Zacks Investment Research Downgrades Franklin Street Properties Corp. (FSP) to Sell
Franklin Street Properties Corp. (NYSEMKT:FSP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
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. “
A number of other equities analysts also recently issued reports on the company. Robert W. Baird reiterated an “outperform” rating and issued a $15.00 price objective on shares of Franklin Street Properties Corp. in a report on Friday, August 26th. BMO Capital Markets reiterated a “market perform” rating and issued a $13.00 price objective (up previously from $12.51) on shares of Franklin Street Properties Corp. in a report on Monday, August 22nd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $13.63.
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Shares of Franklin Street Properties Corp. (NYSEMKT:FSP) traded down 2.63% during trading on Tuesday, hitting $11.49. 514,886 shares of the company were exchanged. Franklin Street Properties Corp. has a 1-year low of $8.67 and a 1-year high of $13.18. The stock has a market capitalization of $1.15 billion, a PE ratio of 50.62 and a beta of 0.84. The company has a 50 day moving average of $12.49 and a 200-day moving average of $11.88.
Franklin Street Properties Corp. (NYSEMKT:FSP) last announced its quarterly earnings results on Tuesday, July 26th. The real estate investment trust reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. The business earned $59.45 million during the quarter, compared to analysts’ expectations of $58.73 million. During the same period in the previous year, the business earned $0.27 EPS. On average, analysts forecast that Franklin Street Properties Corp. will post $1.05 earnings per share for the current year.
In related news, Director Kenneth A. Hoxsie purchased 8,000 shares of Franklin Street Properties Corp. stock in a transaction dated Tuesday, August 16th. The stock was purchased at an average cost of $12.45 per share, for a total transaction of $99,600.00. Following the completion of the acquisition, the director now directly owns 40,000 shares of the company’s stock, valued at $498,000. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.
A number of large investors have recently added to or reduced their stakes in FSP. Arrow Investment Advisors LLC increased its stake in Franklin Street Properties Corp. by 0.3% in the second quarter. Arrow Investment Advisors LLC now owns 58,671 shares of the real estate investment trust’s stock valued at $720,000 after buying an additional 192 shares during the last quarter. Hsbc Holdings PLC boosted its position in shares of Franklin Street Properties Corp. by 2.7% in the second quarter. Hsbc Holdings PLC now owns 13,540 shares of the real estate investment trust’s stock valued at $166,000 after buying an additional 351 shares during the last quarter. PineBridge Investments L.P. boosted its position in shares of Franklin Street Properties Corp. by 3.8% in the second quarter. PineBridge Investments L.P. now owns 11,308 shares of the real estate investment trust’s stock valued at $139,000 after buying an additional 414 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Franklin Street Properties Corp. by 1.5% in the second quarter. Arizona State Retirement System now owns 46,301 shares of the real estate investment trust’s stock valued at $568,000 after buying an additional 700 shares during the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Franklin Street Properties Corp. by 6.8% in the second quarter. ProShare Advisors LLC now owns 13,938 shares of the real estate investment trust’s stock valued at $171,000 after buying an additional 888 shares during the last quarter.
Franklin Street Properties Corp. Company Profile
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’s segment is real estate operations. The Company owns and operates a portfolio of real estate consisting of approximately 40 office properties.
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