Zacks Investment Research upgraded shares of PS Business Parks Inc. (NYSE:PSB) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $128.00 target price 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. lifted their price target on PS Business Parks from $93.00 to $107.00 and gave the stock a neutral rating in a research report on Thursday, July 7th.
PS Business Parks (NYSE:PSB) opened at 113.57 on Tuesday. PS Business Parks has a 12 month low of $78.81 and a 12 month high of $117.00. The stock has a market cap of $3.08 billion, a price-to-earnings ratio of 45.45 and a beta of 0.63. The stock’s 50 day moving average price is $110.77 and its 200-day moving average price is $104.70.
PS Business Parks (NYSE:PSB) last released its quarterly earnings results on Tuesday, July 26th. The company reported $1.30 EPS for the quarter, missing the consensus estimate of $1.32 by $0.02. The firm had revenue of $96.20 million for the quarter, compared to analyst estimates of $95 million. PS Business Parks had a return on equity of 14.22% and a net margin of 34.54%. The company’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period last year, the firm earned $1.20 EPS. Equities research analysts predict that PS Business Parks will post $5.36 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 29th. Stockholders of record on Wednesday, September 14th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date was Monday, September 12th. PS Business Parks’s payout ratio is currently 120.00%.
In related news, Director James H. Kropp sold 1,668 shares of the company’s stock in a transaction 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 owns 10,502 shares of the company’s stock, valued at $1,151,019.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph D. Russell, Jr. sold 3,000 shares of the company’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $109.74, for a total value of $329,220.00. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in PSB. Mason Street Advisors LLC acquired a new position in shares of PS Business Parks during the second quarter worth $404,000. Wolverine Asset Management LLC acquired a new position in shares of PS Business Parks during the second quarter worth $250,000. Schwab Charles Investment Management Inc. raised its position in shares of PS Business Parks by 8.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 178,201 shares of the company’s stock worth $18,904,000 after buying an additional 14,616 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new position in shares of PS Business Parks during the second quarter worth $424,000. Finally, Amalgamated Bank raised its position in shares of PS Business Parks by 8.9% in the second quarter. Amalgamated Bank now owns 2,275 shares of the company’s stock worth $249,000 after buying an additional 186 shares in the last quarter. 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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