Zacks: Analysts Set $135.00 Price Target for PS Business Parks, Inc. (PSB)
PS Business Parks, Inc. (NYSE:PSB) has been given an average broker rating score of 3.00 (Hold) from the three brokers that cover the stock, Zacks Investment Research reports. Three research analysts have rated the stock with a hold rating.
Brokerages have set a 1-year consensus price target of $135.00 for the company and are predicting that the company will post $1.56 EPS for the current quarter, according to Zacks. Zacks has also assigned PS Business Parks an industry rank of 189 out of 265 based on the ratings given to related companies.
A number of equities analysts have recently commented on the company. Zacks Investment Research lowered PS Business Parks from a “buy” rating to a “hold” rating in a research note on Wednesday, November 1st. KeyCorp reiterated a “hold” rating on shares of PS Business Parks in a research note on Friday, August 25th. Finally, BidaskClub lowered PS Business Parks from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th.
PS Business Parks (NYSE:PSB) traded down $1.07 during midday trading on Friday, reaching $133.64. The company’s stock had a trading volume of 111,015 shares, compared to its average volume of 92,360. PS Business Parks has a one year low of $107.36 and a one year high of $137.60. The company has a market capitalization of $3,610.00, a price-to-earnings ratio of 22.48, a P/E/G ratio of 4.42 and a beta of 0.57.
PS Business Parks (NYSE:PSB) last posted its earnings results on Tuesday, October 24th. The real estate investment trust reported $1.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.87. PS Business Parks had a return on equity of 16.95% and a net margin of 39.78%. The company had revenue of $100.48 million for the quarter, compared to analyst estimates of $99.55 million. During the same period last year, the company earned $1.43 earnings per share. The business’s revenue was up 3.2% compared to the same quarter last year. equities analysts anticipate that PS Business Parks will post 6.11 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Wednesday, December 13th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Tuesday, December 12th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.54%. PS Business Parks’s payout ratio is presently 112.96%.
In related news, insider John W. Petersen sold 3,000 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $132.22, for a total transaction of $396,660.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert S. Rollo sold 2,070 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $135.19, for a total value of $279,843.30. The disclosure for this sale can be found here. Insiders sold 30,256 shares of company stock worth $4,076,147 over the last quarter. 1.63% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of PSB. OppenheimerFunds Inc. increased its stake in PS Business Parks by 41.0% during the first quarter. OppenheimerFunds Inc. now owns 3,055 shares of the real estate investment trust’s stock valued at $351,000 after acquiring an additional 888 shares during the period. Dimensional Fund Advisors LP increased its stake in PS Business Parks by 4.6% during the first quarter. Dimensional Fund Advisors LP now owns 289,738 shares of the real estate investment trust’s stock valued at $33,249,000 after acquiring an additional 12,705 shares during the period. Aperio Group LLC increased its stake in PS Business Parks by 4.7% during the second quarter. Aperio Group LLC now owns 9,764 shares of the real estate investment trust’s stock valued at $1,293,000 after acquiring an additional 438 shares during the period. Mitsubishi UFJ Asset Management UK Ltd. bought a new position in PS Business Parks during the second quarter valued at about $1,470,000. Finally, Russell Investments Group Ltd. increased its stake in PS Business Parks by 25.1% during the second quarter. Russell Investments Group Ltd. now owns 32,413 shares of the real estate investment trust’s stock valued at $4,291,000 after acquiring an additional 6,508 shares during the period. Hedge funds and other institutional investors own 72.02% of the company’s stock.
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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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