PS Business Parks (PSB) Lowered to Underweight at J P Morgan Chase & Co
J P Morgan Chase & Co lowered shares of PS Business Parks (NYSE:PSB) from a neutral rating to an underweight rating in a report released on Friday morning. They currently have $135.00 target price on the real estate investment trust’s stock.
A number of other brokerages also recently weighed in on PSB. Zacks Investment Research upgraded PS Business Parks from a hold rating to a buy rating and set a $152.00 target price on the stock in a research note on Tuesday, September 5th. KeyCorp restated a hold rating on shares of PS Business Parks in a research note on Friday, August 25th.
Shares of PS Business Parks (PSB) traded up $1.00 on Friday, reaching $128.60. The company’s stock had a trading volume of 164,631 shares, compared to its average volume of 74,840. The company has a market cap of $3,477.23, a price-to-earnings ratio of 21.27, a P/E/G ratio of 4.18 and a beta of 0.56. PS Business Parks has a 1 year low of $108.97 and a 1 year high of $137.60.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Wednesday, December 13th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Tuesday, December 12th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 2.64%. PS Business Parks’s payout ratio is presently 113.33%.
In related news, Director Ronald L. Havner, Jr. sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $136.61, for a total value of $546,440.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Joseph D. Russell, Jr. sold 800 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $128.52, for a total value of $102,816.00. The disclosure for this sale can be found here. Insiders sold a total of 9,370 shares of company stock worth $1,257,849 in the last 90 days. Company insiders own 1.63% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. lifted its stake in PS Business Parks by 21.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 343,810 shares of the real estate investment trust’s stock valued at $45,518,000 after purchasing an additional 60,805 shares during the last quarter. Chicago Equity Partners LLC lifted its stake in PS Business Parks by 84.6% in the second quarter. Chicago Equity Partners LLC now owns 38,686 shares of the real estate investment trust’s stock valued at $5,122,000 after purchasing an additional 17,726 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. lifted its stake in PS Business Parks by 27.7% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 29,575 shares of the real estate investment trust’s stock valued at $3,948,000 after purchasing an additional 6,410 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in PS Business Parks by 17.8% in the second quarter. BNP Paribas Arbitrage SA now owns 13,254 shares of the real estate investment trust’s stock valued at $1,755,000 after purchasing an additional 2,003 shares during the last quarter. Finally, APG Asset Management N.V. purchased a new position in PS Business Parks in the third quarter valued at approximately $1,776,000. Institutional investors and hedge funds own 71.97% of the company’s stock.
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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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