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 analysts also recently weighed in on FSP. Robert W. Baird reaffirmed an “outperform” rating and set a $15.00 price target on shares of Franklin Street Properties Corp. in a report on Friday, August 26th. BMO Capital Markets reaffirmed a “market perform” rating and set a $13.00 price target (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 issued a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $13.63.
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Shares of Franklin Street Properties Corp. (NYSEMKT:FSP) traded down 2.63% during trading on Tuesday, reaching $11.49. 514,886 shares of the company traded hands. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 50.62 and a beta of 0.84. The company has a 50 day moving average price of $12.49 and a 200 day moving average price of $11.88. Franklin Street Properties Corp. has a 12-month low of $8.67 and a 12-month high of $13.18.
Franklin Street Properties Corp. (NYSEMKT:FSP) last announced its earnings results on Tuesday, July 26th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.01. The business had revenue of $59.45 million for the quarter, compared to analyst estimates of $58.73 million. During the same quarter in the previous year, the company earned $0.27 EPS. On average, equities analysts predict that Franklin Street Properties Corp. will post $1.05 EPS for the current year.
In related news, Director Kenneth A. Hoxsie acquired 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 16th. The stock was acquired at an average price of $12.45 per share, with a total value of $99,600.00. Following the purchase, the director now directly owns 40,000 shares in the company, valued at $498,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
A number of institutional investors have recently made changes to their positions in the stock. Breton Hill Capital Ltd. boosted its stake in Franklin Street Properties Corp. by 30.5% in the second quarter. Breton Hill Capital Ltd. now owns 22,368 shares of the real estate investment trust’s stock valued at $274,000 after buying an additional 5,229 shares during the period. BNP Paribas Arbitrage SA boosted its stake in Franklin Street Properties Corp. by 120.3% in the second quarter. BNP Paribas Arbitrage SA now owns 28,302 shares of the real estate investment trust’s stock valued at $347,000 after buying an additional 15,456 shares during the period. Legal & General Group Plc boosted its stake in Franklin Street Properties Corp. by 22.7% in the first quarter. Legal & General Group Plc now owns 195,186 shares of the real estate investment trust’s stock valued at $2,071,000 after buying an additional 36,171 shares during the period. Renaissance Technologies LLC boosted its stake in Franklin Street Properties Corp. by 21.6% in the first quarter. Renaissance Technologies LLC now owns 1,254,200 shares of the real estate investment trust’s stock valued at $13,307,000 after buying an additional 223,000 shares during the period. Finally, State Street Corp boosted its stake in Franklin Street Properties Corp. by 1.3% in the first quarter. State Street Corp now owns 2,900,208 shares of the real estate investment trust’s stock valued at $30,771,000 after buying an additional 36,165 shares during the period.
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’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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