Franklin Street Properties Corp. (NYSEAMERICAN:FSP) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 2,209,746 shares, a growth of 1.8% from the August 15th total of 2,171,381 shares. Approximately 2.1% of the company’s stock are short sold. Based on an average daily volume of 300,807 shares, the days-to-cover ratio is currently 7.3 days.
FSP has been the subject of a number of analyst reports. Robert W. Baird upgraded Franklin Street Properties from a “neutral” rating to an “outperform” rating in a research note on Friday, June 29th. Zacks Investment Research upgraded Franklin Street Properties from a “hold” rating to a “buy” rating and set a $9.75 price target for the company in a research note on Wednesday, July 4th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $8.94.
A number of institutional investors have recently added to or reduced their stakes in FSP. SG Americas Securities LLC raised its stake in Franklin Street Properties by 42.8% in the first quarter. SG Americas Securities LLC now owns 40,545 shares of the real estate investment trust’s stock valued at $341,000 after buying an additional 12,145 shares during the last quarter. Swiss National Bank raised its stake in shares of Franklin Street Properties by 5.7% in the first quarter. Swiss National Bank now owns 177,463 shares of the real estate investment trust’s stock worth $1,492,000 after purchasing an additional 9,600 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of Franklin Street Properties by 9.6% in the first quarter. Schwab Charles Investment Management Inc. now owns 1,537,754 shares of the real estate investment trust’s stock worth $12,933,000 after purchasing an additional 134,141 shares during the last quarter. Teachers Insurance & Annuity Association of America raised its stake in shares of Franklin Street Properties by 15.9% in the first quarter. Teachers Insurance & Annuity Association of America now owns 138,566 shares of the real estate investment trust’s stock worth $1,165,000 after purchasing an additional 19,028 shares during the last quarter. Finally, Pacific Heights Asset Management LLC purchased a new position in shares of Franklin Street Properties in the first quarter worth about $6,307,000.
Franklin Street Properties stock traded up $0.06 during midday trading on Friday, reaching $7.49. The company’s stock had a trading volume of 295,917 shares, compared to its average volume of 409,801. Franklin Street Properties has a 52-week low of $7.08 and a 52-week high of $11.00.
Franklin Street Properties (NYSEAMERICAN:FSP) last released its quarterly earnings results on Tuesday, July 31st. The real estate investment trust reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.23). Franklin Street Properties had a negative net margin of 7.38% and a negative return on equity of 2.25%. The business had revenue of $66.69 million during the quarter, compared to analysts’ expectations of $65.67 million.
Franklin Street Properties Company Profile
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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