngine upgraded Franklin Street Properties Corp. from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Janney Montgomery Scott assumed coverage on Franklin Street Properties Corp. in a report on Friday, September 8th. They set a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $11.67.
Franklin Street Properties Corp. (AMEX FSP) opened at 9.94 on Tuesday. Franklin Street Properties Corp. has a 12-month low of $9.59 and a 12-month high of $13.27. The company’s market capitalization is $1.07 billion. The stock has a 50 day moving average of $10.28 and a 200-day moving average of $10.84.
Franklin Street Properties Corp. (AMEX:FSP) last released its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. The company had revenue of $68.37 million for the quarter, compared to the consensus estimate of $67.75 million. Franklin Street Properties Corp. had a negative return on equity of 7.52% and a negative net margin of 25.44%. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period last year, the business posted $0.27 EPS. Equities analysts expect that Franklin Street Properties Corp. will post ($0.07) earnings per share for the current year.
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In other news, Director Kenneth A. Hoxsie bought 3,000 shares of the firm’s stock in a transaction dated Friday, August 18th. The stock was bought at an average price of $9.81 per share, for a total transaction of $29,430.00. Following the transaction, the director now owns 48,000 shares in the company, valued at $470,880. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Brian N. Hansen bought 7,500 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was purchased at an average price of $9.94 per share, with a total value of $74,550.00. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 131,275 shares of company stock valued at $1,299,392.
Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Franklin Street Properties Corp. by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 17,070,051 shares of the real estate investment trust’s stock worth $207,230,000 after acquiring an additional 312,378 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Franklin Street Properties Corp. by 1.1% in the 2nd quarter. BlackRock Inc. now owns 15,273,919 shares of the real estate investment trust’s stock worth $169,236,000 after purchasing an additional 168,927 shares during the last quarter. State Street Corp lifted its holdings in shares of Franklin Street Properties Corp. by 3.0% in the 2nd quarter. State Street Corp now owns 4,111,492 shares of the real estate investment trust’s stock worth $45,554,000 after purchasing an additional 119,953 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Franklin Street Properties Corp. by 3.7% in the 2nd quarter. Northern Trust Corp now owns 3,498,172 shares of the real estate investment trust’s stock worth $38,760,000 after purchasing an additional 125,074 shares during the last quarter. Finally, Prudential Financial Inc. lifted its holdings in shares of Franklin Street Properties Corp. by 5.1% in the 2nd quarter. Prudential Financial Inc. now owns 1,823,112 shares of the real estate investment trust’s stock worth $20,201,000 after purchasing an additional 87,900 shares during the last quarter.
About Franklin Street Properties Corp.
Franklin Street Properties Corp. is a real estate investment trust (REIT). The Company is focused on commercial real estate investments primarily in office markets. The Company operates through the real estate operations segment. The Company’s investment objectives are to create shareholder value by increasing revenue from rental, dividend, interest and fee income and net gains from sales of properties, and increase the cash available for distribution in the form of dividends to its stockholders.
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