Franklin Street Properties Corp. (FSP) Cut to Sell at Zacks Investment Research
Franklin Street Properties Corp. (AMEX:FSP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
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. “
Separately, Robert W. Baird cut Franklin Street Properties Corp. from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $14.00 to $12.00 in a research note on Thursday, May 4th.
Shares of Franklin Street Properties Corp. (AMEX:FSP) traded down 0.35% during trading on Wednesday, hitting $11.44. The stock had a trading volume of 224,285 shares. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 116.73 and a beta of 0.84. The firm has a 50 day moving average price of $11.77 and a 200-day moving average price of $12.22. Franklin Street Properties Corp. has a 52 week low of $10.62 and a 52 week high of $13.27.
Franklin Street Properties Corp. (AMEX:FSP) last released its earnings results on Tuesday, May 2nd. The real estate investment trust reported $0.27 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.01. The firm had revenue of $68.76 million during the quarter, compared to analysts’ expectations of $67.16 million. On average, equities research analysts forecast that Franklin Street Properties Corp. will post $0.10 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 11th. Stockholders of record on Friday, April 21st were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 6.64%. The ex-dividend date of this dividend was Wednesday, April 19th. Franklin Street Properties Corp.’s payout ratio is presently 330.43%.
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In related news, Director Georgia Murray acquired 5,000 shares of the stock in a transaction on Thursday, May 18th. The stock was acquired at an average price of $11.20 per share, for a total transaction of $56,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth A. Hoxsie acquired 3,000 shares of the stock in a transaction on Thursday, May 11th. The shares were bought at an average price of $10.86 per share, with a total value of $32,580.00. Following the purchase, the director now directly owns 43,000 shares of the company’s stock, valued at approximately $466,980. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 10,840 shares of company stock valued at $119,431.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. bought a new position in shares of Franklin Street Properties Corp. during the fourth quarter worth about $1,874,000. JNBA Financial Advisors bought a new position in shares of Franklin Street Properties Corp. during the fourth quarter worth about $130,000. Signia Capital Management LLC boosted its position in shares of Franklin Street Properties Corp. by 74.9% in the fourth quarter. Signia Capital Management LLC now owns 130,416 shares of the real estate investment trust’s stock worth $1,690,000 after buying an additional 55,865 shares during the last quarter. Comerica Bank boosted its position in shares of Franklin Street Properties Corp. by 6.3% in the fourth quarter. Comerica Bank now owns 113,946 shares of the real estate investment trust’s stock worth $1,469,000 after buying an additional 6,792 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Franklin Street Properties Corp. by 8.2% in the fourth quarter. State Street Corp now owns 3,765,891 shares of the real estate investment trust’s stock worth $48,802,000 after buying an additional 284,578 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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