Franklin Street Properties Corp. (FSP) Rating Lowered to Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of Franklin Street Properties Corp. (AMEX:FSP) from a hold rating to a sell rating in a report released on Friday morning.
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. “
Several other research firms also recently issued reports on FSP. ValuEngine downgraded shares of Franklin Street Properties Corp. from a buy rating to a hold rating in a research note on Saturday, June 10th. BidaskClub downgraded shares of Franklin Street Properties Corp. from a hold rating to a sell rating in a research report on Thursday, June 22nd. FBR & Co reissued an outperform rating and issued a $13.00 target price on shares of Franklin Street Properties Corp. in a research report on Tuesday, July 11th. Finally, Robert W. Baird downgraded shares of Franklin Street Properties Corp. from an outperform rating to a neutral rating and dropped their target price for the stock from $14.00 to $12.00 in a research report on Thursday, May 4th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $13.00.
Shares of Franklin Street Properties Corp. (AMEX FSP) opened at 10.12 on Friday. Franklin Street Properties Corp. has a 52-week low of $10.05 and a 52-week high of $13.27. The stock’s market cap is $1.09 billion. The stock’s 50 day moving average price is $10.92 and its 200-day moving average price is $11.73.
Franklin Street Properties Corp. (AMEX:FSP) last released its quarterly earnings results on Tuesday, August 1st. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.01. Franklin Street Properties Corp. had a net margin of 6.52% and a return on equity of 1.88%. The firm had revenue of $68.37 million for the quarter, compared to the consensus estimate of $67.75 million. During the same quarter in the previous year, the firm posted $0.27 EPS. The firm’s quarterly revenue was up 12.4% on a year-over-year basis. On average, analysts predict that Franklin Street Properties Corp. will post $0.10 earnings per share for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 10th. Stockholders of record on Friday, July 21st will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 7.51%. The ex-dividend date is Wednesday, July 19th. Franklin Street Properties Corp.’s dividend payout ratio (DPR) is presently 330.43%.
In other Franklin Street Properties Corp. news, Director Kathryn P. O’neil purchased 5,000 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The stock was acquired at an average cost of $11.33 per share, with a total value of $56,650.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Kenneth A. Hoxsie purchased 3,000 shares of the firm’s stock in a transaction dated Thursday, May 11th. The stock was acquired at an average cost of $10.86 per share, with a total value of $32,580.00. Following the completion of the acquisition, the director now directly owns 43,000 shares in the company, valued at approximately $466,980. The disclosure for this purchase can be found here. Insiders bought a total of 18,070 shares of company stock valued at $198,983 over the last ninety days.
A number of hedge funds and other institutional investors have recently bought and sold shares of FSP. Daiwa Securities Group Inc. raised its position in Franklin Street Properties Corp. by 8.2% in the second quarter. Daiwa Securities Group Inc. now owns 9,200 shares of the real estate investment trust’s stock worth $102,000 after buying an additional 700 shares during the last quarter. Ameritas Investment Partners Inc. purchased a new position in Franklin Street Properties Corp. during the first quarter worth about $110,000. Sei Investments Co. raised its position in Franklin Street Properties Corp. by 2,435.8% in the second quarter. Sei Investments Co. now owns 11,132 shares of the real estate investment trust’s stock worth $123,000 after buying an additional 10,693 shares during the last quarter. Stratos Wealth Partners LTD. purchased a new position in Franklin Street Properties Corp. during the first quarter worth about $153,000. Finally, Eads & Heald Investment Counsel raised its position in Franklin Street Properties Corp. by 2.2% in the second quarter. Eads & Heald Investment Counsel now owns 14,475 shares of the real estate investment trust’s stock worth $160,000 after buying an additional 310 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 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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