Franklin Street Properties Corp. (FSP) Posts Quarterly Earnings Results, Hits Estimates
Franklin Street Properties Corp. (AMEX:FSP) posted its earnings results on Tuesday. The real estate investment trust reported $0.26 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.26, Bloomberg Earnings reports. The business had revenue of $67.30 million for the quarter, compared to analyst estimates of $66.31 million. Franklin Street Properties Corp. had a negative net margin of 25.44% and a negative return on equity of 7.52%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.26 EPS. Franklin Street Properties Corp. updated its Q guidance to ~$0.25 EPS and its FY17 guidance to ~$1.04 EPS.
Shares of Franklin Street Properties Corp. (AMEX FSP) traded up 1.80% during trading on Wednesday, reaching $10.18. 210,355 shares of the company’s stock were exchanged. Franklin Street Properties Corp. has a 52-week low of $9.59 and a 52-week high of $13.27. The company has a 50 day moving average of $10.28 and a 200 day moving average of $10.76.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 9th. Shareholders of record on Friday, October 20th will be issued a $0.19 dividend. The ex-dividend date is Thursday, October 19th. This represents a $0.76 dividend on an annualized basis and a yield of 7.60%. Franklin Street Properties Corp.’s dividend payout ratio is currently 330.43%.
In other news, Director Dennis J. Mcgillicuddy bought 100,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were acquired at an average cost of $9.88 per share, for a total transaction of $988,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Brian N. Hansen bought 12,500 shares of the stock in a transaction that occurred on Thursday, September 7th. The stock was purchased at an average price of $9.96 per share, for a total transaction of $124,500.00. The disclosure for this purchase can be found here. Insiders purchased a total of 131,275 shares of company stock worth $1,299,392 over the last quarter.
Several equities analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Franklin Street Properties Corp. from a “hold” rating to a “sell” rating in a report on Friday, August 4th. FBR & Co restated an “outperform” rating and set a $13.00 target price on shares of Franklin Street Properties Corp. in a report on Tuesday, July 11th. Janney Montgomery Scott assumed coverage on shares of Franklin Street Properties Corp. in a report on Friday, September 8th. They set a “buy” rating on the stock. ValuEngine upgraded shares of Franklin Street Properties Corp. from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Finally, Stifel Nicolaus restated a “hold” rating and set a $10.00 target price on shares of Franklin Street Properties Corp. in a report on Thursday, September 21st. 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 company. The company currently has an average rating of “Hold” and a consensus target price of $11.67.
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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 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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