PS Business Parks Inc. (PSB) Sets New 52-Week High at $109.19
PS Business Parks Inc. (NYSE:PSB)’s share price reached a new 52-week high on Monday . The company traded as high as $109.19 and last traded at $108.80, with a volume of 35,978 shares traded. The stock had previously closed at $108.74.
A number of equities analysts have recently weighed in on PSB shares. Zacks Investment Research lowered PS Business Parks from a “buy” rating to a “hold” rating in a research note on Tuesday, April 26th. Citigroup Inc. upped their price objective on PS Business Parks from $93.00 to $107.00 and gave the stock a “neutral” rating in a research note on Thursday.
The firm has a market capitalization of $2.96 billion and a PE ratio of 46.92. The firm has a 50-day moving average price of $102.62 and a 200-day moving average price of $95.85.
PS Business Parks (NYSE:PSB) last issued its earnings results on Tuesday, April 26th. The company reported $1.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.25 by $0.01. The firm earned $95.80 million during the quarter, compared to analysts’ expectations of $95 million. The business’s revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the business earned $1.13 EPS. On average, equities research analysts forecast that PS Business Parks Inc. will post $5.38 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 15th were paid a dividend of $0.75 per share. The ex-dividend date was Monday, June 13th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.75%.
Several institutional investors recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in PS Business Parks by 4.2% in the fourth quarter. Vanguard Group Inc. now owns 2,943,442 shares of the company’s stock worth $257,345,000 after buying an additional 119,244 shares during the last quarter. Matarin Capital Management LLC bought a new position in PS Business Parks during the fourth quarter worth $7,972,000. Teacher Retirement System of Texas raised its position in PS Business Parks by 187.2% in the fourth quarter. Teacher Retirement System of Texas now owns 50,553 shares of the company’s stock worth $4,420,000 after buying an additional 32,952 shares during the last quarter. American Century Companies Inc. raised its position in PS Business Parks by 32.5% in the fourth quarter. American Century Companies Inc. now owns 80,008 shares of the company’s stock worth $6,995,000 after buying an additional 19,641 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of PS Business Parks by 5.8% in the fourth quarter. Principal Financial Group Inc. now owns 133,200 shares of the company’s stock valued at $11,646,000 after buying an additional 7,285 shares in the last quarter.
PS Business Parks, Inc (PSB) is a self-advised and self-managed real estate investment trust. The Company owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office and industrial parks. PS Business Parks, L.P. is a California limited partnership, which owns directly or indirectly all of its assets and through, which the Company conducts its businesses.
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