Zacks: PS Business Parks Inc. (NYSE:PSB) Receives Consensus Recommendation of “Hold” from Brokerages
Shares of PS Business Parks Inc. (NYSE:PSB) have been assigned a consensus broker rating score of 3.00 (Hold) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. Two analysts have rated the stock with a hold rating.
Zacks has also assigned PS Business Parks an industry rank of 155 out of 265 based on the ratings given to related companies.
A number of analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of PS Business Parks from a “buy” rating to a “hold” rating in a report on Tuesday, August 2nd. Citigroup Inc. boosted their target price on shares of PS Business Parks from $93.00 to $107.00 and gave the stock a “neutral” rating in a report on Thursday, July 7th.
Shares of PS Business Parks (NYSE:PSB) opened at 110.53 on Monday. PS Business Parks has a one year low of $76.69 and a one year high of $117.00. The stock has a market capitalization of $2.99 billion, a price-to-earnings ratio of 44.23 and a beta of 0.69. The firm has a 50-day moving average of $110.05 and a 200 day moving average of $103.86.
PS Business Parks (NYSE:PSB) last posted its earnings results on Tuesday, July 26th. The company reported $1.30 earnings per share for the quarter, missing analysts’ consensus estimates of $1.32 by $0.02. PS Business Parks had a return on equity of 14.22% and a net margin of 34.54%. The business earned $96.20 million during the quarter, compared to the consensus estimate of $95 million. During the same quarter last year, the firm earned $1.20 earnings per share. The business’s quarterly revenue was up 4.5% on a year-over-year basis. On average, equities research analysts predict that PS Business Parks will post $5.36 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, September 14th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Monday, September 12th. This represents a $3.00 annualized dividend and a yield of 2.71%. PS Business Parks’s payout ratio is 120.00%.
In related news, Director Joseph D. Russell, Jr. sold 2,000 shares of the company’s stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $108.45, for a total transaction of $216,900.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director James H. Kropp sold 1,668 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $109.60, for a total transaction of $182,812.80. Following the transaction, the director now owns 10,502 shares in the company, valued at $1,151,019.20. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
A number of institutional investors have recently modified their holdings of PSB. Kempen Capital Management N.V. increased its position in shares of PS Business Parks by 18.5% in the first quarter. Kempen Capital Management N.V. now owns 13,332 shares of the company’s stock valued at $1,340,000 after buying an additional 2,085 shares during the last quarter. Huntington Asset Advisors Inc. bought a new stake in PS Business Parks during the first quarter valued at about $2,425,000. Menta Capital LLC boosted its stake in PS Business Parks by 577.0% in the first quarter. Menta Capital LLC now owns 45,870 shares of the company’s stock valued at $4,610,000 after buying an additional 39,095 shares during the period. BlackRock Japan Co. Ltd boosted its stake in PS Business Parks by 0.3% in the first quarter. BlackRock Japan Co. Ltd now owns 1,276 shares of the company’s stock valued at $128,000 after buying an additional 4 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in PS Business Parks by 0.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 894,307 shares of the company’s stock valued at $89,887,000 after buying an additional 7,906 shares during the period. Institutional investors own 72.14% of the company’s stock.
About PS Business Parks
PS Business Parks, Inc is a self-advised and self-managed real estate investment trust (REIT). The Company owns, operates and develops commercial properties, primarily multi-tenant flex, office and industrial parks. It focuses on owning concentrated business parks. PS Business Parks, L.P. (the Operating Partnership) is a California limited partnership, which owns directly or indirectly substantially all of its assets and through, which the Company conducts substantially all of its business.
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