Franklin Street Properties Corp. (NYSEAMERICAN:FSP – Get Rating) declared a quarterly dividend on Thursday, July 7th, Wall Street Journal reports. Shareholders of record on Tuesday, July 19th will be paid a dividend of 0.01 per share by the real estate investment trust on Thursday, August 11th. This represents a $0.04 annualized dividend and a yield of 1.06%. The ex-dividend date is Monday, July 18th.
Franklin Street Properties has raised its dividend by an average of 13.9% per year over the last three years. Franklin Street Properties has a payout ratio of -400.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Franklin Street Properties to earn $0.48 per share next year, which means the company should continue to be able to cover its $0.36 annual dividend with an expected future payout ratio of 75.0%.
Get Franklin Street Properties alerts:Shares of NYSEAMERICAN FSP opened at $3.76 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.46 and a quick ratio of 1.46. Franklin Street Properties has a 12 month low of $3.69 and a 12 month high of $6.58. The firm has a market capitalization of $387.85 million, a price-to-earnings ratio of 7.83 and a beta of 0.87.
Franklin Street Properties (NYSEAMERICAN:FSP – Get Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. Franklin Street Properties had a net margin of 22.85% and a return on equity of 6.78%. Equities research analysts expect that Franklin Street Properties will post 0.56 EPS for the current year.
In other news, Director Brian N. Hansen bought 42,500 shares of the firm's stock in a transaction on Thursday, June 16th. The shares were bought at an average price of $3.93 per share, for a total transaction of $167,025.00. Following the purchase, the director now owns 275,000 shares in the company, valued at $1,080,750. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian N. Hansen bought 50,000 shares of the firm's stock in a transaction on Tuesday, June 14th. The shares were purchased at an average price of $3.96 per share, for a total transaction of $198,000.00. Following the purchase, the director now owns 225,000 shares in the company, valued at approximately $891,000. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 102,900 shares of company stock valued at $414,841. 4.35% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Franklin Street Properties by 0.3% during the first quarter. Vanguard Group Inc. now owns 15,668,286 shares of the real estate investment trust's stock valued at $92,443,000 after buying an additional 42,890 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its position in shares of Franklin Street Properties by 0.5% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 7,248,504 shares of the real estate investment trust's stock valued at $42,766,000 after buying an additional 39,361 shares during the last quarter. State Street Corp raised its position in shares of Franklin Street Properties by 12.1% during the first quarter. State Street Corp now owns 5,238,359 shares of the real estate investment trust's stock valued at $30,906,000 after buying an additional 567,314 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Franklin Street Properties by 18.4% during the first quarter. Renaissance Technologies LLC now owns 1,637,537 shares of the real estate investment trust's stock valued at $9,661,000 after buying an additional 254,500 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Franklin Street Properties by 19.4% during the first quarter. JPMorgan Chase & Co. now owns 1,213,795 shares of the real estate investment trust's stock valued at $7,161,000 after buying an additional 197,433 shares during the last quarter. Institutional investors own 81.65% of the company's stock.
Separately, B. Riley reduced their price objective on shares of Franklin Street Properties from $6.50 to $6.00 in a research note on Thursday, May 5th.
About Franklin Street Properties (Get Rating)
Franklin Street Properties Corp., based in Wakefield, Massachusetts, is focused on infill and central business district (CBD) office properties in the U.S. Sunbelt and Mountain West, as well as select opportunistic markets. FSP seeks value-oriented investments with an eye towards long-term growth and appreciation, as well as current income.
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