Zacks Investment Research upgraded shares of PS Business Parks Inc. (NYSE:PSB) from a hold rating to a buy rating in a research note published on Tuesday morning. The brokerage currently has $128.00 price target on the stock.
According to Zacks, “PS Business Parks’ funds from operations (FFO) per share estimate for the current quarter moved up over the past 60 days period. The company’s diversified portfolio and its ample liquidity bode well for it. . Moreover, healthy fundamentals in the multi-tenant flex, office and industrial asset categories are expected to drive growth, while portfolio repositioning strategies can help the company emerge stronger. However, pricing pressure in certain markets, intense competition from developers, owners and operators, and any rise in interest rate are key concerns.”
Separately, Citigroup Inc. raised their price objective on shares of PS Business Parks from $93.00 to $107.00 and gave the company a neutral rating in a research report on Thursday, July 7th.
Shares of PS Business Parks (NYSE:PSB) opened at 113.87 on Tuesday. PS Business Parks has a 1-year low of $77.00 and a 1-year high of $117.00. The stock has a 50 day moving average of $110.65 and a 200-day moving average of $104.58. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of 45.57 and a beta of 0.69.
PS Business Parks (NYSE:PSB) last released its quarterly earnings data on Tuesday, July 26th. The company reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $1.32 by $0.02. PS Business Parks had a net margin of 34.54% and a return on equity of 14.22%. The firm earned $96.20 million during the quarter, compared to the consensus estimate of $95 million. During the same quarter last year, the business posted $1.20 earnings per share. PS Business Parks’s revenue was up 4.5% compared to the same quarter last year. Analysts forecast that PS Business Parks will post $5.36 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, September 12th. This represents a $3.00 annualized dividend and a yield of 2.63%. PS Business Parks’s payout ratio is presently 120.00%.
In other PS Business Parks news, Director Joseph D. Russell, Jr. sold 3,000 shares of PS Business Parks stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $109.74, for a total transaction of $329,220.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James H. Kropp sold 1,668 shares of PS Business Parks stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $109.60, for a total transaction of $182,812.80. Following the transaction, the director now directly owns 10,502 shares in the company, valued at $1,151,019.20. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Japan Co. Ltd increased its position 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. ProShare Advisors LLC increased its position in PS Business Parks by 0.6% in the second quarter. ProShare Advisors LLC now owns 2,848 shares of the company’s stock valued at $302,000 after buying an additional 16 shares during the period. Profund Advisors LLC increased its position in PS Business Parks by 2.0% in the second quarter. Profund Advisors LLC now owns 3,531 shares of the company’s stock valued at $375,000 after buying an additional 69 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in PS Business Parks by 8.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,096 shares of the company’s stock valued at $116,000 after buying an additional 81 shares during the period. Finally, Barclays PLC increased its position in PS Business Parks by 0.6% in the first quarter. Barclays PLC now owns 12,776 shares of the company’s stock valued at $1,278,000 after buying an additional 82 shares during the period. 72.14% of the stock is currently owned by hedge funds and other institutional investors.
PS Business Parks Company Profile
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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