PS Business Parks Inc. (PSB) Reaches New 52-Week High at $109.19
PS Business Parks Inc. (NYSE:PSB) shares hit a new 52-week high during trading on Monday . The company traded as high as $109.19 and last traded at $108.80, with a volume of 35,978 shares changing hands. The stock had previously closed at $108.74.
A number of analysts recently weighed in on the company. Zacks Investment Research downgraded PS Business Parks from a “buy” rating to a “hold” rating in a report on Tuesday. Citigroup Inc. increased their price objective on PS Business Parks from $93.00 to $107.00 and gave the company a “neutral” rating in a report on Thursday, July 7th.
The firm’s 50 day moving average price is $103.26 and its 200-day moving average price is $96.21. The company has a market capitalization of $2.97 billion and a price-to-earnings ratio of 47.06.
PS Business Parks (NYSE:PSB) last released its quarterly earnings results on Tuesday, April 26th. The company reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.25 by $0.01. The firm had revenue of $95.80 million for the quarter, compared to analysts’ expectations of $95 million. The firm’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.13 earnings per share. Analysts anticipate that PS Business Parks Inc. will post $5.38 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, June 13th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.74%.
Several hedge funds and institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN raised its position in PS Business Parks by 17.8% in the fourth quarter. Wells Fargo & Company MN now owns 16,642 shares of the company’s stock worth $1,455,000 after buying an additional 2,516 shares during the period. Nationwide Fund Advisors raised its position in PS Business Parks by 0.6% in the fourth quarter. Nationwide Fund Advisors now owns 18,910 shares of the company’s stock worth $1,653,000 after buying an additional 119 shares during the period. Comerica Bank raised its position in PS Business Parks by 0.9% in the fourth quarter. Comerica Bank now owns 19,803 shares of the company’s stock worth $1,686,000 after buying an additional 173 shares during the period. Swiss National Bank raised its position in PS Business Parks by 6.3% in the fourth quarter. Swiss National Bank now owns 27,008 shares of the company’s stock worth $2,361,000 after buying an additional 1,608 shares during the period. Finally, TD Asset Management Inc. raised its position in PS Business Parks by 14.9% in the fourth quarter. TD Asset Management Inc. now owns 27,840 shares of the company’s stock worth $2,434,000 after buying an additional 3,600 shares during the period.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.