BidaskClub upgraded shares of PS Business Parks, Inc. (NYSE:PSB) from a buy rating to a strong-buy rating in a research report sent to investors on Thursday morning.
Separately, Zacks Investment Research raised shares of PS Business Parks from a hold rating to a buy rating and set a $132.00 price objective for the company in a report on Friday, April 7th.
Shares of PS Business Parks (NYSE PSB) opened at 131.91 on Thursday. PS Business Parks has a 1-year low of $101.46 and a 1-year high of $134.49. The firm’s 50-day moving average price is $125.70 and its 200 day moving average price is $118.20. The company has a market capitalization of $3.59 billion, a PE ratio of 48.14 and a beta of 0.60.
PS Business Parks (NYSE:PSB) last posted its quarterly earnings data on Tuesday, April 25th. The real estate investment trust reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. PS Business Parks had a net margin of 37.42% and a return on equity of 15.69%. The company had revenue of $100.19 million during the quarter, compared to the consensus estimate of $95.85 million. During the same period in the previous year, the firm posted $1.26 EPS. Equities analysts predict that PS Business Parks will post $3.16 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 29th. Shareholders of record on Wednesday, June 14th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Monday, June 12th. PS Business Parks’s dividend payout ratio is presently 124.09%.
In other PS Business Parks news, CFO Edward A. Stokx sold 7,000 shares of the business’s stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $122.13, for a total value of $854,910.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John W. Petersen sold 3,000 shares of the business’s stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $121.59, for a total transaction of $364,770.00. The disclosure for this sale can be found here. Insiders sold 17,768 shares of company stock valued at $2,205,924 over the last three months. 1.63% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of PSB. Public Employees Retirement System of Ohio increased its stake in PS Business Parks by 2.0% in the first quarter. Public Employees Retirement System of Ohio now owns 30,601 shares of the real estate investment trust’s stock valued at $3,512,000 after buying an additional 614 shares in the last quarter. Credit Suisse AG increased its stake in PS Business Parks by 4.6% in the first quarter. Credit Suisse AG now owns 84,896 shares of the real estate investment trust’s stock valued at $9,742,000 after buying an additional 3,752 shares in the last quarter. State Street Corp increased its stake in PS Business Parks by 7.1% in the first quarter. State Street Corp now owns 777,722 shares of the real estate investment trust’s stock valued at $89,248,000 after buying an additional 51,305 shares in the last quarter. Bank of America Corp DE increased its stake in PS Business Parks by 20.5% in the first quarter. Bank of America Corp DE now owns 166,952 shares of the real estate investment trust’s stock valued at $19,159,000 after buying an additional 28,438 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. increased its stake in PS Business Parks by 44.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 283,005 shares of the real estate investment trust’s stock valued at $32,478,000 after buying an additional 87,442 shares in the last quarter. 71.26% of the stock is owned by institutional investors and hedge funds.
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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