Franklin Street Properties Corp. (FSP) Downgraded by Zacks Investment Research to Sell
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 analysts also recently weighed in on the company. Robert W. Baird upgraded Franklin Street Properties Corp. from a neutral rating to an outperform rating and increased their target price for the company from $10.00 to $15.00 in a research note on Friday, July 29th. BMO Capital Markets reiterated a market perform rating and issued a $13.00 price objective (up previously from $12.51) on shares of Franklin Street Properties Corp. in a research report on Monday, August 22nd. Two analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company’s stock. Franklin Street Properties Corp. presently has an average rating of Hold and an average price target of $13.63.
Franklin Street Properties Corp. (NYSEMKT:FSP) opened at 11.49 on Tuesday. The stock 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 1-year low of $8.67 and a 1-year high of $13.18. The company has a market cap of $1.15 billion, a PE ratio of 50.62 and a beta of 0.84.
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 for the quarter, beating the consensus estimate of $0.26 by $0.01. The business had revenue of $59.45 million for the quarter, compared to the consensus estimate of $58.73 million. During the same quarter in the previous year, the company earned $0.27 EPS. Equities analysts forecast that Franklin Street Properties Corp. will post $1.05 earnings per share for the current year.
In related news, Director Kenneth A. Hoxsie bought 8,000 shares of the company’s stock in a transaction dated Tuesday, August 16th. The stock was acquired at an average cost of $12.45 per share, with a total value of $99,600.00. Following the acquisition, the director now owns 40,000 shares in the company, valued at approximately $498,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A number of large investors have recently added to or reduced their stakes in FSP. Vanguard Group Inc. boosted its stake in Franklin Street Properties Corp. by 2.7% in the second quarter. Vanguard Group Inc. now owns 14,199,496 shares of the real estate investment trust’s stock valued at $174,227,000 after buying an additional 379,616 shares during the period. Fuller & Thaler Asset Management Inc. boosted its stake in Franklin Street Properties Corp. by 5.9% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 7,396,048 shares of the real estate investment trust’s stock valued at $90,750,000 after buying an additional 410,339 shares during the period. BlackRock Fund Advisors boosted its stake in Franklin Street Properties Corp. by 6.9% in the second quarter. BlackRock Fund Advisors now owns 6,002,684 shares of the real estate investment trust’s stock valued at $73,653,000 after buying an additional 387,986 shares during the period. BlackRock Institutional Trust Company N.A. boosted its stake in Franklin Street Properties Corp. by 1.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,494,644 shares of the real estate investment trust’s stock valued at $37,078,000 after buying an additional 39,109 shares during the period. Finally, State Street Corp boosted its stake in Franklin Street Properties Corp. by 3.4% in the second quarter. State Street Corp now owns 2,999,255 shares of the real estate investment trust’s stock valued at $36,800,000 after buying an additional 99,047 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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