PS Business Parks Inc (NYSE:PSB) Expected to Announce Quarterly Sales of $106.77 Million
Equities research analysts expect PS Business Parks Inc (NYSE:PSB) to post sales of $106.77 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for PS Business Parks’ earnings, with the lowest sales estimate coming in at $105.22 million and the highest estimate coming in at $108.32 million. PS Business Parks reported sales of $103.81 million in the same quarter last year, which indicates a positive year over year growth rate of 2.9%. The business is scheduled to report its next earnings report on Tuesday, October 22nd.
According to Zacks, analysts expect that PS Business Parks will report full-year sales of $427.91 million for the current financial year, with estimates ranging from $422.68 million to $433.05 million. For the next fiscal year, analysts anticipate that the firm will report sales of $437.03 million, with estimates ranging from $431.00 million to $442.14 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover PS Business Parks.
PS Business Parks (NYSE:PSB) last released its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.68 by ($0.64). PS Business Parks had a net margin of 35.70% and a return on equity of 14.84%. The business had revenue of $107.78 million during the quarter, compared to the consensus estimate of $105.10 million.
NYSE PSB traded up $1.40 on Tuesday, reaching $177.55. The stock had a trading volume of 8,112 shares, compared to its average volume of 103,001. The firm has a fifty day moving average of $176.82 and a two-hundred day moving average of $164.31. PS Business Parks has a 1-year low of $120.21 and a 1-year high of $186.14. The company has a market cap of $4.77 billion, a P/E ratio of 27.41, a price-to-earnings-growth ratio of 5.09 and a beta of 0.46.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Thursday, September 12th will be issued a $1.05 dividend. This represents a $4.20 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date of this dividend is Wednesday, September 11th. PS Business Parks’s dividend payout ratio is 64.91%.
In other PS Business Parks news, Director Joseph D. Russell, Jr. sold 1,800 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $180.68, for a total value of $325,224.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.50% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in PSB. Geode Capital Management LLC boosted its stake in shares of PS Business Parks by 9.0% during the 4th quarter. Geode Capital Management LLC now owns 276,231 shares of the real estate investment trust’s stock valued at $36,186,000 after purchasing an additional 22,877 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of PS Business Parks by 208.5% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 18,839 shares of the real estate investment trust’s stock valued at $2,954,000 after acquiring an additional 12,733 shares during the last quarter. Comerica Bank boosted its position in shares of PS Business Parks by 2.1% during the 1st quarter. Comerica Bank now owns 19,846 shares of the real estate investment trust’s stock valued at $2,984,000 after acquiring an additional 401 shares during the last quarter. Texas Permanent School Fund boosted its position in shares of PS Business Parks by 3.8% during the 1st quarter. Texas Permanent School Fund now owns 13,562 shares of the real estate investment trust’s stock valued at $2,127,000 after acquiring an additional 498 shares during the last quarter. Finally, Crossmark Global Holdings Inc. acquired a new position in shares of PS Business Parks during the 1st quarter valued at about $336,000. 70.64% of the stock is currently owned by institutional investors.
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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