PS Business Parks (NYSE:PSB) Raised to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of PS Business Parks (NYSE:PSB) from a hold rating to a buy rating in a research note published on Friday, Zacks.com reports. Zacks Investment Research currently has $184.00 price objective on the real estate investment trust’s stock.

According to Zacks, “Shares of PS Business Parks have outperformed the industry in the past six months. The company’s better-than-expected performance in second-quarter 2019 highlight improvement in same-park net operating income (NOI), backed by growth in rental rates, as well as higher NOI from non-same-park and multi-family assets. However, NOI reduction due to facilities sold in 2018, and assets held for sale as of Jun 30, 2019, partly offset the positives. PS Business Parks’ portfolio is well diversified with respect to tenants and markets. It is anticipated to benefit from healthy fundamentals in the industrial and flex categories, in the days ahead. Moreover, the company has ample financial flexibility to cushion and enhance its market position. Nevertheless, supply is rising in certain sub-markets and this might partly impede its growth momentum.”

Shares of NYSE:PSB opened at $178.32 on Friday. PS Business Parks has a 1 year low of $120.21 and a 1 year high of $179.91. The business has a fifty day simple moving average of $174.01 and a 200 day simple moving average of $160.57. The firm has a market cap of $4.78 billion, a price-to-earnings ratio of 27.56, a P/E/G ratio of 5.10 and a beta of 0.45.

PS Business Parks (NYSE:PSB) last announced its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.68 by ($0.64). PS Business Parks had a return on equity of 14.84% and a net margin of 35.70%. The firm had revenue of $107.78 million for the quarter, compared to analysts’ expectations of $105.10 million. On average, sell-side analysts anticipate that PS Business Parks will post 6.83 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Thursday, September 12th will be issued a dividend of $1.05 per share. The ex-dividend date is Wednesday, September 11th. This represents a $4.20 annualized dividend and a yield of 2.36%. PS Business Parks’s dividend payout ratio (DPR) is currently 64.91%.

In other PS Business Parks news, COO John W. Petersen sold 600 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $169.04, for a total transaction of $101,424.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph D. Russell, Jr. sold 1,300 shares of the firm’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $159.86, for a total value of $207,818.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,847 shares of company stock worth $790,904. Corporate insiders own 1.50% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. raised its holdings in PS Business Parks by 49.6% during the first quarter. PNC Financial Services Group Inc. now owns 31,826 shares of the real estate investment trust’s stock valued at $4,991,000 after buying an additional 10,551 shares in the last quarter. First Trust Advisors LP grew its position in shares of PS Business Parks by 40.8% in the first quarter. First Trust Advisors LP now owns 59,694 shares of the real estate investment trust’s stock valued at $9,362,000 after purchasing an additional 17,305 shares during the last quarter. Mason Street Advisors LLC grew its position in shares of PS Business Parks by 3.5% in the first quarter. Mason Street Advisors LLC now owns 6,415 shares of the real estate investment trust’s stock valued at $1,006,000 after purchasing an additional 215 shares during the last quarter. New York State Teachers Retirement System grew its position in shares of PS Business Parks by 2.8% in the first quarter. New York State Teachers Retirement System now owns 67,016 shares of the real estate investment trust’s stock valued at $10,510,000 after purchasing an additional 1,800 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of PS Business Parks by 81.4% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 23,546 shares of the real estate investment trust’s stock valued at $3,968,000 after purchasing an additional 10,568 shares during the last quarter. Institutional investors own 70.19% of the company’s stock.

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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