PS Business Parks, Inc. (PSB) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of PS Business Parks, Inc. (NYSE:PSB) from a hold rating to a buy rating in a report issued on Monday. They currently have $152.00 target price on the real estate investment trust’s stock.

According to Zacks, “Shares of PS Business Parks have outperformed the industry it belongs to, year to date. The stock has seen the Zacks Consensus Estimate for current-year funds from operations (FFO) per share being revised upward in two months’ time. The company’s diversified portfolio and ample liquidity augur well for long-term growth. Healthy fundamentals in the multi-tenant flex, office and industrial asset categories are anticipated to stoke growth. Moreover, portfolio repositioning strategies will likely help the company emerge stronger. However, unfavorable leasing environment in certain markets and hike in interest rates remain key concerns.”

A number of other brokerages have also recently weighed in on PSB. BidaskClub upgraded PS Business Parks from a hold rating to a buy rating in a research note on Wednesday, August 2nd. KeyCorp restated a hold rating on shares of PS Business Parks in a research note on Friday, August 25th.

PS Business Parks (NYSE:PSB) traded down 0.63% during trading on Monday, hitting $134.60. The stock had a trading volume of 4,509 shares. The stock’s 50-day moving average is $135.14 and its 200-day moving average is $129.44. The stock has a market capitalization of $3.66 billion, a PE ratio of 43.96 and a beta of 0.60. PS Business Parks has a 52-week low of $102.32 and a 52-week high of $137.60.

PS Business Parks (NYSE:PSB) last issued its quarterly earnings data on Tuesday, July 25th. The real estate investment trust reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.88. The firm had revenue of $99.80 million during the quarter, compared to analysts’ expectations of $100.81 million. PS Business Parks had a return on equity of 16.50% and a net margin of 39.05%. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.36 EPS. On average, analysts predict that PS Business Parks will post $3.13 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 28th. Investors of record on Wednesday, September 13th were paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date of this dividend was Tuesday, September 12th. PS Business Parks’s dividend payout ratio (DPR) is currently 111.11%.

In other PS Business Parks news, Director Robert S. Rollo sold 8,613 shares of the stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $136.24, for a total value of $1,173,435.12. Following the completion of the sale, the director now directly owns 7,515 shares in the company, valued at $1,023,843.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Joseph D. Russell, Jr. sold 800 shares of the stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $133.00, for a total value of $106,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 32,186 shares of company stock valued at $4,319,064 over the last 90 days. 1.63% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Flinton Capital Management LLC raised its stake in PS Business Parks by 85.7% in the second quarter. Flinton Capital Management LLC now owns 1,040 shares of the real estate investment trust’s stock valued at $138,000 after buying an additional 480 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in PS Business Parks by 0.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,236 shares of the real estate investment trust’s stock valued at $164,000 after buying an additional 8 shares during the last quarter. Everence Capital Management Inc. purchased a new stake in PS Business Parks in the second quarter valued at about $211,000. Riverhead Capital Management LLC raised its stake in PS Business Parks by 81.3% in the second quarter. Riverhead Capital Management LLC now owns 1,632 shares of the real estate investment trust’s stock valued at $216,000 after buying an additional 732 shares during the last quarter. Finally, Oxford Asset Management purchased a new stake in PS Business Parks in the first quarter valued at about $237,000. Institutional investors own 72.33% of the company’s stock.

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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