Franklin Street Properties Corp. (AMEX:FSP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The firm currently has a $12.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 15.05% from the stock’s previous close.
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 research analysts have also commented on the company. Stifel Nicolaus reiterated a “hold” rating and issued a $10.00 price objective on shares of Franklin Street Properties Corp. in a research report on Thursday, September 21st. Janney Montgomery Scott began coverage on Franklin Street Properties Corp. in a research report on Friday, September 8th. They issued a “buy” rating on the stock. Finally, FBR & Co reiterated an “outperform” rating and issued a $13.00 price objective on shares of Franklin Street Properties Corp. in a research report on Tuesday, July 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $11.75.
Shares of Franklin Street Properties Corp. (FSP) traded up $0.08 on Monday, reaching $10.43. The company’s stock had a trading volume of 211,833 shares, compared to its average volume of 427,076. Franklin Street Properties Corp. has a 52-week low of $9.59 and a 52-week high of $13.27.
Franklin Street Properties Corp. (AMEX:FSP) last announced its quarterly earnings data on Tuesday, October 31st. The real estate investment trust reported $0.26 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.26. The firm had revenue of $67.30 million for the quarter, compared to analyst estimates of $66.31 million. Franklin Street Properties Corp. had a negative return on equity of 7.52% and a negative net margin of 25.44%. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company earned $0.26 EPS.
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In related news, Director Brian N. Hansen purchased 12,500 shares of the business’s stock in a transaction dated Thursday, September 7th. The shares were bought at an average price of $9.96 per share, with a total value of $124,500.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Dennis J. Mcgillicuddy purchased 100,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was bought at an average cost of $9.88 per share, for a total transaction of $988,000.00. The disclosure for this purchase can be found here. In the last three months, insiders bought 129,045 shares of company stock worth $1,276,490.
Hedge funds have recently bought and sold shares of the company. Daiwa Securities Group Inc. lifted its stake in shares of Franklin Street Properties Corp. by 8.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 9,200 shares of the real estate investment trust’s stock valued at $102,000 after purchasing an additional 700 shares during the period. Shelton Capital Management acquired a new position in shares of Franklin Street Properties Corp. in the 2nd quarter valued at $111,000. Sei Investments Co. raised its stake in Franklin Street Properties Corp. by 2,435.8% during the 2nd 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 period. QS Investors LLC raised its stake in Franklin Street Properties Corp. by 9.6% during the 2nd quarter. QS Investors LLC now owns 13,985 shares of the real estate investment trust’s stock worth $155,000 after buying an additional 1,220 shares during the period. Finally, Neuberger Berman Group LLC raised its stake in Franklin Street Properties Corp. by 0.8% during the 2nd quarter. Neuberger Berman Group LLC now owns 14,002 shares of the real estate investment trust’s stock worth $155,000 after buying an additional 113 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 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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