Zacks Investment Research upgraded shares of Franklin Street Properties Corp. (NYSEAMERICAN:FSP) from a hold rating to a buy rating in a report published on Monday, November 6th. Zacks Investment Research currently has $12.00 price target on the real estate investment trust’s stock.
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 equities research analysts have also commented on FSP. FBR & Co restated an outperform rating and issued a $13.00 price target on shares of Franklin Street Properties in a research note on Tuesday, July 11th. ValuEngine lowered shares of Franklin Street Properties from a buy rating to a hold rating in a research note on Friday, September 1st. Janney Montgomery Scott initiated coverage on shares of Franklin Street Properties in a report on Friday, September 8th. They issued a buy rating for the company. Stifel Nicolaus reiterated a hold rating and issued a $10.00 price objective on shares of Franklin Street Properties in a report on Thursday, September 21st. Finally, B. Riley reiterated a buy rating on shares of Franklin Street Properties in a report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the stock. Franklin Street Properties currently has a consensus rating of Buy and a consensus target price of $11.75.
Franklin Street Properties (NYSEAMERICAN:FSP) last announced its quarterly earnings results on Tuesday, October 31st. The real estate investment trust reported $0.26 EPS for the quarter, meeting the consensus estimate of $0.26. Franklin Street Properties had a negative net margin of 25.44% and a negative return on equity of 7.52%. The company had revenue of $67.30 million for the quarter, compared to analyst estimates of $66.31 million. During the same quarter last year, the business earned $0.26 earnings per share. Franklin Street Properties’s revenue was up 8.7% compared to the same quarter last year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Stockholders of record on Friday, October 20th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 6.99%. The ex-dividend date was Thursday, October 19th. Franklin Street Properties’s dividend payout ratio (DPR) is presently -844.44%.
In other Franklin Street Properties news, Director Dennis J. Mcgillicuddy bought 100,000 shares of Franklin Street Properties stock in a transaction that occurred on Thursday, August 31st. The stock was purchased at an average cost of $9.88 per share, for a total transaction of $988,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Brian N. Hansen bought 7,500 shares of Franklin Street Properties stock in a transaction that occurred on Tuesday, September 5th. The shares were acquired at an average price of $9.94 per share, with a total value of $74,550.00. The disclosure for this purchase can be found here. Insiders bought 120,000 shares of company stock valued at $1,187,050 over the last quarter.
A number of large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio boosted its holdings in Franklin Street Properties by 43.6% during the third quarter. Public Employees Retirement System of Ohio now owns 221,105 shares of the real estate investment trust’s stock worth $2,348,000 after buying an additional 67,129 shares in the last quarter. Truepoint Inc. boosted its holdings in Franklin Street Properties by 962.0% during the third quarter. Truepoint Inc. now owns 798,815 shares of the real estate investment trust’s stock worth $799,000 after buying an additional 723,597 shares in the last quarter. California Public Employees Retirement System boosted its holdings in Franklin Street Properties by 5.2% during the third quarter. California Public Employees Retirement System now owns 373,560 shares of the real estate investment trust’s stock worth $3,967,000 after buying an additional 18,367 shares in the last quarter. Signia Capital Management LLC boosted its holdings in Franklin Street Properties by 4.0% during the third quarter. Signia Capital Management LLC now owns 190,475 shares of the real estate investment trust’s stock worth $2,022,000 after buying an additional 7,334 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Franklin Street Properties by 0.7% during the third quarter. Dimensional Fund Advisors LP now owns 1,500,921 shares of the real estate investment trust’s stock worth $15,940,000 after buying an additional 10,003 shares in the last quarter.
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Franklin Street Properties 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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