Zacks Investment Research Upgrades PS Business Parks Inc. (PSB) to “Buy”
PS Business Parks Inc. (NYSE:PSB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $128.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 11.40% from the stock’s previous close.
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. increased their price target on shares of PS Business Parks from $93.00 to $107.00 and gave the company a “neutral” rating in a research report on Thursday, July 7th.
PS Business Parks (NYSE:PSB) opened at 114.90 on Tuesday. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 45.98 and a beta of 0.69. The firm has a 50-day moving average of $110.57 and a 200 day moving average of $104.52. PS Business Parks has a 12-month low of $77.00 and a 12-month high of $117.00.
PS Business Parks (NYSE:PSB) last posted its earnings results on Tuesday, July 26th. The company reported $1.30 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.32 by $0.02. PS Business Parks had a return on equity of 14.22% and a net margin of 34.54%. The firm earned $96.20 million during the quarter, compared to the consensus estimate of $95 million. During the same quarter in the previous year, the company earned $1.20 EPS. The business’s revenue was up 4.5% compared to the same quarter last year. Analysts expect that PS Business Parks will post $5.36 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Wednesday, September 14th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Monday, September 12th. PS Business Parks’s dividend payout ratio (DPR) is presently 120.00%.
In other PS Business Parks news, Director James H. Kropp sold 1,668 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $109.60, for a total transaction of $182,812.80. Following the sale, the director now directly owns 10,502 shares of the company’s stock, valued at $1,151,019.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Joseph D. Russell, Jr. sold 3,000 shares of the company’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $109.74, for a total transaction of $329,220.00. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake in shares of PS Business Parks by 10.4% in the first quarter. Geode Capital Management LLC now owns 207,832 shares of the company’s stock worth $20,888,000 after buying an additional 19,661 shares during the last quarter. State Street Corp increased its stake in shares of PS Business Parks by 3.8% in the first quarter. State Street Corp now owns 676,083 shares of the company’s stock worth $67,951,000 after buying an additional 24,732 shares during the last quarter. Kempen Capital Management N.V. increased its stake in shares of PS Business Parks by 18.5% in the first quarter. Kempen Capital Management N.V. now owns 13,332 shares of the company’s stock worth $1,340,000 after buying an additional 2,085 shares during the last quarter. Huntington Asset Advisors Inc. purchased a new stake in shares of PS Business Parks during the first quarter worth about $2,425,000. Finally, Menta Capital LLC increased its stake in shares of PS Business Parks by 577.0% in the first quarter. Menta Capital LLC now owns 45,870 shares of the company’s stock worth $4,610,000 after buying an additional 39,095 shares during the last quarter. 72.14% of the stock is currently 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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