Zacks Investment Research upgraded shares of Franklin Street Properties (NYSEAMERICAN:FSP) from a sell rating to a hold rating in a research note issued to investors on Monday 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. “
A number of other brokerages also recently commented on FSP. BMO Capital Markets raised Franklin Street Properties from an underperform rating to a market perform rating in a report on Friday, November 2nd. B. Riley raised Franklin Street Properties from a neutral rating to a buy rating and set a $9.00 price target for the company in a report on Thursday, November 1st. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $8.69.
FSP stock opened at $8.06 on Monday. Franklin Street Properties has a 1 year low of $6.93 and a 1 year high of $11.00.
Franklin Street Properties (NYSEAMERICAN:FSP) last posted its earnings results on Tuesday, October 30th. The real estate investment trust reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.08. The company had revenue of $68.71 million during the quarter, compared to analyst estimates of $66.44 million.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 8th. Investors of record on Friday, October 19th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date was Thursday, October 18th.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Systematic Financial Management LP boosted its holdings in Franklin Street Properties by 4.2% in the second quarter. Systematic Financial Management LP now owns 174,320 shares of the real estate investment trust’s stock valued at $1,492,000 after purchasing an additional 7,025 shares during the last quarter. Royal Bank of Canada boosted its holdings in Franklin Street Properties by 23.7% in the first quarter. Royal Bank of Canada now owns 38,932 shares of the real estate investment trust’s stock valued at $327,000 after purchasing an additional 7,469 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in Franklin Street Properties in the second quarter valued at about $100,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Franklin Street Properties during the 2nd quarter worth approximately $107,000. Finally, Xact Kapitalforvaltning AB lifted its holdings in Franklin Street Properties by 65.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 38,685 shares of the real estate investment trust’s stock worth $325,000 after buying an additional 15,300 shares during the last quarter.
About Franklin Street Properties
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on investing in institutional-quality office properties in the U.S. FSP's strategy is to invest in select urban infill and central business district (CBD) properties, with primary emphasis on our five core markets of Atlanta, Dallas, Denver, Houston, and Minneapolis.
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