Franklin Street Properties Corp. (NYSEAMERICAN:FSP) shares traded down 8.1% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $7.16 and last traded at $7.17. 612,965 shares traded hands during mid-day trading, an increase of 62% from the average session volume of 377,782 shares. The stock had previously closed at $7.80.
The real estate investment trust reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.22). The business had revenue of $66.58 million for the quarter, compared to analysts’ expectations of $65.93 million.
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The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 14th. Shareholders of record on Friday, January 25th were issued a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 5.09%. The ex-dividend date of this dividend was Thursday, January 24th.
A number of equities analysts have commented on the stock. BMO Capital Markets raised shares of Franklin Street Properties from an “underperform” rating to a “market perform” rating in a report on Friday, November 2nd. Zacks Investment Research raised shares of Franklin Street Properties from a “sell” rating to a “hold” rating in a report on Tuesday, October 30th. Finally, B. Riley raised shares of Franklin Street Properties from a “neutral” rating to a “buy” rating and set a $9.00 price objective for the company in a report on Thursday, November 1st. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $8.69.
A number of hedge funds have recently bought and sold shares of FSP. Oregon Public Employees Retirement Fund bought a new stake in Franklin Street Properties in the fourth quarter valued at $41,000. JNBA Financial Advisors bought a new stake in Franklin Street Properties in the fourth quarter valued at $62,000. First Citizens Bank & Trust Co. bought a new stake in Franklin Street Properties in the fourth quarter valued at $68,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Franklin Street Properties in the fourth quarter valued at $77,000. Finally, Two Sigma Securities LLC bought a new stake in Franklin Street Properties in the fourth quarter valued at $85,000.
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About Franklin Street Properties (NYSEAMERICAN:FSP)
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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