PS Business Parks, Inc. (NYSE:PSB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.

According to Zacks, “PS Business Parks’ third-quarter 2017 core funds from operations (FFO) of $1.54 per share surpassed the Zacks Consensus Estimate by a penny. Results indicate higher rental income and net operating income, as well as lower general and administration expense. Healthy fundamental in majority of the company’s operating markets helped the company improve its operating results. Moreover, portfolio repositioning strategies will likely help the company emerge stronger. Also, shares of PS Business Parks have outperformed the industry it belongs to, year to date. However, unfavorable leasing environment in certain markets and hike in interest rates remain key concerns. Also, stiff competition from other players in the market adversely affects the company’s ability to attract and retain tenant at higher rents.”

Several other research firms have also commented on PSB. KeyCorp restated a “hold” rating on shares of PS Business Parks in a report on Friday, August 25th. BidaskClub lowered shares of PS Business Parks from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 11th.

Shares of PS Business Parks (PSB) traded up 1.50% on Wednesday, hitting $134.31. 30,704 shares of the company were exchanged. The company has a 50-day moving average price of $134.73 and a 200 day moving average price of $130.41. PS Business Parks has a 52-week low of $102.32 and a 52-week high of $137.60. The firm has a market cap of $3.66 billion, a P/E ratio of 43.86 and a beta of 0.60.

PS Business Parks (NYSE:PSB) last posted its quarterly earnings results on Tuesday, October 24th. The real estate investment trust reported $1.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.87. PS Business Parks had a net margin of 39.78% and a return on equity of 16.95%. The firm had revenue of $100.48 million for the quarter, compared to analyst estimates of $99.55 million. During the same quarter last year, the firm posted $1.43 earnings per share. PS Business Parks’s revenue for the quarter was up 3.2% compared to the same quarter last year. Analysts predict that PS Business Parks will post $3.17 EPS for the current fiscal year.

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In other news, Director Robert S. Rollo sold 8,613 shares of PS Business Parks stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $136.24, for a total transaction of $1,173,435.12. Following the sale, the director now owns 7,515 shares in the company, valued at $1,023,843.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sara Grootwassink Lewis sold 5,137 shares of PS Business Parks stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $134.03, for a total transaction of $688,512.11. Following the sale, the director now owns 4,377 shares in the company, valued at approximately $586,649.31. The disclosure for this sale can be found here. Insiders have sold 32,186 shares of company stock worth $4,319,064 in the last quarter. Insiders own 1.63% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of PS Business Parks by 0.6% during the second quarter. Vanguard Group Inc. now owns 3,300,402 shares of the real estate investment trust’s stock valued at $436,940,000 after purchasing an additional 20,434 shares during the period. State Street Corp raised its stake in shares of PS Business Parks by 3.2% during the second quarter. State Street Corp now owns 802,768 shares of the real estate investment trust’s stock valued at $106,276,000 after purchasing an additional 25,046 shares during the period. Northern Trust Corp raised its stake in shares of PS Business Parks by 3.7% during the second quarter. Northern Trust Corp now owns 524,636 shares of the real estate investment trust’s stock valued at $69,457,000 after purchasing an additional 18,570 shares during the period. Schwab Charles Investment Management Inc. raised its stake in shares of PS Business Parks by 21.5% during the second quarter. Schwab Charles Investment Management Inc. now owns 343,810 shares of the real estate investment trust’s stock valued at $45,518,000 after purchasing an additional 60,805 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of PS Business Parks by 3.7% during the second quarter. Dimensional Fund Advisors LP now owns 300,398 shares of the real estate investment trust’s stock valued at $39,769,000 after purchasing an additional 10,660 shares during the period. Institutional investors own 72.66% 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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