Shares of PS Business Parks Inc. (NYSE:PSB) have received a consensus broker rating score of 3.00 (Hold) from the three analysts that cover the company, Zacks Investment Research reports. Three research analysts have rated the stock with a hold recommendation.
Analysts have set a twelve-month consensus price objective of $108.00 for the company and are forecasting that the company will post $1.40 EPS for the current quarter, according to Zacks. Zacks has also given PS Business Parks an industry rank of 92 out of 265 based on the ratings given to its competitors.
A number of brokerages have recently commented on PSB. Zacks Investment Research raised shares of PS Business Parks from a “hold” rating to a “buy” rating and set a $128.00 price target on the stock in a report on Tuesday, September 27th. Citigroup Inc. increased their price target on shares of PS Business Parks from $93.00 to $107.00 and gave the stock a “neutral” rating in a report on Thursday, July 7th.
Shares of PS Business Parks (NYSE:PSB) opened at 107.34 on Tuesday. The company has a market cap of $2.91 billion, a PE ratio of 42.95 and a beta of 0.63. The firm’s 50 day moving average is $110.23 and its 200-day moving average is $105.26. PS Business Parks has a 1-year low of $81.27 and a 1-year high of $117.00.
PS Business Parks (NYSE:PSB) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $1.30 EPS for the quarter, missing the Zacks’ consensus estimate of $1.32 by $0.02. The company earned $96.20 million during the quarter, compared to the consensus estimate of $95 million. PS Business Parks had a return on equity of 14.22% and a net margin of 34.54%. PS Business Parks’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.20 EPS. Equities analysts expect that PS Business Parks will post $5.36 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 29th. Investors of record on Wednesday, September 14th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.79%. The ex-dividend date was Monday, September 12th. PS Business Parks’s dividend payout ratio is currently 120.00%.
In related news, Director Joseph D. Russell, Jr. sold 3,000 shares of the stock in a transaction on Monday, August 15th. The shares were sold at an average price of $109.74, for a total transaction of $329,220.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director James H. Kropp sold 1,668 shares of the stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $109.60, for a total transaction of $182,812.80. Following the transaction, the director now directly owns 10,502 shares in the company, valued at approximately $1,151,019.20. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in PS Business Parks by 2.9% in the second quarter. Vanguard Group Inc. now owns 3,136,520 shares of the company’s stock valued at $332,722,000 after buying an additional 89,246 shares in the last quarter. BlackRock Fund Advisors raised its stake in shares of PS Business Parks by 4.1% in the second quarter. BlackRock Fund Advisors now owns 1,259,788 shares of the company’s stock worth $133,638,000 after buying an additional 49,720 shares during the period. Wellington Management Group LLP raised its stake in shares of PS Business Parks by 6.2% in the first quarter. Wellington Management Group LLP now owns 1,045,125 shares of the company’s stock worth $105,046,000 after buying an additional 60,780 shares during the period. BlackRock Institutional Trust Company N.A. raised its stake in shares of PS Business Parks by 12.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,002,211 shares of the company’s stock worth $106,315,000 after buying an additional 107,904 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of PS Business Parks by 16.9% in the second quarter. Bank of New York Mellon Corp now owns 789,876 shares of the company’s stock worth $83,790,000 after buying an additional 114,289 shares during the period. 72.13% of the stock is currently owned by institutional investors.
About PS Business Parks
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.