Shares of PS Business Parks Inc (NYSE:PSB) have earned an average broker rating score of 3.00 (Hold) from the four analysts that cover the stock, Zacks Investment Research reports. Four equities research analysts have rated the stock with a hold rating. PS Business Parks’ rating score has improved by 14.3% in the last three months as a result of a number of analysts’ upgrades and downgrades.
Brokerages have set a 1 year consensus price objective of $177.67 for the company, according to Zacks. Zacks has also given PS Business Parks an industry rank of 95 out of 255 based on the ratings given to related companies.
Several research analysts have weighed in on PSB shares. Zacks Investment Research raised shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $184.00 target price for the company in a research note on Friday, August 16th. ValuEngine lowered shares of PS Business Parks from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Wells Fargo & Co lowered shares of PS Business Parks from a “market perform” rating to an “underperform” rating and set a $175.00 price objective for the company. in a research note on Tuesday. They noted that the move was a valuation call. Finally, Citigroup raised shares of PS Business Parks from a “sell” rating to a “neutral” rating and raised their price objective for the company from $142.00 to $180.00 in a research note on Monday, September 23rd.
PS Business Parks (NYSE:PSB) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.96 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.15. The company had revenue of $108.06 million during the quarter, compared to analyst estimates of $106.77 million. PS Business Parks had a net margin of 35.61% and a return on equity of 14.96%. Research analysts predict that PS Business Parks will post 6.74 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Thursday, December 12th. PS Business Parks’s payout ratio is 64.91%.
In related news, Director Ronald L. Havner, Jr. sold 1,792 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $176.84, for a total value of $316,897.28. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jennifer Holden Dunbar sold 4,039 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $180.62, for a total transaction of $729,524.18. Following the completion of the sale, the director now directly owns 1,971 shares in the company, valued at approximately $356,002.02. The disclosure for this sale can be found here. In the last three months, insiders sold 9,531 shares of company stock valued at $1,696,450. Insiders own 1.50% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. Man Group plc raised its holdings in PS Business Parks by 149.6% in the third quarter. Man Group plc now owns 17,600 shares of the real estate investment trust’s stock valued at $3,202,000 after acquiring an additional 10,550 shares in the last quarter. Zebra Capital Management LLC raised its holdings in PS Business Parks by 6.7% in the third quarter. Zebra Capital Management LLC now owns 7,276 shares of the real estate investment trust’s stock valued at $1,324,000 after acquiring an additional 458 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in PS Business Parks by 600.0% in the third quarter. Point72 Asset Management L.P. now owns 1,400 shares of the real estate investment trust’s stock valued at $255,000 after acquiring an additional 1,200 shares in the last quarter. Parametric Portfolio Associates LLC raised its holdings in PS Business Parks by 1.8% in the third quarter. Parametric Portfolio Associates LLC now owns 52,291 shares of the real estate investment trust’s stock valued at $9,514,000 after acquiring an additional 901 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in PS Business Parks by 1.2% in the third quarter. California State Teachers Retirement System now owns 31,195 shares of the real estate investment trust’s stock valued at $5,676,000 after acquiring an additional 373 shares in the last quarter. 70.53% of the stock is currently owned by hedge funds and other institutional investors.
About PS Business Parks
PS Business Parks, Inc, a member of the S&P SmallCap 600, is a REIT that acquires, develops, owns and operates commercial properties, primarily multi-tenant industrial, flex and office space. As of December 31, 2018, the Company wholly owned 28.2 million rentable square feet with approximately 5,050 commercial customers in six states and held a 95.0% interest in a 395-unit apartment complex.
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